KGS Insurance Services

Medigap plans and Medicare supplement insurance plans are the same things, just two different terms.

Confused About Medicare? It is not unusual for a client to bring in a whole bag of mail that he has received at home and ask for our help to identify which things should be kept or tossed out.

Also known as Medicare Advantage, the Part C program is a form of managed care that allows Medicare beneficiaries to get their Parts A and B benefits through a private insurance plan and its network of providers. Many Part C plans offer a built-in Part D drug plan.

Part A (Hospital Insurance): Helps cover inpatient care in hospitals, skilled nursing facility care, hospice care, and home health care.

Critical Illness Insurance provides benefits when a covered person is diagnosed with an eligible condition like heart attack, stroke, major organ transplant, end stage renal failure or coronary artery bypass surgery.

Medicare Supplement and Advantage plans differ significantly as Supplement plans are secondary plans, and Advantage plans replace your Original Medicare.

In order for you to join a Chronic Illness SNP, your doctor will have to complete a chronic condition verification form at the time of your enrollment.

When you enroll in an Advantage plan (Medicare Part C), you agree to receive your Medicare benefits through that private plan instead of through Original Medicare.

Many people confuse their Medicare Eligibility date with their Social Security retirement age. They are different. A person can apply for full retirement income benefits at around age 67. This is considered their retirement age. However, this does not affect the age at which they qualify for Medicare.

Fast Fact: Most people become eligible and sign up for Medicare around age 65 during their 7-month Initial Enrollment Period.

Quick Tip: Medicare Advantage plans work differently from Medigap plans, so make sure you understand all the differences between the two before signing up for an Advantage plan.

The word Formulary means a list of prescription drugs covered by a prescription drug plan or another insurance plan offering prescription drug benefits. Also called a drug list.