Medicare won’t cover all your health care costs
By the time you need elder care, will you have the resources to cover all its costs? Medicare Supplement Insurance—or Medigap—lets you avoid financial surprises by filling the gap between what original Medicare pays and what you pay out-of-pocket.
And, enrolling in a supplemental insurance plan when you first become eligible may help reduce your costs later. Disclosure 1
With Medicare Supplement Insurance you help manage your health care decisions and you control your:
Life, Long-term Care, Disability, and Medicare Health solutions provided by BB&T Life Insurance Services
Medicare insurance comes in several parts with varying degrees of services covered. The four major parts are:
- Medicare Hospital Insurance (Part A) covers hospital stays (semiprivate rooms), tests performed in the hospital, food and doctor’s fees.
- Medicare Medical Insurance (Part B) covers some services not covered by Part A, usually on an outpatient basis, including:
- Ambulance transportation
- Blood transfusions
- Common x-rays
- Drugs administered during an office visit
- Hormone treatments
- Immunosuppressive drugs (for recent organ transplant patients)
- Lab tests
- Outpatient treatments
- Renal dialysis
- Vaccines for pneumonia and flu
- Medicare Advantage (Part C) replaces the original Medicare plans (Parts A and B), with private health insurance. Since 2003, these plans have been supplemented with prescription plan coverage and are now called Medicare Advantage.
- Medicare Prescription Drugs (Part D) is prescription drug coverage for Medicare beneficiaries who choose to enroll in either a standalone drug plan or Medicare Advantage (Part C) with prescription drug coverage.
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Residents of MD, MS, and NC who are under age 65 and receive Medicare benefits due to disabilities have a special open enrollment period when they are guaranteed acceptance purchasing a Medicare Supplement policy. McGriff Insurance Services, Inc., is the referring licensed insurance agency.
The Initial Enrollment Period (IEP) for Medicare for people turning 65 lasts 7 months (this may also be referred to as Open Enrollment). It starts 3 months before your birth month, includes your birth month and extends 3 months after your birth month. In most cases, during this period you can enroll in any available Medicare Supplement, Medicare Advantage and/or Medicare Part D plan, regardless of your health and/or any pre-existing conditions except end-stage renal disease (ESRD).
Medicare insurance options (Medicare Supplement, Medicare Advantage and Medicare Part D Prescription Drug plans) are underwritten by private insurance companies and are not affiliated with Medicare or any government agency. Medicare insurance options are made available through an arrangement made by Senior Market Sales, Inc. Medicare MarketPlace® is a service of Senior Market Sales, Inc.
McGriff Insurance Services, Inc. is a subsidiary of BB&T Insurance Holdings, Inc.
McGriff Insurance Services, Inc. CA License #0C64544.
Insurance products and services offered through McGriff Insurance Services, Inc., a subsidiary of BB&T Insurance Holdings, Inc., are not a deposit, not FDIC insured, not guaranteed by a bank, not insured by any federal government agency and may go down in value.