What is Medicare Supplemental insurance and when do I need it?
As you probably know, the health care plan provided by the US government for people 65 and over is called Medicare. It is divided into parts. Medicare Part A covers hospitalization and Part B pays for many health-care services and products, but they don’t pay for everything. That’s why many people get a Supplemental Medicare or “Medigap” insurance policy.
Unlike Medicare, supplemental plans are purchased from private insurance companies. They’re called “Medigap” plans because they help pay some of the hospital and medical costs that Medicare doesn’t cover, like copayments, coinsurance, and yearly deductibles.
If you’re turning 65 in three to six months, it’s time to start shopping for the Supplemental Medicare policy that works for you.
You could start on the government Medicare website. It lists 200 insurance companies that offer those policies. The problem is that the list doesn’t tell you how good each company’s customer service is, how fast they pay your doctors, or how quickly they raise their premiums.
If you want to discover more about what to look for in a Medigap policy, please call me, email me or fill out the form on our website. Choice Plus Benefits. Peace of mind for the rest of your life.
There’s A Right Way To Get Supplemental Medicare Insurance
I’m John Stamper with Choice Plus Benefits here to warn you about a common trap 65-year-olds buying Supplemental Medicare Insurance get sucked into every day. Here’s what it looks like.
You buy a shiny new policy at a cheap rate at age 65 when you’re still healthy and in an open enrollment period which protects you against being turned down due to pre-existing conditions.
After a little while in the program, the rate goes up. Maybe not a lot, but your monthly premium is going up.
Then you start having health problems or you get into your 70’s and the rate goes way up, really fast, and there may be nothing you can do about it.
You may have been told at the outset that you could switch to a different policy when this one got too expensive – that was not good advice. At that point, your health may not be what it was when you were 65, and you’re not in an open enrollment period anymore, so it’s difficult to impossible to qualify for any other policy. Seriously. You do not want to go there.
There is a right way to do Supplemental Medicare Insurance. Get with an agent who represents the best insurance providers, who understand the long-term consequences of the policies they sell, and who sells you a policy based on your needs, not theirs.
If you have any questions about Supplemental Medicare Insurance or any other health insurance option, please call us, email us or fill out the form on our website. Thank you for your time. Have a fantastic day.
Your Supplemental Medicare Insurance open enrollment period IS HERE!
There’s a special open enrollment period running from October 15th to December 7th for people who already have Medicare insurance to possibly change or adjust their policies. But if you’re within 6 months of turning 65, regardless of what time of year it is, you are in your initial open initial enrollment period. That means you’re eligible to purchase Supplemental Medicare Insurance and you can’t be turned down because of any pre-existing conditions you may have. Because of that fact, this is your most important open enrollment period. You don’t want to squander it or put off making important coverage decisions until your best options, based on price and quality, have passed you by.
For those of you 65 and over, the time to make a switch to a newer and/or better plan is during the national Medicare open enrollment period which begins on October 15 and ends on December 7, with changes effective on January 1.