What Medicare Supplements do
Medicare, as much of a help as it is, does not do all of the spending for you. 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.
Having a Medicare Supplement Plan requires having Parts A and B (Original Medicare). You must also have to get a private insurance company to sell a policy to you, and it’s important to weigh your options, as different companies may offer the same policies at different prices.
You still have to pay your other premiums. Medicare Supplement Plans do not replace what you’re paying. These plans have their own premiums that you will pay for. But these additional costs vary, so even though you have another monthly expense, it won’t cripple your finances.
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.
The inability to be enrolled in both Medicare Supplement Plans and Medicare Advantage is also mentioned because a vast majority of Medicare Supplement Plans do not offer out-of-pocket relief for your dental, vision, or hearing costs.
You also cannot have drug coverage from both the drug care you’re enrolled in and your Medicare Supplement Plan.
When to enroll
After you have Medicare Part A and B, you will have a six-month period where you can enroll in a Medicare Supplement Plan without being turned down because of your medical history. This is a one-time enrollment period. You can still try to enroll after this period, however, insurers will be able to deny you coverage or raise your premiums if you choose to enroll past the enrollment period.
For further information about Medicare Supplement Plans, call me today at (407) 924-8109.