5 Important Medicare Terms
Open Enrollment– This period of time is the best time to enroll in a Medicare Supplement Insurance Plan. During this time Medigap companies must sell you a policy – even if you have health problems. After enrolling in Medicare Part B, you have 6 six months of open enrollment.
Credible Coverage– Prescription drug coverage is creditable if the actuarial value of the coverage equals or exceeds the actuarial value of standard prescription drug coverage under Medicare Part D, as demonstrated through the use of generally accepted actuarial principles and in accordance with Centers for Medicare and Medicaid Services(CMS) actuarial guidelines.
Standardized– You will always hear Medicare Supplement Insurance plans being referenced to as “standardized” plans. The term standardized refers to the fact that all Medigap plans were established by the government so each plan must meet a specific standard. This means all plans of the same letter designation are the same company to company, state to state.
Medically Necessary-Services or supplies that are needed for the diagnosis or treatment of your medical condition and meet accepted standards of medical practice.
Referral– A written order from your primary care doctor for you to see a specialist or to get certain medical services. In many Health Maintenance Organizations (HMOs), you need to get a referral before you can get medical care from anyone except your primary care doctor. If you don’t get a referral first, the plan may not pay for the services.
To get more information about Medicare Supplement Insurance plans, talk to one of our Medigap plan representatives today or use our instant quote below.