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Medicare 101: A Simple Guide to Medicare Plans and Enrollment

Common Medicare Mistakes to Avoid

How to Choose the Right Medicare Supplement Plan for You

When Should I Sign Up For Medigap In Missouri?

Medicare Supplements

Q: What are the different parts of Medicare?

Medicare is divided into four parts:Part A: Hospital InsurancePart B: Medical InsurancePart C: Medicare Advantage PlansPart D: Prescription Drug Coverage

Helping Individuals, Families, and Business Owners SECURE their future and the future of their loved ones

Original Medicare pays for many, but not all, health care services and supplies. A Medigap policy, sold by private insurance companies, can help pay some of the health care costs (“gaps”) that Original Medicare doesn’t cover, like copayments, coinsurance, and deductibles. Some Medigap policies also offer coverage for services that Original Medicare doesn’t cover, like medical care when you travel outside the U.S. If you have Original Medicare and you buy a Medigap policy, Medicare will pay its share of the Medicare-approved amount for covered health care costs. Then your Medigap policy pays its share. Medicare doesn’t pay any of the premiums for a Medigap policy. Every Medigap policy must follow Federal and state laws designed to protect you, and it must be clearly identified as “Medicare Supplement Insurance.” Medigap insurance companies can sell you only a “standardized” Medigap policy identified in most states by letters. All plans offer the same basic benefits but some offer additional benefits, so you can choose which one meets your needs. *Note: In Massachusetts, Minnesota, and Wisconsin, Medigap policies are standardized in a different way.

While the costs for each Medigap plan will differ among insurance companies, the coverage of each plan will remain the same.

As you shop for a Medigap policy, be sure you’re comparing the same Medigap policy (for example, compare Plan A from one company with Plan A from another company).

In some states, you may be able to buy another type of Medigap policy called Medicare SELECT (a Medigap policy that requires you to use specific hospitals and, in some cases, specific doctors to get full coverage). If you buy a Medicare SELECT policy, you also have rights to change your mind within 12 months and switch to a standard Medigap policy.

More About Medigap Policies

You must have Part A and Part B.
You pay a monthly premium for your Medigap policy in addition to your monthly Part B premium.
A Medigap policy only covers one person. Spouses must buy separate policies.
The best time to buy a Medigap policy is during the 6-month period that begins on the first day of the month in which you’re 65 or older and enrolled in Part B. (Some states have additional open enrollment periods.) After this enrollment period, your option to buy a Medigap policy may be limited and it may cost more. For example, if you turn 65 and are enrolled in Part B in June, the best time for you to buy a Medigap policy is from June to November.
It’s important to compare Medigap policies since the costs can vary and may go up as you get older. Some states limit Medigap costs.
If you’re under 65, you won’t have this open enrollment period until you turn 65, but state law might give you a right to buy a policy before then.
If you have a Medigap policy and join a Medicare Advantage Plan (like an HMO or PPO), you may want to drop your Medigap policy. Your Medigap policy can’t be used to pay your Medicare Advantage Plan copayments, deductibles, and premiums. If you want to cancel your Medigap policy, contact your insurance company. If you drop your policy to join a Medicare Advantage Plan, in most cases you won’t be able to get it back.
If you have a Medicare Advantage Plan, it’s illegal for anyone to sell you a Medigap policy unless you’re switching back to Original Medicare. Contact your State Insurance Department if this happens to you.

Information provided by: Medicare and You Handbook 2022

Medigap Carriers

	Companion Life	IAC	Pekin Life
Aetna	Continental Life Insurance	Loyal American	Royal Neighbors of America
American Continental	Equitable Life & Casualty	Manhattan Life	Sentinel Security
American Retirement Life Insurance Company	Family Life	Medico	Standard Life and Casualty
Assured Life Association	Forethought Life	Old Surety Life	TransAmerica/Stonebridge Life
Central States Indemnity	Gerber	New Era/Philadelphia American	United National Life
Combined Insurance Company of America	Heartland National	Oxford	Universal Fidelity Life

Frequently Asked Questions

What is Medicare and who can get it?

Most commonly used by people age 65 or older, some younger people are eligible for Medicare, too. Those include people with disabilities, permanent kidney failure and amyotrophic lateral sclerosis (Lou Gehrig’s disease). Medicare helps with the cost of health care, but it does not cover all medical expenses or the cost of most long-term care.

Can I change my Medicare coverage?

Yes, you can change your Medicare coverage during certain enrollment periods, such as the Annual Enrollment Period (AEP) and the Medicare Advantage Open Enrollment Period (MA OEP). Outside of these periods, you may qualify for a Special Enrollment Period (SEP) if you experience certain life events, such as moving, losing other coverage, or becoming eligible for Medicaid.

What are the different parts of Medicare?

Medicare is divided into four parts:

Part A: Hospital Insurance
Part B: Medical Insurance
Part C: Medicare Advantage Plans
Part D: Prescription Drug Coverage

Where can I get more information about Medicare?

For more information about Medicare, you can visit the official website at www.medicare.gov, contact the Medicare hotline at 1-800-MEDICARE (1-800-633-4227).

You can also give us a call and schedule a no-cost consultation where we can help you understand your options! Call us at 417-883-9300 or click “Call Now” below: