Medicare Supplement Insurance
A Medicare Supplement policy is a health insurance policy sold by private
insurance companies to fill the "gaps" in Medicare Plan coverage. These policies
must cover certain expenses, such as the daily coinsurance amount for
hospitalization.
There are 10 standardized plans called "A" through "J". Each plan A through J
has a different set of standardized benefits. Plan A offers the least amount of
benefits and Plan J offers the most benefits. Some policies may offer additional
benefits, such as coverage for preventive medical care, prescription drugs, or
at-home recovery. Plan F is the most popular plan.
When you buy a Medicare Supplement policy, you pay a premium to the insurance
company. As long as you pay your premium, a policy bought after 1990 is
automatically renewed each year. This means that your coverage continues year
after year as long as you pay your premium. You must still pay your monthly
Medicare Part B premium.
The best time to buy a Medicare Supplement policy is during your Medicare
open enrollment period. Open enrollment lasts for 6 months. It starts on the
first day of the month in which you are both:
1. Age 65 or older, and
2. Enrolled in Medicare Part B.
During this period, an insurance company cannot deny you insurance coverage,
place conditions on a policy (like making you wait for coverage to start), or
change the price of a policy because of past or present health problems.
Please contact our office for more information.
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