Your Medicare Minute – Ask Lu
submitted by Lucille Bondi, Lucille Bondi Insurance Solutions
Q: I’m beginning to look into Medicare Supplement plans and I am very confused. Can you give me some insight into Medigap?
A: First of all, you must have enrolled in Medicare Part A and Part B. These plans only work with Original Medicare. You pay a private insurance company a monthly premium in addition to your Medicare Part B premium. They fill in some of the gaps in Medicare. There are many licensed Medigap/Supplement companies in Pennsylvania. Benefits are standardized. All plans and companies cover the same benefits.
In 1992 Medigap plans were standardized and in June 2010 “re-standardized” allowing new changes to go into effect. There are two important things to remember. COST is important! In most states rates will increase with age. These are called age attained policies. Some do not begin to increase due to age until age 68. FINANCIAL STABILITY is crucial! Purchase a Medigap policy from financially stable carriers. Only consider carriers with a B+ or higher rating with A.M.Best.
Here is the alphabet soup of plans available to choose from. A, B, D, G, K, L, M, N. Plan C and F are only available for seniors who have turned 65 before 2020.
Seeking the help of a professional will increase your knowledge, improve your selection, reduce your stress and help you from making a wrong and/or costly decision. We can help you “Solve the Medicare Mystery.”
Lucille Bondi Insurance Solutions is located at 439 Main Street (rear building) in Harleysville, PA. Visit their website for more information www.bondimedicaresolutions.com. Contact them at 215-256-5954 for a FREE consultation.
PHOTO CAP: Lucille Bondi