Texas Medigap Insurance Exactly what is in it for ME?
 | Texas Medicare supplemental insurance policies, sold through private
companies, can help pay most of the doctor and hospital costs that
Original Medicare would not cover, like co-payments, co-insurance, and
deductibles. When you have a Medigap insurance policy, original Medicare
pays its part of the Medicare approved amount for insured health care
costs and then your Medicare supplement plan pays its share. A Texas Medicare
Advantage Plan is not the same as Texas Medicare supplement insurance
policies. Medicare supplemental insurance plans pay the expenses not
covered by original Medicare, while Medicare Advantage Plans are
different ways to get Medicare benefits and are not guaranteed
renewable. There are some services not provided by Original Medicare,
like medical assistance when you travel outside of the United States,
that certain Texas Medicare supplemental insurance policies will cover.
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For most, the best time to initially obtain Medicare supplemental insurance is when they are turning 65. During the first six months at the time you turn 65 or whenever you purchase Medicare Part B for the first time the insurance companies cannot turn you down and there is no medical underwriting. This is a significant benefit because there are numerous medical conditions that will normally keep you from purchasing Medicare supplemental insurance. When searching for a Medigap plan it is useful understand that all of the plans are standardized. Which means that every plan by the exact same letter provides the exact same coverage. So Texas Medigap plans provided by Forethought, Mutual of Omaha, Secure Horizons, and Sterling all provide exactly the same coverage even though the companies all have premiums that can vary significantly in cost. The letters A through N are used to identify the different Medigap plans and there are ten types to choose from. The letters E,H,I, and J are no longer used. Medigap plan A is typically the least expensive but also delivers the least amount of coverage whereas Medigap plan F provides the most coverage. Medicare supplement plan F covers 100% of the copayments, coinsurance, deductibles, as well as the excess charges associated with Medicare. Medicare supplement plan G is the same as plan F except for not covering the yearly Medicare Part B deductible. Quite often the yearly savings on the plan G premium is greater than the expense of the Medicare Part B deductible so it is clearly worth checking out.
Things to know about Texas Medicare supplement plans
1. If you have Medicare Medical Savings Account (MSA) plan it is not legal for anyone to sell a Medicare supplement policy to you.
2. Some Medigap plans sold in the past have had some sort of prescription drug coverage. No Medigap insurance policies sold after January of 2006 are allowed to have prescription drug coverage. You will need to get Medicare Part D for prescription drugs policy if you need insurance for prescription drugs.
3. Any standardized Medigap policy is guaranteed renewable even when you have health issues. This means the insurance company cannot terminate your Medicare supplement insurance plan providing you keep paying the premium.
4. You will need to have both Medicare Part A and Part B.
5. When you are currently on a Medicare Advantage Plan, you can purchase a Medicare supplemental insurance plan, but you must leave the cancel your Medicare Advantage Plan before your Medigap policy goes into effect.
Things to know about Texas Medicare supplement plans
1. If you have Medicare Medical Savings Account (MSA) plan it is not legal for anyone to sell a Medicare supplement policy to you.
2. Some Medigap plans sold in the past have had some sort of prescription drug coverage. No Medigap insurance policies sold after January of 2006 are allowed to have prescription drug coverage. You will need to get Medicare Part D for prescription drugs policy if you need insurance for prescription drugs.
3. Any standardized Medigap policy is guaranteed renewable even when you have health issues. This means the insurance company cannot terminate your Medicare supplement insurance plan providing you keep paying the premium.
4. You will need to have both Medicare Part A and Part B.
5. When you are currently on a Medicare Advantage Plan, you can purchase a Medicare supplemental insurance plan, but you must leave the cancel your Medicare Advantage Plan before your Medigap policy goes into effect.
