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Medicare Insurance Brokerage …

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National General Medicare Supplement

National General Insurance Company has been around since 1939 and has made itself to be one of the biggest auto insurers in the country. Headquartered in Winston-Salem, North Carolina, the company started with humble beginnings. But now, it operates through more than 10,000 brokers and independent agents in the U.S., in addition to its offices.

When it started, National General was named GMAC Insurance and the latter was given an A- (Excellent) financial rating by A.M. Best. In July 2013, it changed its name to National General and it was still able to retain its Excellent grade, up to the present (September 2019), with a Stable outlook. The Better Business Bureau (BBB) also gives it an A+ rating, with 3.49 out of 5 stars out of 454 customer reviews.

While National General is more popular for its auto insurance products, it also provides a wide range of business and personal insurance products, including Medicare Supplements (also called Medigap).

Medicare 101

Medicare is a federal government provided insurance plan for U.S. citizens/residents ages 65 years old and up, under 65 years but with certain disabilities, and those of any age but have been diagnosed with End-Stage Renal Disease (ESRD).

It has two parts: Part A, referring to hospital insurance, and Part B, referring to medical insurance.

Part A covers care in hospitals when a patient is admitted. This also covers skilled nursing facilities (but not long-term or custodial care), critical access hospitals, home health care, and hospice care. One does not need to pay a monthly premium to avail Part A coverage if you or your spouse paid Medicare-related taxes for a minimum of 10 years when you were still employed. If you are not eligible for free Part A, you may purchase it. In 2018, premiums went up to $422 per month, depending on the inclusions. In most instances, when you buy Part A coverage, you will need to also buy Part B and then pay monthly fees for both.

Part B covers services that are “medically necessary.” These include outpatient care, doctors’ fees, and other items that Part A does not shoulder. It can also include many preventive services. Buying Part B coverage is optional. However, in order for you to qualify, you will need to first have Part A. In 2019, Part B monthly premium cost $135.50 (when you sign up when you are first eligible). This amount changes annually.

Understanding Medicare Supplements

The reason why discussing Medicare Part A and Part B is important is because you will need both to qualify for any Medicare Supplement plan.

Medicare Supplements, also called Medigap, is a private health insurance product that functions as a supplement to Original Medicare. In short, you cannot have a Medigap policy if you do not first have Medicare. But what does a Medicare Supplement do, exactly? It covers the “gaps” that Medicare was not able to cover, such as coinsurance, copayments, and deductibles. It is “private” because it is not directly provided by the federal government. You will have to purchase Medigap from an accredited private insurance agency in your area.

Note that Medigap plans have monthly premiums, as well, which you will pay in addition to what you are shelling out for Part B. Medicare does not cover feeds for Medigap. While this may seem as extra spending, bear in mind that the cost of many medical concerns that arise in one’s senior years could go beyond what you have saved up for retirement (if any). Medigap aims to control the amount you spend on medical issues so that you can enjoy your savings the way you should.

There are 10 Medicare Supplements, all of which are created and regulated by the federal government. While they are sold through private insurers, the government still holds the control on what they include. This way, every senior citizen in all parts of the U.S. get the same level of coverage no matter where they are. However, because they are sold through private agencies, the monthly premiums might vary.

National General Medicare Supplement Products

National General does not offer all 10 Medicare Supplement plans, but it does sell plans A, F, FHD, G, and N. Medigap plans provide seniors with fixed and predictable way of getting the healthcare one needs at this life-stage. By paying fixed monthly premiums, one no longer need to worry about copayments or deductibles. National General’s Medicare Supplement products helps pay for a wide range of healthcare needs.

Medicare Supplements include:

Medicare Part A deductible

Blood (first 3 pints)

Hospital confinement

Medicare Part B coinsurance

Skilled nursing facility care

Medical equipment related to home health care

Emergency care needed when traveling outside of the United States

National General offers a 30-day free look for its Medigap policies. This means that you are given 30 days to decide whether you like your policy or not. If you find that you are dissatisfied with the product or service, you may return the policy and the company will refund any premiums that have been paid.

It also provides a 7% discount to household applicants. This means that if you lived with at least one (but not exceeding three) other people who are aged 50 years and up in the past 12 months, you can be considered for a household premium discount.

Best Time To Apply for Medigap

The best time to sign up for any Medigap plan with National General (or any other insurance provider) is during your Open Enrollment Period (OEP). This is the six month period that begins on the first day of the month that you celebrate your 65th birthday. For example, if you turn 65 on October 15, then your OEP starts October 1 and ends after six months.

Why is this significant? During these six months, you may apply for ANY Medigap policy you want and be guaranteed approved. You will not be required to undergo medical underwriting and the insurance agency will be prohibited from charging you a higher monthly fee that its usual rate regardless of your health status. This is the ideal time to take advantage of the privilege because if you miss your OEP, then all the special concessions will also be voided. Missing your OEP means that you can get rejected totally or you can be asked to pay a higher monthly fee.

How We Can Help

Our team of expert Medicare Supplement advisers can help you choose the best Medigap policy based on your financial and health status, as well as future goals. We understand that the selection process can be confusing at the beginning because there are plenty of choices. Our professional advisers can walk you through the entire process of selection and purchasing so that getting a Medicare Supplement becomes a positive experience. Get in touch with us at: 1-800-354-1078.

Our Mission is to Become America’s Most Respected Medicare Insurance Brokerage …