Medicare Supplemental Insurance
Millions of Americans are currently receiving Medicare benefits. Every day, thousands of more Americans are becoming eligible for Medicare benefits. Trying to decipher the complex Medicare system can be frustrating and confusing, especially when it comes to Medicare Supplemental Insurance. Here is a simple overview of Medicare Supplemental Insurance.
Medicare Supplemental Insurance is an additional plan for Medicare that is sold by private insurance companies. These plans offer a wide range of benefits, such as coverage for copays, deductibles, and even coverage when traveling out of the country. These insurance companies can each offer different incentives and coverage, however all the companies are regulated and overseen by the government.
Many people are unsure if a supplemental insurance plan is right for them. Traditional Medicare A and B offers great coverage. However, depending on your health conditions, medications, and even travel habits, you may end up paying quite a bit of money out of pocket for monthly prescriptions, doctor visits, or overseas medical care. The majority of Americans on Medicare have at least one or more chronic health issues. Having a Medicare Supplemental Insurance plan can save hundreds of dollars each month.
There are very few limitations when it comes to who can have a Medicare Supplemental Insurance plan. The only caveat is that you need to be currently enrolled in Medicare parts A and B. Since there are so many options to choose from, it is best to do some research before picking a plan. Medicare has a very helpful website and can also mail out information if requested. Many state and town governments also have departments that are dedicated to helping folks enroll in the best plan for them.
The best time to get enrolled in a Medicare Supplemental Insurance plan is during the Open Enrollment Period. The Open Enrollment Periods tends to be towards the end of the year, typically late October to early December. This enrollment period allows you to pick a plan, change the one you have, or drop any current plan without penalty.
It is important to explore your options during this time a many insurance plans tend to adjust prices, change coverage, and make other changes. The enrollment process is streamlined and simple during Open Enrollment. A simple call to the insurance company to get a couple of Medicare supplement quotes to compare is all it takes to get signed up.
For most people, Medicare Supplemental Insurance can be a great way to save money. The small monthly premiums are nothing compared to the hundreds or thousands of dollars that you would have to pay without the supplemental insurance.