Seven Key Facts to Know Medicare Supplement Policies
Are you approach your 65th birthday or thinking about switching from a Medicare Advantage Plan to Medicare Supplement Plan (also known as a Medigap policy)? If so, here are seven things to consider.
- First, you must have Medicare Part A and Part B.
- If you have a Medicare Advantage Plan, you can apply for a Medigap policy. But, and this this very important, make sure you can leave your Medicare Advantage Plan before your Medigap policy begins.
- You pay a monthly premium for your Medigap policy to the insurance company. This is in addition to the monthly Part B premium you pay to Medicare. Our goal will be to help you find the Medigap policy that fits your needs.
- As with any individual policy, a Medigap policy only covers one person. If you and your spouse both want Medigap coverage, each of you has to buy separate policies, which is a good thing. It might be that each of you has different requirements, so we can help you determine which policy is best suited to each of you.
- Since we work with a wide range of carriers we can help you identify the plan for you.
- Your Medigap policy is guaranteed renewable even if you have health problems. This means the insurance company can’t cancel your Medigap policy as long as you pay the premium.
- It’s illegal for anyone to sell you a Medigap policy if you have a Medicare Medical Savings Account (MSA) Plan.
I know you have more questions, give me a call and let’s discuss the information I’ve shared here and any other questions you have about Medigap policies.
Information for this article came from Medicare.gov