Medicare supplement insurance plans in Ohio can help limit your out-of-pocket medical costs. These plans help you cover the costs that Original Medicare doesn’t cover. Ohio offers 10 different plans to choose from, helping you find the one that’s right for you.
Medicare Parts A and B cover hospital and medical bills, but they don’t pay 100 percent of your bills. Typically, you have co-pays, co-insurance, and deductibles to pay. Medicare supplement insurance plans in Ohio can help offset some of these costs. Medicare supplement policies are also referred to as “Medigap,” because they cover the gap between what Medicare pays and what you may owe.
Ohio has 10 Medigap policies available today. Each policy has a letter associated with it, A–N. Each offers different coverage options. You’ll get the same coverage for each policy from any insurance company. For example, Medigap A would be the same with any provider, as would Medigap N. The difference may be in the premiums because each insurance company can charge its own premiums.
The best time to enroll in Medicare supplement insurance is during your open enrollment period. You have a six-month open enrollment period that begins the month you turn 65. You must also have Medicare Part B to enroll in a Medigap policy.
If you enroll during the first six months of eligibility, you can avoid medical underwriting. If you have pre-existing conditions, they cannot affect your ability to get a Medigap policy. You’ll also pay the lowest premium during this time. A person with no pre-existing medical conditions would pay the same premium.
However, if you wait until after the six-month period, you will have to undergo medical underwriting, meaning you will be asked about your medical history. This may result in higher premiums or, in some cases, a flat-out refusal. If you have a pre-existing condition, it may be subject to a six-month waiting period after coverage begins.
Medicare supplement insurance plans in Ohio typically cover:
Each policy offers different coverage. For example, Medigap A and B don’t cover skilled nursing care facilities, but Medigap C through N do. All Medigap policies help with Medicare Part B co-insurance and co-payments, but some offer less than 100 percent coverage. Assess your needs and choose the plan accordingly.
If you want to limit your out-of-pocket expenses with Medicare, consider one of the Medicare supplement insurance plans in Ohio. Buying your gap insurance within the first six months of having Medicare is ideal. After that point, insurance companies can turn you away or charge you more.
If you’re faced with a medical emergency, supplemental insurance could save you thousands of dollars. If you already have a Medigap policy but decide to switch policies for different or better coverage, you may be subject to a six-month waiting period for certain conditions.
If you want to try out a new policy, you have a 30-day “free look period.” For one month, you keep both your old and new policies, paying both premiums. If you’re not satisfied with the new policy, you may cancel it within the first 30 days and keep your original policy. If you decide to continue with the new policy you have 30 days to cancel your original policy.