10 Things you need to know about Medicare Supplement policies
Original Medicare pays most of the cost for hospital stays and doctor's office visit. However, it doesn’t pay the entire bill. You will be responsible for copays, coinsurance and deductibles depending on the service needed. Here’s how to make the most of your Medicare Supplemental policy.
Maximizing Medicare
1. Medicare Supplement Plans work with Medicare Part A and Part B.
2. You pay a private insurance company a monthly premium for your Medicare Supplement policy; in addition, to the monthly Part B premium that you pay to Medicare.
3. A Medicare Supplement policy is different from a Medicare Advantage Plan. When you decide to get a Medicare Advantage plan you are opting out of Original Medicare and you will be using a Private Insurance Company as your primary insurance. In addition, you are still responsible for your Part B premium.
Evaluating your Medicare Supplement Choice
4. A Medicare Supplement policy only covers one person. If you and your spouse both want Medicare Supplement coverage, you’ll each have to buy separate policies.
5. You can buy A Medicare Supplement policy from any insurance company that’s licensed in your state to sell one.
6. When you buy a Medicare Supplement Plan there is three things you want to look at:
- Your starting rate.
- The insurance company rate increase record for the past 10 years.
- The insurance company financial stability.
Know your rights
7. You have a guaranteed issue period when you first signed up for Medicare Part B. The health insurance company you select can not deny you if you have a preexisting health condition. If you are healthy and become sick in your later years they can not void your policy.
8. You can buy A Medicare Supplement policy from any insurance company that’s licensed in your state to sell one.
Why Medicare Supplement is a great option
9. It’s illegal for anyone to sell you a Medigap policy if you have a Medicare Advantage Plan, unless you’re switching back to original Medicare.
10. Nationwide coverage with no network restrictions. You can see any doctor or specialist in the United States as long as they accept Medicare.