You may or may not have known about the recent massive changes to Medicare supplemental insurance. Medicare has become a bit more complex than its traditional four parts, and Insurance Over Texas wants to help Houston, TX residents better understand the added complexities. The government still provides you with Part A for free, but you now have nine supplemental choices instead of three and a seven-month period in which to choose from them.
When is the seven-month period?
For three months before your 65th birthday, the month of your 65th birthday, and the three months after your 65th birthday, you get to peruse Medicare plans. You automatically get Part A, hospitalization coverage, when you turn 65 as long as you register for it. Part A comes gratis from the US government.
You can easily add to Part A during the seven months surrounding your 65th birthday. You can choose from Parts B, C, D, F, G, K, L, M, and N. Ignore the missing letters. It’s a government thing.
At a minimum, most individuals choose Part B, medical insurance, to add to their free A.
Some people add Part C, which you can choose to contain prescription drug coverage or not.
You can also add Part D to A, which includes prescription drug coverage.
What about the other parts?
Choosing F, G, K, L, M, and N provides you with a Medigap plan combining various levels of Parts A, B, C, and D. Some states offer specialized Medigap plans.
If you think you want a Medigap plan, you’ll have a six-month shopping period. Unless you experience a special qualifying issue or have a guaranteed issue, you can’t change your Medigap after choosing it.
You can compare two Medigap plans side-by-side, although you will need to pay the premium for both in that comparison month.
As you near your 65th birthday, contact Insurance Over Texas serving the Houston, TX metropolitan area. We’ll help you choose and add the supplemental plans that make the most sense for you to supplement your Medicare coverage.