|2019-2020 Medicare Supplement (Medigap) Plans|
|Now offering low rates in your area|
Annual Election Period:
October 15th through December 7th
Why Medicare Supplement?
Reduce Out-of-Pocket Costs
1. A resident of a state where the policy is offered
2. Enrolled in Medicare Parts A and B
3. Age 65 or over or, in some states, under age 65 with a disability (plan offerings and eligibility vary by state).
Many people find themselves confused by the enrollment periods surrounding Medicare Supplement and Medicare Advantage. Let’s see if we can add a little clarity to the different “enrollment periods”. There are three enrollment periods to keep in mind: your Medigap Open Enrollment Period, the Annual Election Period, and the Medicare Advantage Disenrollment Period.
1. Medigap Open Enrollment
Your Medigap Open Enrollment is a 6 month period that begins the day you are both 65 and have Original Medicare (Parts A & B). If you only bought Part A when you turned 65, your Open Enrollment begins the day you buy Part B. During this time, you are entitled to the following guarantees:
- Insurers cannot deny you coverage
- Insurers cannot increase your rates due to health issues
- You may switch plans
- Your coverage begins immediately
In other words, if you are in your Open Enrollment and eligible for Medigap, an insurance company must sell you any plan they offer despite your health issues for the same price as someone in good health.
2. Annual Election Period (October 15th through December 7th)
The Annual Election Period is your time to make changes to your existing Medicare coverage. Here are the changes you can make during this time:
- Change from Medicare Advantage back to Original Medicare
- Change from Original Medicare to Medicare Advantage (Part C)
- Change from one Medicare Advantage to another
- Enroll in a Part D prescription drug plan
- Change from one Medicare prescription drug plan to another
- Drop your Medicare prescription drug coverage
Remember, if you switch back to Original Medicare (Parts A & B), you are once again eligible to apply for a Medicare Supplement plan, also known as Medigap.
3. Medicare Advantage Disenrollment Period (January 1st through February 14th)
- If you have a Medicare Advantage plan you can leave your plan and switch to Original Medicare (Medicare Parts A and B). If you switch to Original Medicare during this period, you can also add Medicare drug coverage. You’ll have until February 14 to join a Medicare Prescription Drug Plan. Your coverage will begin the first day of the month after the plan gets your enrollment form.
- Once again, if you switch back to Original Medicare during this time, you are eligible to apply for a Medicare Supplement.
A percentage of the cost of services you are required to pay. For example, you may be required to pay 20% of the services you received in co-insurance.
The amount you must pay before your coverage begins. The Medicare Part A deductible in 2019, for example, is $1,364.
A fixed amount you must pay for a covered health care service after you have paid your deductible. For example, your co-pay for a doctor visit may be $20.
The “Spousal Discount” refers to the discounted rates offered to applicants who are married and reside with their spouse. At ManhattanLife we offer a more inclusive version of the Spousal Discount, referred to as the “Household Discount”. The discount not only applies to married individuals residing with their spouse, but also to non-married individuals who have resided with an individual 60 years or older for at least 12 months. These savings are significant, and range from 7%-12% in most states!
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