Medical Supplements
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Medicare Supplemental Insurance / Medigap Policies
What are Med Supps?
If you are becoming eligible for Medicare or are already on Medicare, you are probably familiar with the term Medicare Supplemental Insurance or Medigap policies. For all of us who are confused by the interchanging of these terms, lets clear this up, Medigap and Medicare Supplemental Insurance policies are the same thing. The terms are synonymous. We prefer to call these plans Med Supps for short.
Med Supps are private insurance policies that can help you pay some of the expenses Original Medicare Plans do not cover. Med Supps are NOT Medicare Advantage Plans. This is an important distinction, a Medicare Advantage Plan (also called Medicare 
Part C) is a type of Medicare health plan offered by a private company that contracts with Medicare to provide you your Part A and Part B benefits. Advantage plans are required to offer basic coverage that includes the services in Part A and Part B plans, the difference is you get your coverage for Medicare from the Advantage plan instead of Original Medicare. With a Med Supp you get your coverage through Original Medicare and supplement your coverage with the Med Supp plan.
Med Supps cover co-payments, coinsurance, and deductible costs. These costs are typically the biggest out of pocket costs incurred by Medicare insurance holders. The advantage of a Med Supp is that it helps eliminate future out of pocket expenses, saving your money for the things that aren't covered under the plans at all (in the triangular picture to the right the red area represents services not covered under any of the plans).
To learn more about Medicare and Medicare Supplements, and what they cover please see our Medicare and Medicare Supplement white papers in the RCG Library.
The New Health Care Law
The Affordable Care Act (ACA) has made health care more confusing for most of us. If you are frustrated, you are not alone.
Most people now need to purchase or change their coverage through the newly formed health exchanges or have a policy that is ACA compliant. Med Supp plans will also need to be ACA compliant like other health insurance plans, and finally, insurance companies have Med Supp plans and rates approved that are compliant with the ACA.
Some of the requirements are:
- Guaranteed acceptance regardless of health
- Benefits start immediately (no pre-existing condition clause.)
- Essential benefits in all plans.
- Penalties for not enrolling.
- Premium credit for qualifying individuals.
Our agency is certified to market these new plans and Open Enrollment begins October 15th, 2020.
Medicare Supplemental Insurance
Do you have a supplemental insurance policy and would you like to save money? If you are interested in exploring your options, contact us, and one of our associates will be happy to help you find the supplemental plan that is right for you.
*Did you know in the state of Missouri, you can change carriers keeping the same plan to get a better monthly premium.
* You can switch carriers keeping the same plan with no underwriting.
* There is a 30 day window for you to switch beginning 30 days prior to your birth month.
*ASK ABOUT SPOUSAL DISCOUNTS!
Call us at 816-703-8300
or
email Monica@rcgSuccess.com
Retirement Concepts Group, LLC
201 Main Street Suite #3
Parkville, MO 64152
www.rcgSuccess.com