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Medicare Supplement Insurance

Medicare Supplement Plans

Whether you are planning for retirement or have already reached this goal, you might need some assistance understanding Medicare. This government-sponsored benefit doesn’t cover all medical expenses, so you may wish to supplement Medicare with additional health insurance. Alder & Cox Insurance specializes in Medicare supplement or Medigap plans. These plans are available for individuals with Medicare Part A and Part B, and they can help you save on medical expenses not covered by Medicare.

Your Options

At Alder & Cox, we encounter many customers who are confused about Medicare and about healthcare coverage in general. We enjoy helping our customers find affordable solutions, and we are often able to assist by shopping for these solutions through a variety of top-rated insurers. Since we work for you rather than for a big insurance carrier, we can better help you weigh your Medicare supplement options.

What You Should Know

According to the U.S. government, there are a few things that you need to know about Medicare supplements or Medigap coverage:

  1. You must have both Part A and Part B Medicare coverage to qualify for these plans.
  2. If you participate in a Medicare Advantage Plan, you need to discontinue that participation prior to the start date for your Medigap coverage.
  3. Your Medigap coverage will require premium payments separate from the premium you pay to Medicare for your Part B coverage.
  4. Medigap plans cover only one individual, so spouses must purchase separate policies.
  5. Standard Medigap policies are renewable regardless of health concerns, and as long as your premiums are current, your Medigap insurance cannot be cancelled.
  6. Because prescription drug coverage is available through Medicare Part D, Medigap policies can no longer pay for prescriptions.
  7. It is illegal for an insurance agent to sell Medigap plans to you if you have a Medicare Medical Savings Account (MSA).

If you have questions about your current Medicare coverage or want to learn more about Medicare supplements, contact us today. We’ll help you understand your current coverage and work with you in choosing a supplement plan.