Medicare supplement plans basics, get to know details

Medicare is a confusing and complex subject.  In case you are going to be 65 or have crossed 65 years, you must be aware from the brochures and TV ads about the Medicare supplement plans and how this supplement program offers cover to the Original Medicare. You must know the ways to get enrolled.

 

Medicare supplement plans, in the United States refer to an insurance program that is since 1966. It is administered by the United States. It assures the access for Americans at the age of 65 and older to health insurance. It includes people who have paid for this health care system when they were working and if younger people are enrolled in this Medigap system, it is due to their disabilities. Basically, the Mutual of Omaha Medicare Supplement Plan G is to cover most of your essential medical costs. It is known as Parts A and B of Original Medicare. There are C and D of Medicare as well.

 

Medicare Eligibility

Medicare supplement plans are a health insurance program offered by the Federal to the U.S. legal residents and citizens. Adding to this it is expected, you must be:

  • 65 years or older
  • Younger than 65 with disability qualifying
  • No age limit if you have End stage renal disease also known as ESRD. These refer to kidney transplant or dialysis.

 

Medicare Enrollment

  • (IEP) Initial Enrollment Period. During this period you become eligible to get enrolled in Medicare. IEP is your personal timing based on your 65th birthday month. You are allowed sign up for 7- month period starting from 3 months before and following the 65th birthday month. You are also considered eligible if there is disability, and if so the timing is your disability date.
  • (AEP) Annual Enrollment Period.This period is to sign for Part C and D between 15th October and 7th In this period, you can drop or switch a Part D plan if you wish. The will be effective only on January 1st.
  • (GEP)General Enrollment Period. This is for people who did not enroll with IEP, but have to pay late enrolment as higher premium. It will start from 1st July as coverage.
  • (SEP) Special Enrollment Period. Signing for Part A and B if you have missed as you had some group health plan; you can now sign anytime and get it covered from the time the group health coverage or your employment ends.