Supplemental Insurance for Medicare
Supplemental insurance for Medicare is sold by private companies to help pay for some of your healthcare costs that Part A and Part B of Original Medicare doesn’t pay for.
A few things to note regarding these policies:
- You must be enrolled in Original Medicare, Part A & Part B, to apply
- A policy only covers one individual, spouses must enroll in their own separate plan
- You can only buy a policy from a carrier licensed in your state
- All policies are guaranteed renewable if you enroll during your Open Enrollment Period
- If you have Medicare Advantage plan, but want to enroll in a supplement plan instead, you must drop your advantage plan since they can’t be used together
- You must pay your monthly supplement premium along with your monthly Part B premium
- They don’t cover your prescription medications. You can choose a Medicare Prescription Drug Plan (PDP) and separate plans for vision and dental issues at a cheaper cost.
Is Supplemental Health Insurance for Medicare Different than Medicare Advantage
What Medical Benefits are Not Covered by Supplemental Insurance Plans
- Hearing aids
- Dental care
- Long-term medical care policies
- Private-duty nursing
- Prescription drugs plans
- Routine vision care
- Veterans’ benefits
How Much Does a Supplement Policy for Medicare Cost
The premium price for these policies is set based on different factors. If you need more benefits, you are likely to pay higher premiums. Since private companies sell these plans, every company sets their premium rates. Additionally, factors like location, deductibles, marital status and medical underwriting status primarily affect the cost.
When to Enroll for Supplement Coverage to Medicare
The best time to ask for your Medicare coverage policy is when you turn 65 years of age, and you have already enrolled in Medicare Part B.
This time is best to enroll because:
- An insurer cannot refuse to offer you any policy
- Health assessment is not required
- The insurer can’t charge you more based off your current health status
What’s the Best Supplemental Insurance for Medicare
The best supplemental insurance for Medicare is dependent on the individual recipient. A policy that is best for one beneficiary may not be the best policy for another beneficiary. Speaking to a licensed supplemental insurance agent for Medicare will ensure that you find the best policy for you.
Buy Supplemental Health Insurance for Medicare
It’s important that you get advice from a Medicare insurance specialist to guide you in choosing the right amount of coverage at the best rate available. You can learn more by visiting our resource center here. For additional questions please call one of our senior agents today using the number provided above. If you’re ready to buy supplemental health insurance for Medicare now, then click here to compare rates!