How do Medicare Supplements work?
So called “Medigap” policies, Medicare Supplements help cover medical costs Original Medicare doesn’t cover, including elements of Part A and Part B. You pay the private insurance company a monthly premium for your Medigap policy in addition to your monthly Part B premium that you pay to Medicare, then the Medigap policy pays for things like Part A and Part B deductibles. This Medigap Premium can vary widely. One might, for example be $75 per month while another could be $250 per month. The price will vary depending on the plan design (A-N), location/area the plan covers, how the plan is rated for your age (some increase costs over time as you age, others are set), and generally which insurance company offers the plan.
Buying a Medicare Supplement
The best time to buy a Medigap policy is during your Medigap Open Enrollment Period. This 6-month period begins on the first day of the month in which you’re 65 or older and enrolled in Part B (some states have additional Open Enrollment Periods). After this enrollment period, you may not be able to buy a Medigap policy. If you’re able to buy one, it may cost more. In some states, you may be able to buy another type of Medigap policy called Medicare SELECT. If you buy a Medicare SELECT policy, you have rights to change your mind within 12 months and switch to a standard Medigap policy. Also, if you join a Medigap policy and a Medicare Prescription Drug Plan offered by the same company, you may need to make 2 separate premium payments for your coverage.
For Help comparing and/or buying existing Medicare Supplement Policies in your service area, call us at the Medicare Comparison Helpline (866-391-7763) to speak to a licensed agent who is specially trained to help you understand your Medigap options, or request assistance here: medicarecompareusa.com/speak-with-an-agent