Did you decide to select a supplemental plan when you were first eligible for Medicare? You may have done research or had a trusted advisor assist you in the process. As these plans continue to grow in popularity, what do you need to know?
Why select a Medicare supplemental plan? Supplemental plans help cover some, if not all, of the out-of-pocket costs left behind with original Medicare only. With a supplemental plan, you have the bonus of retaining your physician who accepts Medicare and maintaining the ability to contact a specialist without a referral. If the cost of a supplemental plan works with your budget, this may be the route for you.
When is the best time to select a Medicare supplemental plan? Most agree the best time to enroll is when you are first eligible. This might be your open enrollment period upon becoming eligible for Medicare or when enrolling in Part B. At this point, you are considered a guaranteed issue, and insurance companies cannot require you to provide medical history or exclude preexisting conditions.
How do I know which Medicare supplemental plan is right for me? Although you can do research yourself, your first call may be to a trusted advisor. This might be the agent you used to assist you with your medical coverage prior to becoming eligible for Medicare. It is important to work with someone you not only trust but who is also well versed in the complex world of Medicare. Their advice to you should be made after a discussion or two about what your personal needs are and your budget. If they contract with more than one insurance company, this is an added benefit.
Do you have a trusted advisor? If you are seeking someone who is truly interested in taking the time you deserve to discuss options, we are always just a phone call away.