So you’ve decided to purchase a Medicare Supplement plan to cover the gaps in Original Medicare. You understand your coverage needs and want to make sure you’re completely covered for possible medical expenses.
You may find yourself asking where to start. There is an entire alphabet of options in front of you, after all. Each part of Medicare covers different costs associated with your healthcare. Before you buy a Medicare Supplement, keep these key things in mind.
Step 1: Find a plan that covers what you need to have covered.
The first thing to do is to understand what each Medicare Supplement plan covers. Some plans, like Plan F, can be considered “Cadillac” plans that cover a majority of copayments, deductibles and coinsurance. Others, like Plan N, sacrifice comprehensive coverage in favor of offering lower monthly premiums with higher deductibles.
When considering which Medigap policy to purchase, take a moment to reflect on your health history. Health emergencies can never be predicted, but being aware of your predisposition to certain illnesses can help you choose which coverage might be most beneficial to you. If, for example, you require care from a specialist and need to see them multiple times per year, a plan with a high copayment for visiting a specialist might not be in your best interests.
Step 2: Comparison shopping can save you lots of money. Take the time to look around.
The government regulates Medicare Supplement plans to offer identical coverage. This means purchasing a Plan N guarantees the same level of coverage regardless of the carrier that sells it. Unfortunately, each plan varies by price. One carrier may sell Plan N for $110 a month, but another might sell their Plan N for $130. Since there’s no real difference between what they cover, you could easily overpay for your coverage by hundreds of dollars per year.
That’s why it’s important to compare quotes from all available plans in your area. It’s also recommended to spend some time looking at a prospective insurer’s track record with customer service.
Step 3: Reevaluate your coverage each year during Medicare’s Open Enrollment Period.
While the best time to enroll in a Medicare Supplement policy is during your initial enrollment period, you may also look at buying a Medigap policy during Medicare’s Annual Enrollment Period. During this period, you can make changes to your Medicare coverage without paying penalties or undergoing a medical examination. That’s important if there are health issues that would usually exclude you from purchasing a Medicare Supplement plan. You might also consider buying a Medigap policy if your Medicare Advantage plan has changed or no longer available.
Certain Medicare beneficiaries are allowed special enrollment periods depending upon their circumstances. Always be sure to check with your agent to make sure your level of coverage meets your needs and what types of coverage you are eligible for.
Finding a Medicare Supplement plan is a big decision. Thankfully, Unified Life is here to help.
Remember that regardless of your decision, you’re not alone in this process. Medicare.gov offers plenty of resources to help navigate Medigap coverage. And you can always partner with a Unified Life agent who understands and can find a plan that works best for you.
At Unified Life, our goal is to give our customers Medicare Supplement plans that offer the best value. Because we’re family-owned, our agents treat our customers accordingly. See what the Unified Life family can offer you. Get your quote today.
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