Author: Carmelo DeFranco
Date: 08/30/2022
Reading Time: 3 minutes

Share Article

To help you get a wide range of choices, Medicare Supplement plans are sold privately. If you are at least 65 years or have a disqualifying disability, you can enroll in Medicare. Medicare consists of Parts A and B. While Part A provides hospital insurance, Part B is for medical insurance, doctor visits, and preventive services. Here are ten reasons why you should have Medicare Supplement Plans:

1. Protection from a large medical bill

If you have an underlying medical condition that requires you to purchase costly medical supplies, investing in Medicare Supplement Plans is a good choice. Typically, Medicare Part B covers 80% of your total costs. Therefore, you must pay the remaining 20% with your own money. However, if you have the Medicare Supplement Plan, it can pay partly or completely cover the extra 20% needed.

2. Medical coverage outside of the United States

Some Medicare Supplement Plans can cover your medical costs if you are in an accident or get ill outside the country. This is a relief to people who love taking vacations or traveling to other countries.

3. Guaranteed acceptance

If you buy your Medicare Supplement Plan during the Open Enrollment Period (OEP, your insurance company will accept you as a member regardless of your underlying health conditions. Remember, applying for a Medicare Supplement Policy after the OEP is not a good option because the insurer can charge you more or refuse o sell you a policy depending on your medical history. However, you will have guaranteed acceptance if you apply for the Supplement Plan before the OEP has elapsed.

4. Guaranteed renewable policies

Whether you have health problems or not, you are guaranteed renewable policies if you apply for a Medicare Supplement Plan. However, you must make your premium payments to enjoy automatic renewal every year. An insurance company cannot cancel you if you make premium payments as required.

5. You can be treated by any doctor who accepts Medicare

Provided the hospital or the doctor you have visited participates in Medicare, you can get medical attention. The only exception is the Medicare SELECT policy. This Supplement Plan requires you to see medical providers and hospitals in its network.

6. Wide range of plans

To help you pay your Original Medicare Costs, the ten standard Medicare Supplement policies provide extensive coverage. Remember, the plans with the most coverage have higher monthly premiums and vice versa.

7. Standardized policies

It is essential to understand that the ten standardized Medicare Supplement policies are regulated by law. This means that the benefits of these plans are similar regardless of the insurance company you’ve chosen or where you live. Standardized policies are crucial when comparing prices from one insurance agency to another. However, the Supplement plans are standardized differently in Minnesota, Wisconsin, and Massachusetts.

8. Control over your options

If you have Medicare Supplement insurance, you have the liberty of choosing a plan that suits your medical needs. Also, you can purchase a stand-alone Medicare Prescription drug plan. This control over your options helps people with underlying medical conditions to choose a plan that suits their budget and medical needs.

9. Portability

Even if you relocate, you can enjoy using your Medicare Supplement plan within the country (USA). This is a good thing because you are not limited to moving within the US.

10. Freedom of choice

It is possible to switch from one Medicare Supplement policy to another. However, it is prudent to understand how that works to avoid making a mistake. You shouldn’t drop your former Medicare Supplement at first because when the Medicare Supplement policy starts, you will have a period of 30 days to decide if you want to continue with the new plan or you will continue using the old Supplement plan.

Medicare Supplement Plans by State

Although private users in the 47 states sell them, the 10 Medicare Supplements plans are standardized. These Standardized plans are named using letters, i.e., Plan A up to Plan N. Remember, Plans E, H, I, and J are no longer sold nowadays. Since these plans are standardized, Plan N in California is similar to Plan N in North Dakota. However, the costs of buying Medicare Supplement plans may vary slightly depending on the location/region and the insurance company.

Medicare Supplement Plans and the Part B Premium

When you get a Medicare Supplement plan, you must keep your Original Medicare insurance while paying for your Part B premium. Remember, Medicare Supplement insurance only applies to you. Ergo, if your spouse wants a Medicare Supplement, they are supposed to purchase a separate policy. Finally, Medicare Supplement may not cover services or items like long-term care, private nursing care, eyeglasses, routine vision & dental care because some of these benefits are under Medicare Advantage plans. With Medicare Supplement plans, you will enjoy numerous benefits while having peace of mind knowing your health needs are covered.

Schedule a Meeting with Carmelo

Don’t put off finding the coverage you need. Take the next step now.

(718) 554-3425
3971 Victory Blvd,
Staten Island NY 10314

Medicare New Jersey