Recent changes in the law affect new Medigap plans. As of January 2020, new Medigap plans cannot cover the Part B deductible, meaning Plans C and F are unavailable to new Medicare beneficiaries. However, if you already have one of these plans or were covered before January 1, 2020, you can keep your plan. If you were eligible for Medicare before January but didn't enroll, you might still be able to purchase one of these plans. Our knowledgeable West Palm Beach insurance brokers are here to clarify your eligibility and answer any questions.

A common question is whether "Medigap" is the same as a Medicare Supplement plan, and the answer is yes. Unlike Medicare Advantage Plans, which offer additional benefits, Medigap plans supplement your original Medicare plan.

To be eligible for a Medicare Supplement or Medigap Plan, you must be enrolled in Medicare Part A and Part B. Keep in mind:

• You'll pay a premium for your Medigap policy in addition to your Part B payment.
• Medigap policies sold after January 1, 2006, do not include prescription drug coverage, so you'll need a Medicare Prescription Drug Plan Part D if you require it.

Many prefer these plans due to their lower premiums and reduced co-payment expenses. For instance, a Plan G holder may not pay co-pays, with a maximum out-of-pocket expense under $200 annually, compared to a Medicare Advantage plan, which can require up to $6,700 in out-of-pocket costs during a difficult health year.

Medicare Supplement Plans are favored for their cost-saving benefits. In a challenging health year requiring extensive hospital care, these plans cover expenses that Medicare alone does not, preventing overwhelming medical bills. This security allows you to focus on your health without financial stress.

Standardized and renewable, Medicare Supplement Plans come in 10 varieties (Plans A, B, C, D, F, G, K, L, M, and N). Once enrolled, you can't be denied coverage due to age or health conditions, offering peace of mind about future healthcare needs.

Additional benefits include:

• Coverage for hospital costs after Medicare Part A is exhausted.
• Assistance with Medicare Part B co-payments, hospice care coinsurance or co-payment, skilled nursing facility care coinsurance, and Part B excess charges.

The most critical aspect of Medigap eligibility is the one-time open enrollment period starting when you turn 65. This six-month window begins on the first day you're enrolled in Medicare Part B, allowing you to enroll in any Medicare Supplement Plan without health questions. If you delay enrollment beyond this period, you may face health questions and potential denial of coverage.

Remember, this enrollment period differs from the Annual Election Period, which typically runs from October to December each year.

At All Insurance Community, we're dedicated to helping you navigate these options and choose the right Medicare Supplement Plan for your needs. Contact us today for personalized assistance.