If you have Original Medicare (Part A and Part B), the out-of-pocket costs might surprise you. The deductibles, copays, and coinsurance add up over the course of the year, and you may be looking for a way to save money. Medicare Supplement insurance plans in Michigan are a good option if you want to save on out-of-pocket expenses. These plans are also referred to as “Medigap” coverage, and they can help you with coinsurance, deductibles, and copays.
Like most states, Michigan offers 10 Medicare Supplement insurance plans. These plans are identified with letters (A, B, C, D, F, G, K, L, M, and N), and the benefits are standardized. That means that plans with the same letters share the same benefits, regardless of the insurance company that issues the policy. This isn’t just true for plans issued in Michigan. The plans provide the same coverage for each state that offers Medigap insurance.
Each plan offers various benefits, such as Medicare Part B copayment coverage and Medicare Part A deductible coverage. It’s critical to examine each plan to find the coverage that best suits your needs. It’s also important to look at the out-of-pocket limits for plans. Only Medicare Part K and L have out-of-pocket limits. These plans also offer 50-70 percent coverage for an assortment of services. If you need help understanding the different benefits, speak to a licensed insurance agent.
You are eligible to enroll in a Medigap plan if you have Original Medicare (Part A and Part B). Insurance companies use medical unwriting when issuing these plans, so you can be denied coverage or charged a higher premium based on your medical history. You can avoid the medical underwriting process by enrolling during the Medigap open enrollment period. Insurance companies offer guaranteed-issue policies during this period, meaning you won’t be turned down or pay more due to pre-existing conditions.
The Open Enrollment period begins the first day of the month that you turn 65 as long as you are enrolled in Original Medicare, and it lasts for six months.
If you miss this period, you can still purchase one of the Medicare Supplement Insurance plans in Michigan, but you will have to go through underwriting.
If you’re choosing a Medigap plan on your own, expect to put some time into the process. First, you have to look at all 10 coverage options and find the one that best meets your needs.
Then, you have to move onto the cost of the plan. Insurance companies set the rates for policies, so you can end up overpaying for a policy if you don’t compare coverage from different insurance agencies. This makes the process time-consuming.
Save time by speaking to a licensed insurance agent. The agent can pull up quotes for plans and help you find the most convenient and affordable one. Call 844-903-4406 to speak to an agent today.