AARP Supplement Insurance: The Ultimate Guide

As you get older, your healthcare needs change. Medical expenses can become a burden, especially during times when you need more care. This is where AARP Supplement Insurance comes in. It helps cover the gaps left by Original Medicare, with different plans and options to suit your needs.

What is AARP Supplement Insurance?

AARP Supplement Insurance, also known as Medigap, is a type of health insurance that helps you pay for healthcare costs that Original Medicare doesn’t cover. This includes deductibles, copayments, and coinsurance, among others. It’s sold by private insurance companies, but it’s regulated by the government to ensure that the benefits are the same across all plans.

AARP Supplement Insurance is only available to those who are already enrolled in Medicare Parts A and B, and it is designed to work alongside Original Medicare. It doesn’t cover prescription drugs, so you’ll need to enroll in a separate Medicare Part D plan if you need that coverage.

The Benefits of AARP Supplement Insurance

One of the main benefits of AARP Supplement Insurance is that it helps you save money on healthcare costs. With Original Medicare alone, you are responsible for paying deductibles, copayments, and coinsurance, which can add up quickly. AARP Supplement Insurance helps cover these costs, so you don’t have to worry about them.

Another benefit is that it gives you more flexibility in choosing healthcare providers. With Original Medicare, you can go to any healthcare provider that accepts Medicare. However, some providers may charge more than what Medicare covers, which means you pay the difference. With AARP Supplement Insurance, you can go to any provider that accepts Medicare, and they will bill your insurance company directly for the covered services.

AARP Supplement Insurance also covers emergency care outside of the U.S., which can be essential if you’re traveling abroad. Original Medicare doesn’t cover any medical expenses outside of the U.S., so having AARP Supplement Insurance can give you peace of mind when you’re traveling.

The Different Plans

There are ten different AARP Supplement Insurance plans, each labeled with a letter. The benefits under each plan are standardized by the government, so no matter which insurance company you choose to purchase your plan from, the benefits will be the same.

The most popular plans are F, G, and N, as they offer the most comprehensive coverage.

FAQ

Who is eligible for AARP Supplement Insurance?

AARP Supplement Insurance is only available to those who are already enrolled in Medicare Parts A and B.

When can I enroll in AARP Supplement Insurance?

You can enroll in AARP Supplement Insurance during your six-month Medigap Open Enrollment Period, which starts on the first day of the month you turn 65 and are enrolled in Part B. If you miss this period, you may be subject to medical underwriting, which could result in higher premiums or being denied coverage.

How much does AARP Supplement Insurance cost?

The cost of AARP Supplement Insurance varies depending on several factors, including your age, gender, location, and the plan you choose. The premiums also tend to increase over time. It’s essential to shop around to find the best plan for your needs and budget.

Can I change my AARP Supplement Insurance plan?

Yes, you can change your AARP Supplement Insurance plan at any time, but you may be subject to medical underwriting, which could result in higher premiums or being denied coverage.

Do I still need Medicare Part D if I have AARP Supplement Insurance?

Yes, you still need Medicare Part D if you need prescription drug coverage. AARP Supplement Insurance doesn’t cover prescription drugs.

How do I enroll in AARP Supplement Insurance?

You can enroll in AARP Supplement Insurance by contacting a licensed insurance agent or directly through the insurance company’s website. Make sure to compare different plans and premiums to find the best option for your needs and budget.

Conclusion

AARP Supplement Insurance is an excellent option for those who want to save money on healthcare costs and have more flexibility in choosing healthcare providers. With ten different plans to choose from, you can find one that suits your needs and budget. It’s essential to enroll during your Medigap Open Enrollment Period to avoid higher premiums or being denied coverage. And as always, make sure to shop around to find the best plan for your needs.