MEDICARE SUPPLEMENTS & PRESCRIPTION DRUG PLANS

Here at Senna's Insurance we understand that Medicare & all its rules can be frustrating to understand which makes it that more difficult to choose the plans that are going to be right for your individual situation.  We will take the time to sit down with you and show you all of your options not only for Medicare Supplement plans but also all of the Prescription Drug plans based on the medications you currently take so that you can make an informed decision and feel good about the coverage you choose.

                                                          

What is a Medicare Supplement? 

A Medicare Supplement policy is private health insurance that is designed to supplement Original Medicare.  This means it helps pay some of the health care costs that Original Medicare doesn't cover like copayments, coinsurance, and deductibles.  Medicare supplement plans do not cover any prescription costs. All Medicare Supplement plans are standardized and are all identified by letters A-L.  Each standardized policy must offer the same basic benefits, no matter which insurance company sells it.  Cost is usually the only difference between policies sold by different companies.

 

What Do I Need to Know About Medicare Supplement Policies?

1. You must have Medicare Part A & Medicare Part B to buy a supplement policy.

2. You must pay a premium to the private insurance company in addition to the monthly Part B premium that you pay to Medicare.

3. A supplement plan only covers one person. If you and your spouse both want a policy, you must each purchase separate policies.

4. A standardized supplement plan is Guaranteed renewable even if you have health problems.

5. There is no prescription drug coverage on any of the supplement plans. You must purchase a Medicare Part D Drug plan to cover prescriptions. This is a separate policy.

 

When Can I Buy a Medicare Supplement Plan?

The best time to buy a Medicare Supplement plan is during your OPEN ENROLLMENT period.  If you enroll during this time, you are guaranteed acceptance for your policy. If you wait past your open enrollment period, you will be required to go through medical underwriting and therefore could be denied for a policy if you have health issues. If you are healthy and wait to enroll, you may be charged late enrollment penalties. It is best to look at all your options as soon as you are turning 65 so you understand what choices you must make. 

 

Which Companies Offer Medicare Supplement Plans?

There are many different companies when it comes to Medicare Supplement insurance plans including Anthem Blue Cross, Mutual of Omaha,  Blue Shield, Health Net, Aetna, Secure Horizons, AARP, etc.. and the only difference between the companies are the plans they offer and the premiums they charge.

 

How Do I Get Prescription Drug Coverage?

In order to get prescription drug coverage, you must purchase a Medicare Part D plan. These policies are also sold as a separate policy and have their own premiums that you must pay directly to the private insurance companies. You can purchase one of these policies during the open enrollment period and if you choose to wait past this time frame, you will be charged a monthly late enrollment fee on top of your premium. There are many companies to choose from including Anthem Bluecross, Blueshield, Advantra RX, Wellcare, CCRX, AARP, Humana, Wellpoint, Health Net, Aetna, etc..  The best plan for you will determine which medications you are on.  We can help you find the plan that will save you the most money.  

 

 Call Today for a FREE Quote 805-489-4357

 Email Us to Request  More Information