Texas Medicare Supplement Insurance For When Medicare Alone Is Not Enough

Article by Joel Moyer

Medicare is a great benefit, but it alone leaves you with some heavy handed cost sharing and coinsurance. That is why it is very important for Texans turning 65 to evaluate their financial situation and determine if Texas Medicare supplement insurance is right for them. Medicare has traditionally paid around 80% of seniors medical expenses. A Texas Medicare supplement insurance plan can greatly reduce your risk of a medical emergency or even doctor visits that are financially pain full. In 2011 the Medicare Part A deductible was $ 1,132 and that is not yearly that is per benefit period. If treatment exceeded 60 days your cost sharing portion is $ 283 per day and $ 566 for days 91-150! Part B has a $ 162 yearly deductible and then you pay 20% of everything thereafter with the exception of excess charges which you pay 100%. Excess charges are capped at 15% above what Medicare allows and can be charged by doctors that do not accept Medicare Assignment. A Texas Medicare supplement insurance plan can cover some or all of these charges depending on which plan you select.

Eligibility for Texas Medicare supplement insurance

The Great news is that anyone turning 65 and receiving both Medicare Part A and B has an initial enrollment period in which insurance companies must sell you insurance. This period starts and last 6 months from your Part B effective date. What is even better news is that during this initial enrollment period you do not have to go through medical underwriting. Underwriting will consist of just a few questions that you answer on your application. This is the very best time to obtain a Texas Medicare Supplement. If you wait there are penalties that you will pay and with very few exceptions you will have to go through medical underwriting.

Retiring and Moving to Texas Medicare supplement insurance

There is also a guaranteed issue period for people who are over 65 and retiring in Texas and are eligible for Medicare. Anyone over the age of 65 and losing their employer group coverage through no fault of their own may also apply with no medical underwriting. This period is 63 days from the day their previous coverage ends.

Free look and guaranteed renewable

When you purchase Texas Medicare supplement insurance you have a “free look” period. The free look period last 30 days and during this time you may return or cancel any policy you signed and have your premiums returned. Another great benefit of Texas Medicare supplement insurance is that it is “guaranteed renewable” which means the company you receive your policy from must always renew it if you keep paying your monthly premium.

How to shop for Texas Medicare supplement insurance

Texas Medicare supplement insurance is offered by many insurance companies and there are currently ten different plans available. Each plan by the same letter name offers the exact same coverage no matter who is selling it. So plan F with United of Omaha is the same as plan F with Gerber, but the prices will not be the same. This is why it is important to get quotes from an independent agent. A independent agent does not work for a particular insurance company and can get you the same insurance policy for the same price as a captive agent that works for one particular company. An independent insurance agent allows you to shop around without having to do the leg work yourself and their service is of course free.

Ready for Texas Medicare supplement quotes

Getting your Texas Medicare supplement quotes online can be easy, but be careful where. Many websites will sell your information to a bunch of agents causing you a lot of hassle. Make sure you use one independent agent who will pull your quotes and email them to you.