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Medigap in Charles City, IA

Medicare supplement plans, also called Medigap, are designed to fill in coverage gaps for people with Original Medicare (Parts A and B). Contact Ackerson Insurance
today to learn more about your options for coverage that helps pay your Medicare out-of-pocket costs.

What Is Original Medicare?

Original Medicare is health insurance for people over the age of 65 and some younger people with certain disabilities. There are several parts to Medicare, including the following:

  • Part A is hospital insurance that may help pay for inpatient care in hospitals, hospice care, home health care and skilled nursing facility care.
  • Part B is medical insurance that may help pay for outpatient care, home health care, preventive services and services from health care providers.

Part A and B is often called Original Medicare. People with Original Medicare can add Medigap coverage to help pay for certain out-of-pocket medical costs.

What Is Medigap?

While Original Medicare pays for many basic healthcare costs, there are copayments, coinsurance and deductibles. Medigap plans are designed to help Medicare recipients pay for remaining healthcare costs after covered services and supplies.

Medigap plans are optional. In most states, there are ten standardized Medigap plans, named A–D, F, G and K–N. While each plan offers the same coverage in most areas of the country, premiums differ depending on your insurer.

Medigap plans may help cover services not covered by Original Medicare, such as medical care when traveling outside the United States. Medigap doesn’t provide coverage for vision or dental services, private-duty nursing, hearing aids or care in a nursing home (unless it’s part of your recovery from a hospitalization).

How Much Does It Cost for Medicare Supplemental Insurance?

Medicare supplemental insurance plans have monthly premiums the insured person must pay to maintain coverage. While these plans do not require medical underwriting, some plans base premiums on your age.

Medigap plans are priced in the following three ways:

  • Issue-age-rated, also called entry-age-rated, pricing is based on your age when you buy the policy. Premiums don’t change as you age but may increase due to inflation and other factors.
  • Attained-age-rated pricing is based on your current age. Premiums increase as you get older.
  • Community-rated, also called no-age-rated, pricing is the same for everyone insured under the policy, regardless of their age. Premiums may increase due to inflation and other factors but are not based on age.

Medigap plan premiums vary widely, so it’s crucial to work closely with your agent to get multiple quotes from reputable insurers.

How Do I Choose Medicare Supplemental Insurance?

Choosing the right combination of Medicare coverage and supplemental plans can seem complicated. Working closely with an experienced agent is crucial to determine which plan best meets your current and future healthcare needs.

Contact Ackerson Insurance in Charles City, Iowa, to learn more about your Medicare supplemental insurance options and get personalized quotes.

When Can You Purchase Medicare Supplemental Coverage?

The best time to purchase a Medigap policy is during the six-month open enrollment period, which automatically starts on the first month you enroll in Medicare Part B if you’re 65 years or older and ends six months after the effective date of your Part B coverage. Unlike the traditional Medicare Open Enrollment Period, this enrollment period is a one-time one. After this period passes, you may not be able to buy a policy, or it could come with additional costs. Additionally, applying for Medigap coverage after the open enrollment period may expose you to the insurance company denying you or charging you a higher premium for your health conditions. Be sure to check with an agent if you need help determining when to enroll.

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