Medicare supplement, also known as Medigap insurance, is private health insurance that helps cover some of the costs that Original Medicare Parts A and B leave you with, such as coinsurance, copayments, and deductibles. While all insurance companies selling Medicare supplements must offer the same basic benefits under each plan, premiums can vary from company to company. If you’re interested in learning more about how Medigap insurance can benefit you and how to compare premiums, Click here to explore your options and find the plan that best fits your needs.
Medicare supplemental insurance is different from Medicare Advantage plans, which are similar to supplement plans but require you to use a network of hospitals associated with the insurer to reduce your cost. In addition, Medicare SELECT policies, sold by a few insurance companies, are also different from the 12 standard Medicare supplemental plans in that they are offered in limited areas and only work with select providers.
When choosing a Medicare supplemental plan, it is important to understand your needs and financial situation. While you may not have any major medical issues now, it is important to consider your health care needs in the future, and how much money you are comfortable spending on supplemental coverage.
You should also keep in mind that you can’t drop your Medicare supplement policy unless you are in the one-time Medicare open enrollment period or qualify for guaranteed issue rights. If you drop your policy, you could have trouble getting it back or finding a new one later on if you have health problems.
During the Medicare open enrollment period, you have 63 days to purchase a supplement plan, regardless of your health history. However, if you apply for a Medicare supplement after this time, the insurance company can deny you or charge more based on your health history.
There are many different types of Medicare supplemental plans, but all of them must meet federal and state standards for the benefits they offer. These include Plan A, B, C, F, G, K and N. While each insurance company offers these same basic plans, some provide additional coverage or have a better track record in the industry.
It is important to read the fine print of your supplemental insurance policy and to talk to an agent who can answer any questions that you have. Be sure to take notes when you talk with a company or an agent, so that you have information to refer to later if you have any disputes over the terms of your policy.
If you are thinking about moving, make sure that your Medicare supplemental insurance will be available in your new area. Medicare rules usually allow you to keep your supplemental insurance when you move, as long as you continue to pay the premium.
While it is always wise to compare plans and premiums, you should never let a sales person pressure you into buying a plan that doesn’t fit your needs. If you are ever unsure about your decision, consult a trusted advisor or friend to help you decide. Also, don’t forget to keep your Medicare supplemental insurance up to date, as failing to do so could result in loss of coverage and a penalty.