MEDICARE SUPPLEMENTS

WHAT ARE MEDICARE SUPPLEMENTS

Medicare, may not cover all of your out-of-pocket expenses. You will have leftover costs that will have to come out of your pocket. Fortunately, that’s where Medicare Supplements come in. They were created for this very purpose – to spare the stress of healthcare expenses. These plans only cover one person, so if you and your spouse both want to enroll in a Medicare Supplement Plan, you will have to do so separately.

ENROLLMENT REQUIREMENTS

Having a Medicare Supplement Plan requires having Parts A and B (Original Medicare). A private insurance company has to sell a policy to you. It’s essential to weigh your options, as different companies may offer the same policies at different prices.

You still have to pay your other plan premiums. Any premiums associated with these plans will be billed separately.

PLAN LIMITATIONS

There are rules as to what you cannot have in conjunction with Medicare Supplement Plans.

For example, you cannot have Medicare Advantage and a Medicare Supplement Plan together (it’s illegal for an insurance company to convince you to join both). The deciding factor between these options may hinge on the overall better fit for you, especially if you frequently need coverage that only a Medicare Advantage Plan offers.

A vast majority of Medicare Supplement Plans do not offer do not cover your dental, vision, or hearing costs.

You cannot have drug coverage from your Medicare Supplement Plan and another plan you may enroll in.

WHEN TO ENROLL

After you have Medicare Part A and B, you will have a six-month, one-time enrollment period where you can enroll in a Medicare Supplement Plan without being turned down because of your medical history. You can still try to enroll after this period. However, insurers will be able to deny you coverage or raise your premiums.

To get your questions answered about Medicare Supplement plans, reach out to one of our Medicare Specialists today.