For many retirees, the discovery that Medicare doesn’t cover many expenses comes as a rude awakening. But discovering there’s a steep outstanding balance on your doctor visit or hospital bill can be avoided. Here’s what you need to know about Medicare Supplement Plans and how they can offer you peace of mind.
Isn’t Medicare Enough?
Medicare health insurance generally offers good coverage, but it doesn’t cover everything. Despite all that Medicare covers, costs like co-payments and co-insurance can quickly add up and have a significant price tag.
How Can Medicare Supplement Help?
Medicare Supplement Plans (also known as MedSup or MediGap) can offset the cost of deductibles, co-pays, and unexpected expenses not covered through Medicare. MedSup also gives you the freedom to use your own physician, specialist, and medical facility. These plans provide you with peace of mind by filling the gaps and minimizing your out-of-pocket expenses.
How Can You Sign Up?
If you’re 64 or older, you should consider a Medicare Supplement plan. In general, the best time to enroll is during your MediGap open enrollment period, which is a six-month window that begins the month you turn 65.
If you’re already enrolled in a MediGap plan or Medicare Advantage plan, you may want to compare plans and rates during the Medicare open enrollment period, when you can make changes to various aspects of your coverage. If you meet certain criteria, such as applying during your MediGap open enrollment period, or if you qualify for guaranteed issue, a company can’t use your medical history to determine your eligibility. Rules in some states may vary. Make sure you are enrolled in Medicare A and B to be eligible.
Medicare Supplement Plans make sure you are prepared and protected from costly medical expenses. Your association and AMBA are here to help. To learn more and find the plan that best fits your needs and budget, visit https://www.ambamedsup.com/ or set up a free consultation with a skilled AMBA representative at XXX-XXX-XXXX.
SOURCE: https://www.moneytalksnews.com/the-abcs-selecting-medicare-supplement-plan/
