|
|
Part III Medicare Supplemental Insurance Insurance Series
|
|
Part III: When to Enroll and What to Keep in Mind
If you've decided that you can afford Medicare Part B and supplemental insurance, then here are a few tips to consider when you start shopping.
1. Speak to several different insurance companies before you choose Medicare supplemental insurance. While almost all insurance companies will offer some type of supplemental insurance, not every agency will offer every plan out there on the market. You might find a different plan that you like more if you shop around.
2. Also, have a checklist of the services you need to have covered. When you speak to a broker, make sure these important services are covered, for how long, and at what cost. Also keep deductibles and premiums in mind. If the services you want will cost you too much on a monthly basis, see if there are alternatives, or if there's another plan that would cost less.
3. Remember that all supplemental insurance policies are renewable year after year, regardless of your health conditions. As long as you pay your monthly premiums you can keep the plan you like for as long as you need it. Don't let yourself get talked into a different plan that costs you more.
When can you enroll? Technically you can enroll in Medicare supplemental insurance any time, but it will cost you less to do so during the open enrollment period. This is the 6 month time period after you've turned 65 and after you've enrolled in Medicare Part B but before the 6 months is up. So for example, if you turned 65 November 1st you would have until May 1st to sign up for Medicare, for Medicare Part B, and then for Medicare supplemental insurance for a lower price.
If you want to enroll but you've missed the lower cost open enrollment phase, contact your state's health insurance department and find out of there are other times for you to enroll that will cost less, or during which pre-existing conditions won't be held against you. Each state is different, so it pays to make a call and find out.
You can also ask your insurance broker when to enroll in supplemental insurance for the lowest possible cost.
If you already have Medicare Advantage, any group health insurance, union health coverage, or some kind of employer coverage (like a retirement plan that has coverage), Medicaid or VA Benefits, insurance companies cannot sell you supplemental coverage. This is because you probably don't need it - between Medicare itself and your other insurance coverage you probably won't ever need more.
Finally, one thing that supplemental insurance does not cover is prescription drugs. For more prescription drug coverage you'll need Medicare Part D.
Up next - How are costs calculated?
 Do you recommend this article to others?
|
|
|
|
