Medicare Supplements fill in the gaps in cost coverage of Original Medicare, as well as additional benefits. How do you know if a supplement plan is right for you? Let’s take a look.
What Are Medicare Supplements
Medicare Supplements do what their name implies—they literally “supplement” your Original Medicare coverage. If you decide that you want more of your Medicare costs covered with additional benefits, you may choose to sign up for a supplement.
These plans cover everything from your Part A and Part B deductible to foreign travel emergency care. The coverage you receive, however, depends on the specific plan you choose. There are ten different Medicare Supplement plans—plans A, B, C, D, F, G, K, L, M, and N. Of these plans, A, B, K, and L cost the least, while plans C, F, and G offer the most coverage. To learn more about each option, check out our blog on the different Medicare Supplement Plans.
When Should You Enroll in a Supplement Plan
The best time to sign up for a supplement plan is during the Medigap Open Enrollment Period. This is a six-month period that starts once you are 65 and enrolled in Medicare Part B. During this period, you may sign up for a supplement without medical underwriting, a process that evaluates your health status and whether or not the provider wants to cover you. You may still apply for a supplement plan outside of this window at the risk of rejection.
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Is a Supplement Plan Right for You
A supplement plan is a great option if you are looking for consistent coverage on your out-of-pocket Medicare costs. If you are eligible for one of these plans, then you will more than likely find that it is a fantastic option for additional coverage. The question, then, is which plan will serve you best?
Ready to Sign Up for a Supplement Plan? We Can Help
Whether you need help applying for a supplement plan or can’t choose which is best for you, World Financial Solutions will get you the help you need. For all of your Medicare questions, give us a call at 281-639-7787.