Medicare Supplement Plans - Do I need them?
There are two main types of additional coverage that Medicare recipients should purchase:
1. Medigap (Medicare Supplement Plans) Medigap plans cover expenses that Original Medicare does not, such as deductibles, copays, and coinsurance.
You must be enrolled in Medicare Parts A and B to be eligible to purchase a Medigap policy.
You have a 6-month open enrollment window—starting the month you turn 65 and are enrolled in Part B—during which insurers cannot deny you coverage or charge higher premiums based on pre-existing health conditions. If you do not purchase a policy within this initial window, insurance carriers are allowed to decline coverage or underwrite you based on your health history.
2. Prescription Drug Coverage (Part D) Medicare Part D provides coverage for prescription drugs, which is essential because Medicare Parts A and B do not cover outpatient medications.
Both Medigap and Part D policies are offered and purchased through private insurance companies rather than the federal government.
Interested in learning more? We’re here to help.
BMA Financial Insurance Services is your trusted partner that can help bring clarity and understanding to whatever your situation may be. Let us help explain your options. Our focus is on educating our churches and pastors to help them make well informed decisions about these very important topics.
BMA Financial Insurance Services is your trusted resource. Let us serve you today!
Mark Bradley
BMA Financial - Insurance Services
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