Medicare supplement plans are designed to cover out-of-pocket costs which include deductibles, coinsurance, co payments, and costs that are not covered by Medicare part A and B. The best time to sign up for a Medicare Supplement plan is typically during the Medicare Supplement Open Enrollment period. During this period, you would not be subjected to any form of medical underwriting, a situation where an insurance company uses an already existing medical condition as a reason to deny you medical coverage or charge you for such coverage.
Enrollment Periods and Terms
The open enrollment period usually lasts for a period of 6 months beginning on the first day of the month when you are 65 or older or when you enrolled in Medicare part B. In some states, there are Medicare Open Enrollment Periods for individuals under the age of 65. You could seize such opportunity if you fall in such category.
When the Medicare Open Enrollment Period expires, signing up for a supplement plan may not be as easy if you are trying for the first time. If you have already signed up for a Medicare Supplement plan, you may not be able to switch plans with guaranteed issue. In the absence of guarantee issue rights, insurance companies may subject you to underwriting that would ensure you are charged a premium fee for medical coverage based on your health condition.
Guarantee Issue Rights
On the other hand, there are situations where you may have guarantee issue rights even after the Open Enrollment Period. These situations could include, but are not limited to:
- When your Medicare Supplement plan ends through no fault of yours
- When you were misled by your insurance company
- When you move out of an area where you enrolled in a Medicare Advantage plan or the plan leaves the Medicare program
- When you are enrolled in an employer-sponsored Original Medicare plan and the coverage of your employer ends.
Medicare Part D
It is important to note that Medicare Supplement plans do not include benefits of prescription drugs (Medicare Part D). Although some plans in the past included this coverage that is not the case today. If you already have a Medicare Part D, prescription drug coverage, ensure it is creditable so you avoid paying a penalty for late enrollment if you decide to sign up for the Part D plan soon. Medicare Supplement plans are easy to understand and if you follow the laid down directions for signing up, you can rest assured of a friendly medical coverage devoid of any penalties.
Learn more about Medicare Supplemental Insurance plans, rates and more at http://www.emedicare-supplemental-insurance.com. Medicare Supplemental Insurance brokers will help you compare Medicare Supplemental Insurance rates and plans. To talk to an expert in Medicare coverage toll free 877-202-9248 today!