This is one of our most frequently asked questions, and while the answer is relatively simple, TV advertising and print media make it appear much more complicated.
Simply put, a Medicare Supplement is a policy that works WITH Medicare. The supplement picks up the 20% that Medicare leaves on the table. Supplements come with names like Plan F, G & N. Private insurance companies offer these plans at different prices.
Don’t confuse a Medicare Supplement with Part C (Medicare Advantage plans), which are two totally different things. If you have questions about the differences, call our office and talk to one of our experts.
Most seniors sign up for a Medicare Supplement when they turn 65 or when they take out Part B for the first time (perhaps they retire and lose their group plan). This is the best time to do it! Signing up at this point avoids all of the health questions that insurance companies are allowed to ask.
As time passes, premiums may rise, prompting seniors to wonder how they can save money. At this point, the only way to save is to change insurance companies or adjust the plan with their current company, making them subject to the medical underwriting process. This includes completing a new application and answering a health questionnaire, which delves into medications as well. After the application is submitted, seniors are approved or declined based on their health.
If you have a health condition you are concerned about, I’m happy to discuss it with you! Some companies are more lenient with underwriting.
This exploratory process can be done at any time of the year. There is no need to wait until the Annual Enrollment Period to switch plans. Switching companies is very common, and is generally the only way to lower monthly premiums.
Here at Plan Medigap, we do all the legwork and comparisons and offer you a host of companies to choose from. There is never any cost for our services, and our goal is to put you at ease and make this process as simple as possible for you. As always, feel free to stop by and pay us a visit at 2604 Long Prairie Road, Suite 100 or call 972-393-5080.
God bless you!