Mississippi Medicare Supplement plans are designed for those who qualify for Medicare Part A and Part B. Although Medicare covers a significant portion of the insured person’s medical expenses; the entire cost is not covered under Original Medicare.
The Medicare beneficiary is responsible for the portion that remains after their Medicare coverage pays. Policies are provided by private insurance companies to fill in the gap that is left in Medicare coverage.
Mississippi Medicare Supplement Plans
Medical costs can be quite a financial burden to those who already live on a fixed income. Private insurance companies offer Mississippi Medicare Supplemental insurance coverage that is standardized by the federal government. The federal and state government requires that these plans adhere to certain basic standards, these guidelines are in place to protect Medicare beneficiaries.
There’s ten letter plans the government has created, each plan has its own requirements and offers different benefits; however, the basic services must always be included. Policies are designed to assist Medicare recipients with out of pocket costs associated with coinsurance payments, copayments for doctor and other specialist visits, and deductibles.
Mississippi Medicare Supplemental plans don’t cover the premium for Part B coverage of Medicare. This premium must be paid by the insured. In some cases, those who have a very low income can qualify for state assistance with this premium. The majority of Medicare beneficiaries have the premium taken directly out of their Social Security benefits.
Medicare beneficiaries that are enrolled in both parts of Medicare are eligible to apply for Mississippi Medicare Supplements. A person that wants to get coverage must already be covered through Medicare Part A and Medicare Part B. Additionally, the private insurance company offering the plan must be licensed to sell coverage in the state.
The ideal time to apply for coverage is during Open Enrollment. When you apply during Open Enrollment for Medicare, the applicant cannot be turned down due to pre-existing medical conditions. The insurance company cannot charge the applicant a higher premium because of any health conditions.
Your OEP lasts for 6 months and begins the first day of the month after you turned 65 and your Part B is effective. So, if your birthday falls on July 31st, but your Part B didn’t become effective until September 25th, then your OEP will begin October 1st.
Other Important Information
Since plans are sold by private insurance companies; the premium must be paid directly to the insurance provider. You will be billed monthly for the coverage, it’s important to make premium payments on time to avoid cancellation of your policy.