Medicare covers your basic health needs as you age. It helps pay your hospital bills, your medical equipment, and your recovery after a major illness, injury, or surgery. However, if you leave your healthcare to just basic Medicare, you’re selling yourself short.
Get to know the Pros and Cons of Medicare Supplement Plans (sometimes called Medigap)
There’s a lot to consider when it comes to picking the right Medicare coverage for your personal needs and budget. In addition to the factors mentioned above, for example, you may also want to know more about the different private insurance companies offering Medicare Supplement plans in your area. Which plans are the most popular? Which companies are rated highest?
The “Pros” of Medicare Supplement Plans
- Standardized coverage in most states – Medicare Supplement plans are offered by private insurance companies and they come in a variety of styles, but a Medicare Supplement “Plan A” or “Plan F” will generally cover the same things as any other Medicare Supplement “Plan A” or “Plan F,” no matter which insurance company offers it.
- Guaranteed enrollment for six months – You can enroll in any Medicare Supplement plan sold in your state without fear of being turned down for medical reasons during your Medicare Supplement open enrollment period, which lasts for six months starting the first day of the month in which you are 65 or older and are enrolled in Medicare Part B.
- Additional hospitalization coverage – In most states, standardized Medicare Supplement plans provide you with an additional 365 days of hospitalization coverage after your Original Medicare coverage is used up.
- Nationwide coverage – In most cases, your coverage under a Medicare Supplement plan is available nationwide (this is not true of Medicare SELECT plans). You’re not limited to a specific state or local region. This makes Medicare Supplement a good option for “snow bird” seniors who may live half the year in one state and half the year in another.
- Guaranteed renewable coverage – So long as you continue to pay your monthly premiums, you cannot be dropped from your Medicare Supplement plan.
- Extra benefits may be available – Some Medicare Supplement plans may provide you with extra benefits like coverage for excess charges, foreign travel emergency care, and Silver Sneakers programs.
Possible “Cons” of Medicare Supplement Plans
- The cost of Medicare Supplement coverage – It’s no secret that some Medicare Supplement plans may be more costly than other privately-administered Medicare health insurance plans which may place more restrictions on coverage.
- Annual rate increases – The rates you pay monthly for your Medicare Supplement plan may increase from one year to the next.
- You may not qualify outside of your guaranteed acceptance period – After your Medicare Supplement open enrollment period (when you can sign up for a Medicare Supplement plan without medical underwriting) it’s possible to be declined for Medicare Supplement coverage based on your personal health and medical history, or such coverage may cost more.
- No coverage for prescription drugs – Medicare Supplement plans sold today do not provide coverage for prescription drugs. To find coverage for prescription drugs, you’ll need to look into other privately-administered Medicare health insurance plans.
Understanding Medicare is important, we are here to make sure you know your policy because we care. Whether you have Medicare A, Medicare B (or both), our in-house Certified Advisor is here to personally help you attain your coverage needs.
- We walk you through selecting the best medical and prescription supplements by providing you with a variety of reliable coverage options that will fit your budget.
- Because your time is valuable, we communicate directly with your carrier to ensure you receive accurate and timely information.
- If you wish, we can compliment your Medicare Supplement plan with Dental & Vision coverages.
With the confusion of healthcare policies these days, it feels good knowing you have a strong agency standing behind you to ensure you get the best insurance coverage possible. Our high-level customer service makes all the difference when selecting the policy that is best for you.