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Medicare is a government-backed insurance program for people age 65 and older. However, certain people under the age of 65 can qualify for Medicare coverage. The Medicare program is divided into several parts, each covering expenses for different aspects of healthcare.Â
If you are enrolled in an Original Medicare plan, you will notice that you are often required to pay some out-of-pocket amounts when you receive health care. Medicare Supplement Insurance plans, also known as Medigap plans, exist to fill the cost gaps left behind by Original Medicare benefits.Â
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A rider is a provision made to an insurance policy that adds additional benefits or amends the policy’s terms. They can offer options like additional health care coverage or limit coverage.
Suppose you are enrolled in Original Medicare and shopping for Medicare Supplemental Insurance plans. In that case, you may be interested in attaching a rider. When you first become eligible for Medicare, you can purchase any riders without being asked health questions by your insurance provider. If you wait until after this period has passed, you may be questioned and refused access to these riders by insurance providers.
Riders are only available in certain states. These are some riders you may have access to in your state.
Some states are authorized to offer unique forms of Medicare Supplement Insurance, which feature basic plans that can be improved through riders. The current states where these alternative riders can be purchased are Wisconsin, Massachusetts and Minnesota.
Wisconsin offers riders with the following benefits:
Massachusetts and Minnesota based insurance companies can add the following 4 riders to a Basic Medicare Supplement Insurance Plan:
In both Wisconsin and Minnesota, Part B deductible coverage is not available to people who enroll in Medicare after January 1st, 2020. If you were eligible for Medicare before this date but not yet enrolled, you may qualify for this benefit.
Are you in a state where riders are offered? Contact us now for more information!
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