Just what is North Carolina Medicare Supplement Insurance?

A North Carolina Medicare supplement (North Carolina Medigap) insurance policy will help pay a lot of the doctor and hospital costs that Original Medicare does not cover, like co-payments, co-insurance, deductibles, and other out of pocket costs. These plans are regulated by the state and federal government but marketed through private companies which are competing against each other helping to keep consumer costs affordable. Some North Carolina Medigap policies cover services like medical assistance when traveling away from the U.S. that Original Medicare fails to cover. If you have a North Carolina Medigap plan, original Medicare pays its share of the Medicare-approved amount for covered medical care costs and then the North Carolina Medigap insurance plan pays its share. A North Carolina Medigap insurance policy is different from a North Carolina Medicare Advantage Plan. Medicare Advantage Plans are different ways to get Medicare benefits and are not guaranteed renewable, while a Medigap insurance policy pays the expenses not covered by original Medicare benefits.

North Carolina Medigap insurance plans are labeled with letters A through N and come in ten differing plan types. I,H,I, and J are outdated policies that are no longer being sold. Medigap plan A is usually the least costly of the plans and provides the lowest amount of coverage while Medigap plan F provides the best coverage. North Carolina Medicare supplement plan F covers 100% of the coinsurance, deductibles, copayments, including the excess charges that come with Medicare. North Carolina Medicare supplement plan G is identical to plan F aside from not covering the yearly Medicare Part B deductible. Often the yearly savings on the plan G premium is more than the expense of the deductible for Medicare Part B so it is an option definitely worth looking into. The best time to  purchase a Medigap plan is when  turning 65. During the first six months from the time you turn 65 or when you purchase Medicare Part B for the first time the insurance companies are not able to turn you down and there is no medical underwriting. This is a significant benefit because there are numerous medical conditions that will normally keep you from purchasing Medicare supplemental insurance. When shopping for a Medigap plan it is important to note that the plans are all standardized. This means that every plan by the exact same letter provides the exact same coverage. So in other words Medigap plans provided by Forethought, Mutual of Omaha, Secure Horizons, and Sterling all provide exactly the same coverage despite the fact that the companies charge different premiums.

Eight facts about North Carolina Medicare supplement plans

1. You need to have both Medicare Part A and Part B.

2. Should you presently have a Medicare Advantage Plan, you are able to purchase a N.C. Medicare supplemental insurance policy, but make sure to cancel your Medicare Advantage Plan before your Medigap policy goes into effect.

3. In addition to the monthly Part B premium that for most comes out of your Social Security you have to pay a monthly premium to a private insurance company for your N.C. Medigap insurance.

4. If you and your spouse both want N.C. Medigap coverage, you'll both have to purchase separate Medicare supplement  plans. A N.C. Medigap policy can only cover a single person.

5. You may shop for a N.C. Medigap plan from any insurance company that is licensed to sell in your state.

6. Insurance companies cannot terminate your N.C. Medicare supplemental insurance policy provided that you keep paying the premium. N.C. Medigap plans are guaranteed renewable even if you currently have medical problems.

7. You can join a N.C. Medicare prescription drug plan (Part D) if you require prescription drug coverage. Several older N.C. Medigap policies had some sort of prescription drug coverage, but N.C. Medigap  plans sold after January 1, 2006 aren't allowed to include prescription drug coverage.

8. It's illegal for an insurance company to sell you a North Carolina Medigap policy if you have a Medicare Medical Savings Account  plan.