Things to Remember 2017

Things to Remember 2017


Things to remember about Medicare Supplemental Insurance 2017


Medicare Supplemental Insurance is becoming increasingly important as time goes on. Often Base Medicare has costs that are not covered such as copayments, coinsurance and deductibles. Some Medicare Supplemental polices will even cover medical care while you are traveling outside the United States and exploring abroad. An important thing to remember is that Medicare will pay its share of the Medicare-approved amount before your Medicare Supplemental policy is affected.

Medicare Supplemental Insurance is separate from a Medicare Advantage Plan. Advantage Plans are ways to receive benefits while as the name suggest, Medicare Supplemental Insurance supplements your existing Medicare policy.

 


Important things to remember about Medicare Supplemental policies:


  1. To get Medicare Supplemental Insurance, you must have Medicare Part A and Part B.
  2. Having a Medicare Advantage Plan does not mean you cannot apply for a Supplemental; however, ensure that you can leave your Advantage plan before the Medicare Supplemental begins.
  3. A monthly premium is paid to the private insurance company for the Medicare Supplemental policy in addition to the monthly Part B premium.
  4. You can purchase a supplemental policy from any insurance company or agent who is licensed to sell one in your state.
  5. Medicare Supplemental Insurance only covers one person, if you and your spouse would both like one then separate policies will have to be purchased.
  6. All Medicare Supplemental policies are 100% guaranteed to be renewable if the premium is paid. This means the insurance company cannot cancel the policy due to health problems
  7. Supplemental Policies do not cover prescription drugs, but a licensed agent can sign you up for a Medicare Prescription Drug Plan.

 


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