Medicare supplements help cover some of the gaps in your original Medicare coverage. There are a variety of Medicare supplement plans available, and each one is standardized with letters. Each plan offers the same basic benefits, regardless of which insurance company sells it.
You can buy a Medicare supplement during your one-time supplement open enrollment period. During this time, companies must sell you a policy without looking at your health history. Click on Part D Plans in Wisconsin for more information.
Guaranteed renewable
A Medicare supplement or Medicare select policy can never be cancelled by the insurance company as long as you pay your premium. However, the insurer can raise your premium on a regular basis. It is important to set up automatic deductions from your bank account or credit card to ensure you are paying your premium on time.
In Wisconsin, Medicare supplement and Medicare select policies are guaranteed renewable as long as you continue to pay your premium. However, the benefits of a particular plan can change significantly from year to year.
Medicare beneficiaries with disabilities who enroll in Part B have a six-month open enrollment period to buy any Medicare supplement. This guarantees the insurance companies that they can’t deny a Medicare supplemental policy because of preexisting health conditions or claims history.
Coverage for pre-existing conditions
Medicare supplements, also known as Medigap insurance plans, are secondary wrap-around coverage that are only available when enrolled in Original Medicare Parts A and B. Unlike Original Medicare which comes from the government, Medigap policies are provided by private insurance companies. These private insurance companies are allowed to use medical underwriting and can place restrictions, such as pre-existing condition waiting periods, on their policies.
Pre-existing health conditions are common, with up to 50% of non-elderly Americans having one. They’re usually illnesses or injuries that you had before enrolling in your Medicare Supplement plan.
During the Medicare Supplement Open Enrollment Period, an insurance company cannot deny you coverage or charge you more because of your health condition. You may be required to wait for six months for coverage of your pre-existing condition, however, unless you have creditable coverage from another source.
Coverage for out-of-network care
Medicare supplement insurance, also known as Medigap, helps pay some of the out-of-pocket costs that Original Medicare doesn’t cover, such as deductibles and copayments. It is available from private insurance companies and is guaranteed renewable. However, it is important to know what your plan covers before you purchase it.
Most Medicare supplement policies have no networks, so you can see any doctor or hospital that accepts Medicare. This is unlike Medicare Advantage plans, which have their own networks that you must use.
You can apply for a Medicare supplement any time during an open enrollment period or during the six months following your retirement age. You can’t be denied coverage based on your health history, and there is no waiting period if you have prior creditable coverage.
Coverage for moving
A person’s Medicare coverage may change when they move, depending on what kind of Medicare plan they have. Original Medicare (Parts A and B) generally stays the same, but people with Medicare Advantage or Part D plans might need to find new coverage in their area.
If a person moves to an area that isn’t covered by their current Medicare Advantage plan or Part D plan, they may be eligible for a two-month Special Enrollment Period. This allows them to enroll in a Medicare Advantage or Part D plan that serves their area, or to return to Original Medicare and a Medigap policy.
The price of a Medicare Supplement plan, also called a Medigap policy, varies by state. Before a person moves, they should review their Medigap coverage to make sure it fits into their budget at their new location.
Returning unearned premium
Medicare supplement insurance (also called Medigap) fills in the gaps left by Original Medicare and helps pay some of your deductibles, copayments, and services not covered by Medicare. It also gives you a steady monthly bill you can budget for.
The insurance company must give you back any unearned premium if you return the policy within 30 days, provided that you use certified mail and keep a copy of your receipt. This doesn’t apply to a Medicare Advantage plan.
Companies must offer Medicare supplement insurance without asking health questions during the one-time supplement open enrollment period that starts when you enroll in Medicare Part B at age 65. They cannot cancel the policy or increase your premium because you gave a false answer on the application.