Things you should know about Medicare Supplement Plans

Things you should know about Medicare Supplement Plans – Medigap coverage

  • You need to be enrolled in Medicare Part A and Part B (and yes, you must continue to pay the Part B premium).
  • These plans provide coverage anywhere in the U.S. with providers who accept Medicare and are taking new clients.
  • These plans don’t include prescription drug coverage.  You will most likely want a Part D plan to go with your Medicare supplement. (We also do Part D plans!)
  • The premiums on these plans can differ from carrier-to-carrier; most differ by age and can go up annually.
  • A Medicare Supplement plan only covers one person.  Spouses must buy a separate policy.
  • The best time to purchase is within your 6 month open enrollment period.
  • Plans are guaranteed renewable from year to year as long as beneficiaries pay their premiums when due.
  • If you select a Medicare Supplement and decide to drop it at a later date for a Medicare Advantage plan (Part C), you may not be able to get it back in the future.
  • After the open enrollment period, you must answer a series of medical questions and may be declined in certain circumstances.

3 comments on “Things you should know about Medicare Supplement Plans”

  1. Alice Carroll Reply

    It’s good to know that Medicare supplement plans are renewable every year so they can be quite a stable insurance plan to get. A friend of mine was hospitalized recently due to mild tuberculosis so that made me realize that I should start being more serious about medical insurances. I hope I can find an insurance provider that can comprehensively walk me through my options.

  2. Alice Carroll Reply

    Thanks for pointing out that the premium of Medicare supplement insurance naturally goes up as I grow older. I’ve had a bad cough for the past two weeks but it turned out to not be a symptom of major disease when I got myself checked. Nonetheless, it still made me realize that I have to be prepared if I suddenly get a deadly disease someday and a good coverage of my health insurance would surely help with that.

  3. Alice Carroll Reply

    It’s helpful to know about premiums for Medicare supplement plans can vary a lot depending on one’s age. I’m interested in getting a plan soon while I’m still in my thirties. Hopefully that would mean that the premium would still be within what I can pay for without much issue.

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