Enhance Your Medicare Coverage with Personalized Supplement Plans
Navigating Medicare options can be complex. At Galloway Insurance, we offer tailored Medicare Supplement Insurance (Medigap) plans to help cover costs not included in Original Medicare, ensuring you receive comprehensive healthcare coverage.
Understanding Medicare Supplement Insurance
Medicare Supplement Insurance, commonly known as Medigap, is designed to cover additional healthcare costs such as copayments, coinsurance, and deductibles that Original Medicare doesn’t cover. These policies are standardized and labeled A through N, each offering a different combination of benefits. It’s important to note that while benefits are standardized, premiums can vary between insurance companies and are influenced by factors like age, location, and health status.
Why Consider a Medicare Supplement Insurance Plan?
- Comprehensive Coverage – Helps pay for out-of-pocket costs not covered by Original Medicare, reducing unexpected medical expenses.
- Freedom to Choose Providers – Allows you to visit any doctor or specialist who accepts Medicare patients without the need for referrals.
- Guaranteed Renewability – As long as you pay your premiums, your Medigap policy cannot be canceled, even if you have health issues.
Enrollment Periods and Eligibility for Medicare Supplement Insurance
The optimal time to enroll in a Medigap policy is during your 6-month open enrollment period, which begins the month you’re both 65 or older and enrolled in Medicare Part B. During this period, you have guaranteed issue rights, meaning insurance companies cannot deny you coverage or charge higher premiums due to pre-existing conditions. If you apply after this window, you may be subject to medical underwriting, and coverage could be denied or cost more.
Texas Medicare Supplemental Health Insurance has a wide variety of plans and is organized alphabetically with each plan designated with a single letter. Plans are designed to help with the cost of deductibles, co-payments, and coinsurance. Some plans offer prescription, vision, or dental coverage. The different plans offer the flexibility of choosing your own doctors and hospitals that accept Medicare patients and specialists, without referrals. You have the freedom to travel and take your coverage with you anywhere in the United States.
Rates for Medicare Supplements can vary greatly between different carriers and are usually based on age, location, gender, and health. You don’t have to sort through this alone, our agents at Galloway Insurance are committed to searching for the best rates and coverage which are affordable and meet all your needs.
Special Considerations for Texans Under 65
In Texas, individuals under 65 who qualify for Medicare due to disability have a six-month open enrollment period starting the day they enroll in Medicare Part B. However, this guaranteed issue right only applies to Medicare Supplement Plan A. It’s advisable to explore all available options to ensure adequate coverage.
Why Choose Galloway Insurance?
At Galloway Insurance, we are committed to building lasting relationships with our clients by adhering to Our Promise pillars:
- Integrity – Upholding the highest ethical standards, ensuring transparency and honesty in all our dealings.
- Trust – Earning and maintaining our clients’ confidence through consistent and reliable service.
- Commitment – Dedicated to understanding and fulfilling your insurance needs with personalized solutions.
- Community – Actively contributing to and supporting the communities we serve.
Serving Marble Falls, Burnet, and Horseshoe Bay, our team offers:
- Personalized Service: Tailored insurance solutions that reflect your unique circumstances.
- Access to Multiple Carriers: Ensuring competitive rates and comprehensive coverage options.
- Dedicated Support: Guidance throughout the policy selection process and ongoing assistance as your needs evolve.
Call Today for a Free Medicare Supplement Consultation:
- Burnet: 512-756-2988
- Marble Falls: 830-693-0808
- Horseshoe Bay: 830-598-5636
We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.
Frequently Asked Questions (FAQs)
What is the difference between Medicare Advantage and Medicare Supplement Insurance?
Medicare Advantage (Part C) is an alternative to Original Medicare, offering bundled plans through private insurers that may include additional benefits. Medicare Supplement Insurance (Medigap) works alongside Original Medicare to cover out-of-pocket costs. It’s important to note that you cannot have both a Medicare Advantage Plan and a Medigap policy simultaneously.
Can I switch Medigap policies if I’m not satisfied with my current one?
In most cases, you won’t have a right under federal law to switch Medigap policies unless you’re within your 6-month Medigap open enrollment period or you’re eligible under a specific situation or guaranteed issue right.
Do Medigap policies cover prescription drugs?
Medigap policies sold after January 1, 2006, do not include prescription drug coverage. To obtain this coverage, you can join a Medicare Prescription Drug Plan (Part D).
Are Medigap premiums tax-deductible?
Medigap premiums may be tax-deductible as a medical expense if you itemize deductions on your federal income tax return. Consult with a tax professional for personalized advice.
How are Medigap policies priced?
Medigap policies can be priced or “rated” in three ways:
- Community-rated: Same premium for all policyholders, regardless of age.
- Issue-age-rated: Premium based on your age when you buy the policy; premiums are lower for younger buyers and don’t increase with age.
- Attained-age-rated: Premium based on your current age; premiums increase as you get older.
Understanding how a policy is priced can help you anticipate future costs.
What happens if I move to a different state?
Medigap policies are standardized across most states, so you can typically keep your current policy when moving. However, premium costs may vary by location, and some states may have unique regulations. It’s advisable to inform your insurance provider about your move to discuss any potential changes.