4 Things To Understand About Medicare Supplements
If you are getting close to the age when you become eligible for Medicare, you need to understand how Medicare Supplement insurance works. Medicare Supplement insurance is often referred to as Medigap insurance. It is designed to fill in where Medicare Part A and B leave off and fill in the 'gaps' in your coverage.
#1 Have To Pay A Premium
If you enroll in a Medigap insurance plan, you are going to have to pay a premium for that coverage. You can pay the premium on a monthly, quarterly or yearly basis. There are generally financial benefits to paying a large amount of your premium upfront. You often get a discount if you make an annual or quarterly payment instead of monthly payments. This discount is small but could be beneficial.
#2 You Have Guaranteed Approval
You cannot be turned down for a Medicare Supplement plan if you apply doing the two approved periods of time each year. Each year there are two periods where you can enroll in a Medicare Supplement plan and get guaranteed approval, during the Open Enrollment period or during the Guaranteed Issue period. If you think that you have health issues that could cause a Medicare Supplement plan to deny you cover, be sure to apply during these two periods.
#3 Medigap Insurance Still Leaves Gaps
It is important to realize that Medigap insurance can still leave you with gaps in your insurance. It will not cover long-term nursing care. It does not provide you with dental, vision or hearing care. You also cannot get a private-duty nurse paid for with any Medicare Supplement policy. If you want vision, dental or hearing coverage, you will need to purchase that separately.
#4 You Can Use A Broker
If all of your insurance options feel a little overwhelming, you can use a Medigap broker to help you find the right insurance. You can let them know what type of additional medical coverage you are looking for and what your budget is, and a Medigap broker can help you find the right insurance plan. However, if you had a previous Medigap insurance plan or another outside insurance plan, your Medigap broker cannot cancel that policy for you. You will need to contact that insurance provider yourself to cancel it. Your Medigap broker can give you the numbers to call, but it is ultimately up to you to cancel any additional insurance you have.
Medicare supplement insurance will help you reduce your out-of-pocket costs for medical care. You will get guaranteed approval if you apply during an Open Enrollment or Guaranteed Issue period and you can use a Medigap broker to help you find the right plan for your medical needs and budget.
Contact a company like Senior Advisors for more information and assistance.