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Medicare Supplement Plans

Medicare is a federal health insurance program for people over 65 or with disabilities.  Medicare pays for much of your health care, but not all of it.  Examples of costs that Medicare does not provide payments for could be, prescription drugs, deductibles, coinsurance. 

A Medicare Supplement is a health insurance policy sold by private heath insurance companies to fill the "gaps" in Medicare coverage.  You do have guaranteed issue rights, even if you have health issues and you should talk with an agent to make sure that you do not miss any opportunity or are subjected to penalties.   

You have many choices available for Medicare Supplement plans that each offer different covered benefits and premium amounts.  By law, each supplement plan must offer the same benefits as the same plan offered by another insurance company.  The only difference between the plans would be service provided by the insurance company and premiums charged.  Meaning you don't want to overpay for the exact same coverage you could receive elsewhere.    

Things to consider when thinking about purchasing a Medicare Supplement:

• No medical questions to answer when applying when first eligible for Medicare or during a guaranteed enrollment period.  (Example - With Mutual of Omaha, a tobacco user would get non-tobacco rates when applying during an initial enrollment period)
• No Networks, if the Doctor accepts Medicare patients, they will accept all Supplement plans (some plans have hospital restrictions for premium savings though)
• Some insurance companies offer a discount if a spouse enrolls also
• Consider prescription drug coverage as it is generally not covered by Medicare or Supplement plans 
• Visit www.Medicare.gov or call 1-800-MEDICARE to learn more about the Medicare system, find out what benefits are covered, which are not covered and much more
• Give us a call to have all of your questions answered, get better understand all of your options and to understand the Medicare system better

Consumer info from the following companies: 

Learn more about Plans, A, F, G, M and N offered by Mutual of Omaha

2011 IL Rates and Detailed outline of plans offered by Mutual of Omaha

General Info regarding Medicare Supplement plans offered by BCBSIL

Detailed info regarding each plan and 2010 premium for IL