Connecticut's Medicare Supplement Plans
What's a Supplement?
A special kind of medical insurance which pays your outpatient treatment/professional service providers the 20% of Part B's amount MediCare does not pay.
Medicare Supplement plans are purchased from private companies after they have been approved for use in any CT County by the state Insurance Department.
One way to think of a Supplement — it's a life ring over your money!
How does a Supplement work?
● Individuals can receive treatment from any provider in any state who agreed to participate and accept MediCare. When making an appointment they do not have to say what Supplement company they have.
● Providers submit their charge for your treatment to the MediCare claims administrator.
● When you apply for a plan you agree to have the insurance company access the MediCare system, get your Part B expenses, and pay your provider.
● When treatment is received you receive a quarterly coverage summary from MediCare. The supplement company also sends a summary of their payments.
● Supplements are also called MediGap plans since they generally pay the part - the Gap - of treatment cost MediCare does not.
● Plans are generally the same in all states and are identified with "lettered' names". A has the least coverage, B, C. etc. have more.
[Confusing since the parts of MediCare also have letter names. ]
● All the Supplement companies which offer a plan in CT with the same letter will have identical coverage.
● Monthly plan costs:
+ are regulated by the CT Insurance Dept.
+ can vary considerably between what companies charge for the same plan.
+ are the same whether a person is 65 or 95.
● 9 out of 10 people are happy with their Medicare Supplements.
● A person can (normally) change their plan at any time for coverage the 1st of the next month.
● Any person turning 65 in January 2020 or after will not be able to buy full coverage Plan F. Individuals who have Plan F at that time can keep it.
A couple options to think about:
● Plan N - One company offers N for over $100 a month less than their full coverage F.
Why? A person with Plan N shares in what the company pays the provider and pays:
+ Part B's annual deductible [$185 for 2019];
+ a $20 co-pay for each office visit;
+ a $50 co-pay if any emergency room visits.
● High Deductible Plan F. It's available from a few companies and is the lowest cost Supplement.
+ An individual pays the first $2,300 (for 2019) of the 20% of outpatient expenses MediCare didn't pay.
+ The Plan then pays all expenses above the deductible.
Plan N is a good option for someone who has been on a high deductible plan.
● Note: High Deductible F will not be available to individuals who turn 65 on Jan 2020 or later.
What about Prescriptions?
Medications purchased at a local pharmacy are not covered by MediCare's Part B or included in a Medicare Supplement Plan. Thus, to have part of outpatient prescriptions paid Medicare Prescription Drug Plans (PDP) are available
A PDP is available from a private company and is MediCare's Part D. Buying is voluntary but a penalty is added to the monthly cost if a person does not have "credible" prescription coverage, such as from an employer, when they do sign up.
There are a lot of PDP options in New London County.
A person can apply during their Initial Eligibility Period at 65. The ability to make a change is limited to the Oct 15 to Dec 7 Annual Election Period unless a person qualifies for a Special Enrollment Period.
Questions on a Medicare Supplement Plan?
Medicare Supplements give you the flexibility to receive treatment from any provider in any state who accepts MediCare?
If flexibility meets your interest and situation Call or Text John C Parker's Google Voice # — (860) 451-9793 — today for an appointment.
We can have a discussion (no cost to you ), review the monthly cost of options, answer questions, and select a plan which is best for your budget.
We can also talk about a Medicare PDP to help pay for any medications.
You can also send a note with questions to - Learn@JohnCParker.agency