Senior moment supplement8/12/2023 ![]() Each plan will pay some or nearly all claim amounts not paid for by Original Medicare. In total, there are ten standardized supplements available, including Plan A, Plan B, Plan C, Plan D, Plan F, Plan G, Plan K, Plan L, Plan M, and Plan N. Medicare Supplements are considered standardized plans. However, Original Medicare does not include Medicare Part D prescription drug coverage, so it is important to add a Part D plan based on your current medications. ![]() Medicare Supplements are designed to provide coverage for some or nearly all of the remaining claim amounts that are not paid by Original Medicare. In some cases, Medicare supplement plans, which are offered by private insurance companies, are referred to as “Medigap” or a “gap plan”. Let’s take a look at both options… Medicare Supplement Plan ![]() Both options have a very distinct approach for moderating the exposure to medical costs not paid by Original Medicare. There are two distinct options for secondary coverage: Medicare Supplement and Medicare Advantage. Many Medicare beneficiaries consider secondary coverage to provide additional financial security and fill in the gaps for the costly medical bills that Original Medicare does not cover. Once you are enrolled in Original Medicare, your plan will pay a large portion of your medical expenses, though it does not pay for everything. Medicare Part A provides coverage for hospital expenses while Medicare Part B covers doctor and outpatient expenses and additional costs that are not covered by Part A. With some exceptions, if you fail to sign up during your initial open enrollment period, you will be subject to late enrollment penalties. You can sign up for Original Medicare (Part A and Part B) three months prior to turning age 65, the month you turn age 65, and three months after your birth month. If you are aging into Medicare, you have a seven-month window of eligibility to enroll. If you are turning 65 in the next six months, you have likely started receiving post cards, letters, advertisements, and phone calls from insurance companies and insurance agencies offering to help with your upcoming senior moment: the day you are eligible for Medicare.
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