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Part II Medicare Supplemental Insurance Series
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Should You Buy Supplemental Insurance?
If you're considering a supplemental insurance plan, first and foremost you must be sure whether or not you can afford one. If you and your spouse both want to purchase supplemental insurance, you'll need to get two separate plans. One plan will not cover you both.
Next, make sure you can afford to pay for both Medicare Part B and your supplemental plan. Medicare Part B is federally regulated, so the prices are kept lower than what you would pay on the open market. Be sure and discuss your monthly budget with a knowledgeable broker before agreeing to purchase supplemental insurance.
And if you live in Wisconsin, Minnesota or Massachusetts your supplement plan could be standardized in a different way. These states offer something called Medicare SELECT, which should be taken into consideration when you choose your insurance.
Next ask yourself - how much coverage do you really have before purchasing Medicare supplemental insurance? If you have insurance coverage provided through and employer or retirement package, then you probably won't need Medicare supplemental insurance. You'll have both Medicare and your other plan to rely on.
If you currently have Medicare Advantage then you won't need additional insurance either. And other plans like Medicaid can also offer extra coverage, though these plans are based on your income and health.
If you don't have any of these, but you do have a pre-existing medical condition, then supplemental insurance may definitely be right for you. If so, it's best to sign up during the Medigap open enrollment phase because during this time insurance companies are not allowed to charge you more for your condition.
However, even if you've missed your open enrollment for supplemental insurance, it still pays to speak to an insurance agent about coverage. Some states offer special deals at different times of the year for seniors who want to enroll.
Up next - When Can You Enroll, And What Plans Are Available?
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