Medicare Supplement Plans

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Comprehensive Medicare Supplement Plans in San Francisco, CA

At Lucey Wealth Advisors, we’re more than just a leading San Francisco financial advisor; we’re also an insurance company that specializes in Medicare supplement plans. No matter where you are on your Medicare journey, you can count on our certified, experienced, and highly knowledgeable associates to provide you with personalized and unbiased support. For years, our experts have successfully helped countless clients select the right health plans to expand their coverage while also saving substantial sums on their premiums.

Using the power of comparison shopping, the licensed agents at Lucey Wealth Advisors offer up-to-date details about the best possible rates. Since we aren’t loyal to a specific carrier, you’ll never feel pressured and will be free to select the best health plans for your unique needs. With the guidance, insight, and support of our insurance company, you can have complete confidence in your financial and health decisions

Medicare Supplement Plans Explained

Medicare is the health insurance plan that is provided by the United States federal government for adults aged 65 and older, as well as younger individuals who have been diagnosed with specific qualifying health conditions or disabilities. Typically, eligible beneficiaries are granted health benefits via Medicare Part A and Medicare Part B (Original Medicare). Those benefits are either provided by the US federal government or through a Medicare Advantage plan that is offered by a private insurance company (which is known as Medicare Part C).

The Health insurance coverage that Original Medicare provides doesn’t cover everything, and beneficiaries must cover the cost of the gaps in coverage out of their own pockets; deductibles, copays, and coinsurance, for example. In order to secure coverage for some of those out-of-pocket expenses, senior citizens who are enrolled in Original Medicare can apply for a Medicare Supplement plan. Often referred to as “Medigap” (because they fill the gaps in Medicare coverage), Medicare Supplement plans are available on a state-by-state basis. The coverage limits and billing practices these plans provide are bound by both state and federal regulations.

Types of Medicare Supplement Plans

There are several Medicare Supplement plans available, and the requirements for premiums, deductibles, and coinsurance varies from plan to plan. There are 10 standardized Medigap plans, and Medicare beneficiaries can shop around to find the option that best meets their needs. The 10 standardized supplement plans are designated by letters, which include: A, B,C D, F, G, K, L, M, N


The missing letters in the above sequence (E, H, I, and J), correspond to supplement plan options that are no longer available for new enrollees. It’s important to note that the letters that are used to designate Medicare Supplement plans should not be confused with Original Medicare, including part A, B, C, or D. Original Medicare parts signify the different basic health care plans that are available through the federal government, and the letters that are applied to Medicare Supplement plans refer to different plans that provide additional coverage for the gaps in Original Medicare plan coverage.

How do Medicare Supplement Plans Work and What do They Cover?

Medicare supplement plans are different than most standard health insurance plans. Whereas standard plans offer health benefits, Medicare supplement plans don’t; rather, they cover the out-of-pocket costs that the beneficiaries of Original Medicare are responsible for. These out-of-pocket expenses can include (but aren’t limited to) the following:

  •         Deductibles
  •         Coinsurance
  •         Hospital fees once the costs that Medicare covers run out
  •         The costs of skilled nursing facility care once the costs Medicare covers run out

Here’s a basic breakdown of how Medicare supplement plans work: You purchase and pay a premium for a Medicare supplement (or “Medigap”) plan, and in return for paying the premiums, the supplement plan will pay for the cost of the gaps in Original Medicare coverage. To illustrate, when you visit the doctor, you won’t have to pay for the coinsurance that your Original Medicare plan requires; rather, your Medicare Supplement plan will cover the fee for you.

As with standard health insurance plans and Original Medicare plans, the coverage that Medicare Supplement plans provide varies. As such, it’s important to speak with a reputable San Francisco insurance company that specializes in Medicare Supplement plans, such as Lucey Wealth Advisors. Our team of certified and experienced agents will be able to explain the different health plans that are available and assist you with selecting the right coverage to meet your unique needs.

What are the Benefits of Medicare Supplement Plans?

If you’re a Medicare recipient, you may be wondering if investing in a Medicare Supplement plan would be worth your while. As with everything in life, it really depends on your unique situation and needs; however, for the vast majority of people, Medicare Supplement plans are beneficial. Why? Because a supplement plan can provide financial security and peace of mind.

Like most retirees, you probably live on a fixed budget. The cost of virtually everything – including medical care – is constantly rising, and covering the cost of the gaps in your Original Medicare plan can be hard. Because Medicare Supplement plans cover the gaps in coverage, you won’t have to worry about those out-of-pocket expenses. Of course, knowing that your health care costs will be covered will provide you with a sense of security and increased peace of mind.

Important Things to Know About Medicare Supplement Plans

In order to make an informed decision, having as much information as possible is vital. With that said, the following are some of the key things that you should know about Medicare Supplement plans that can help you decide if investing in additional coverage would be worth your while.

  •         Medicare Supplement Plans supplement the benefits provided by your Original Medicare plan.
  •         In order to purchase Medicare Supplement plans, you need to have Original Medicate Part A and Part B.
  •         You’ll need to pay a monthly premium for your supplement plan, in addition to the premium for your Original Medicare plan.
  •         Medicare Supplement plans only cover one individual, so if you and your spouse would both like to cover the gaps in your Original Medicare coverage, you’ll have to purchase individual policies.
  •         Medicare Supplement plans can be purchased from any insurance company that is licensed in California.
  •         Even if you have health conditions, all standardized Medicare Supplement plans are guaranteed renewable. As long as you pay the premium, your policy cannot be canceled.
  •         In the past, some Medicare Supplement plans covered prescription drugs; however, since January 1, 2006, plans are no longer permitted to include coverage for prescription drugs. If you would like this coverage, you would need to join a Medicare Prescription Drug Plan (Part D).
  •         Typically, Medicare Supplement plans do not provide coverage for the following:

o   Long-term care

o   Vision care

o   Dental care

o   Hearing aids

o   Eyeglasses

o   Private-duty nursing care

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Speak with a Licensed Health Insurance Company in San Francisco Today!

If you would like to learn more about Medicare Supplement plans and you live in or around San Francisco, contact Lucey Health Advisors. We’re not only the area’s most trusted investment advisors; we also offer Medicare Supplement plans. Our team of certified and experienced agents will thoroughly explain the different options that are available and will help you select the right coverage for your needs.

To ensure the well-being of your health and your finances, get in touch with the team at Lucey Wealth Advisors. Submit a contact form directly through our website or give us a call directly at 888.828.3394. One of our knowledgeable and helpful associates are standing by and are ready to assist you with all of your needs.

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