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In a statement released in April 2020, Federal Life announced that it would begin offering new Medicare Supplement products started June 8, 2020. Among these are a High Deductible G policy, in addition to plans A, G, F, and N. The high-deductible G plan is designed for customers who want to pay low monthly premiums but do not want to be restricted on which providers they sign up with. It is also a smart choice for seniors who have some savings dedicated to health and want to partially self-insure. 

The typical Medicare Supplement plan includes the following features:

• Medicare Part A hospital expenses and coinsurance

• Part A hospice care coinsurance or copayment

• Part A deductible

• Part B coinsurance or copayment

• Part B deductible

• Part B excess charges

• Blood (first three pints)

• Skilled nursing facility care (coinsurance)

• Foreign travel emergency care

The degree of coverage varies according to the plan you choose to sign up with, with Plan A as the most basic and cheapest and Plan F as the most comprehensive. Check with your local Federal Life Medicare Supplement agent which policies are available for sale in your location, or you can get in touch with us for assistance. 

Take note that Medigap policies are not all-inclusive. There are certain healthcare and medical procedures that require a separate plan, if you think they are necessary. Medicare Supplement programs do not cover these items (listed below):

• Vision and dental care

• Hearing aids

• Long-term care (such as non-skilled care obtained from a nursing home)

• Eyeglasses

• Services of a private-duty nurse

In most instances, private insurance agencies can sell only a standardized Medigap plan, though some providers might opt to sweeten their programs with additional features. In addition, not all plans are available in every provider. As such, note that the price of Medicare Supplement policies can vary from one agency to another, so it is best to compare first before signing anything.

The ideal time to purchase a Medigap plan is during your Open Enrollment Period (OEP), which is the six months wherein you can purchase any policy from any provider in your state without anything hindering your application. OEP begins on the month that you turn 65 years old. During this time, you will not be held back by any health condition and will have guaranteed approval on standard policy rates. However, if you miss this six-month period, insurance providers can charge you higher premiums depending on your health status or totally reject your application.

If you are interested in buying a Medigap policy and are under 65 years (but with a disability or diagnosed with end-stage renal disease), you might not be allowed to purchase the policy you want until you reach the right age. However, this practice varies from insurer to insurer, as the government does not require agencies to sell such products. We can help you find out if Federal Life Insurance is able to provide this exception.