You can find a ton of information online regarding Medicare Supplemental Insurance (also known as “Medigap” and “Medicare Supplement”). But if you’re like me, most of the information is written in a way you don’t fully understand. On this website you find everything you need to know about Medicare Supplement plans in a way you’ll understand.
When you approach retirement age you should start gathering information about Medicare, so you don’t have to rush at the last minute. As a rule of thumb you should start making decisions 6 month prior your retirement. Even though you are covered by Medicare doesn’t mean visits to the Doctor or emergency rooms are fully covered. Medicare Part A and Part B only cover around 80% of your medical expenses; you are responsible for the other 20%. These 20% can include deductibles, copays, prescriptions and other things. All it needs is for you to slip on the wet bathroom floor and fall awkwardly for a big chunk of your retirement savings to disappear. If you are in need of therapy, have to stay hospitalized for a longer period of time (60 days and up), or if you are a fan of alternative medicine such as acupuncture you NEED Medicare Supplemental Insurance.
We all know the process of aging can come with certain disadvantages; you may bruise easier, your eyesight decreases, your teeth need some extra attention. The costs of supplemental Medicare Insurance can add up quickly and become a financial burden. But please don’t believe only “inactive” or “fragile” seniors need Medicare Supplemental Insurance. Let’s say you’re used to scuba diving or hiking or plan on travelling the world in your retirement. Most people never want to think about the worst case scenario but IF it happens you want to be covered; you don’t want to spend all your hard earned savings on one accident while trying to climb Mount Everest or while exploring the wonderful nature of South Asia.
This is where Medicare Supplemental Insurance comes in. Medigaps are sold by private insurance companies. It is there to reduce the cost out of your own pocket; it fills in the GAPS so you have to pay less. Luckily for seniors, a Medicare Supplemental Insurance is very easy to get and doesn’t require a medical exam if done within the open enrollment period. A Mediap plans does not cover a spouse, which means both must have a separate Medigap insurance plan.
Medicare Supplement Insurance Plans
When it comes to choosing a plan for your supplemental insurance, it is in your best interest to discuss your options and have all your questions answered by medigap insurance experts. One of the biggest problems seniors run into when choosing a plan is becoming overwhelmed by the information and, in turn, either hastily choosing the wrong coverage or overpaying for that coverage. Our team of supplemental insurance specialists is here to make sure that does not happen.
Presently, there are 10 medicare supplement insurance plans (A, B, C, D, F, G, K, L, M, and N). These plans are standardized across the board. Because of this, every insurance company provides the exact same benefits for each plan. These same companies are not required to charge the same price for the same coverage. That is one reason it is important to work with an independent company and to compare multiple quotes.
Another reason you should work with an independent insurance company trained in supplemental medicare insurance is that the number of plans and the coverage provided by these plans can change year to year. These changes and your personal lifestyle changes mean that you need to review your policy and coverage annually.
Our team of experts will not only help you find the best medicare supplement quote and the perfect medigap plan, they will also provide an annual review of your plan and coverage. Completing this review will make sure you save the most money on your health care costs. Contact us today by phone or email to get started choosing the perfect plan for the best price.
When is the best time to enroll in a Medicare Supplemental Insurance plan?
The best time to buy a Medicare Supplemental Insurance is during the Open Enrollment Period (also known as “Guaranteed Issue Period”). The Open Enrollment Period begins on the first day of the month in which you turn 65 or is enrolled in Medicare Part B. During those 6 months an Insurance company can’t turn you down due to preexisting medical conditions. In fact, no medical exam is needed during this period, which makes it perfect for seniors with preexisting medical conditions. Two other advantages are that your plan never expires and is renewed automatically and if you enroll during this period your premiums will not go up at any time; you’ll “lock them in”. However, after this time it might be difficult to get the plan you want or to the rate you would have gotten it during the open enrollment period.
Following scenarios are amongst the exceptions to the Open Enrollment Period which means you may not be denied the above mentioned enrollment benefits if your case falls under any scenarios listed below:
· You used to have Employer or Union Coverage but it ended · A Medicare Advantage Plan is no longer available in your area · Your current Medicare Supplement Plan agency goes bankrupt · Client drops Medicare Advantage Plan because the agency did not follow the guidelines or the client feels misled
If your Open Enrollment Period expired, your application will be subject to underwriting. There is a chance for Medicare Supplemental Insurance if you can answer most of the questions on the application with “No”; there is no guarantee for that though. Some insurance agencies might want to interview their prospective clients on the phone prior to approval.
The Best Medicare Supplement Plans
Medicare Insurance Finders will help you find the best Medicare supplement plan available while helping educate you on what makes a Medigap plan superior over other plans available in the market.
Comprehensive Coverage – 100% coverage by Medicare and your Medigap Policy
Insurance Company Stability – Secure Carriers with AM BEST
Easy Online Medicare Supplement Comparison
Learn which plans and carriers receive the lowest rate increases
Which carriers have the best service rating
No Networks – Any Medicare Provider in the Country
Which Medigap Insurance Company is the right one for me?
There are many Insurance Companies offering Medicare Supplemental Insurance. The choice is up to you and your individual financial and medical needs. One of the most popular plans is medicare supplement plan f, just remember to enroll early to benefit from the Open Enrollment Period.
Whatever plan you end up enrolling in, the best Medicare Supplemental Insurance plans are highly recommended to ensure you can enjoy retirement with all its benefits and less worries.
Getting a Medicare supplement quote is actually very easy, but the information is not always easy to find. You might have to go from agent to agent to check the carriers that they choose to promote. We reduce the complexity of finding out the best rate by showing you the rates for the lowest priced carriers in your state with good track records.