Whether you’re already receiving Medicare or about to sign up, there are a few tips for buying Medicare Supplement Insurance you can take advantage of. While this type of coverage is not mandatory, it can help you to minimize out-of-pocket costs. Medicare Part B does not cover deductibles or prescription drugs, but you may be able to supplement these costs with a Medicare Supplement policy. The federal government has standardized this type of health insurance coverage, but you can also find it on the open market.
When it comes to choosing the right Medicare Supplement policy, the best time to buy is during the initial enrollment period. During this period, you can purchase Medicare Supplement insurance plans at the lowest possible prices. However, it is important to be careful about making a mistake. The following tips for buying Medicare Supplement Insurance will help you to choose the right plan for your needs.
The Medicare Supplement Open Enrollment period starts on the first day of the month that you are 65 or older and enrolled in Medicare Part B. It runs from October 15 through December 7 each year. You can find a list of plans by visiting the Medicare Plan Finder website.
The initial enrollment period is also the only time that you can buy a Medicare supplement policy without medical underwriting. This means that you can buy a Medicare Supplement policy and keep it if you switch jobs or move to a new state. However, you may be denied coverage if your medical history is too poor. You may be charged more for your policy if you’re over 65.
When buying a Medicare Supplement policy, you should be sure to read the policy thoroughly. You should also take notes. This can help you to remember important information later. Also, keep a record of the date you received your policy. This will prove helpful if you want to ask questions later. You can also ask about any special features such as vision coverage, prescription drug coverage, or dental coverage.
The best time to buy a Medicare Supplement policy is during the six-month Open Enrollment period. You can find the best rates during this time, and you will be protected from penalty fees if you miss this window.
While you’re buying a Medicare Supplement policy, you should also ask about any unearned premium. This is money that you pay in advance. The amount can vary from insurance company to insurance company, but you should be prepared for this when you buy your policy. Also, be aware that Medicare supplement companies may delay paying claims. This is especially common in states with a high percentage of Medicaid recipients. If you lose your Medicaid eligibility, you will be automatically reinstated with the policy. However, you will need to apply again in order to get back on the Medicaid waiting list.
The Medicare Supplement Open Enrollment is only the tip of the iceberg. There are a number of other open enrollment periods, and you should take advantage of them.