Fact Check with Medicare Supplement

​There are a lot of things we need to consider when choosing our Medicare Plans. And the number of facts that we need to know and consider is quite overwhelming. So here is a quick fact-check about Medicare Supplement or also called Medigap.

1. The Best Time to Get Medigap
Applying for Medicare Supplement can be any time; however, the best time is when they open for the enrollment period. It opens for a 6-months long period and starts when you get 65 years old or older. You are required to get Part A and Part B first before enrolling in Medigap. 

The reason why Medicare SupplementOpen Enrollment Period is the best time to get Medigap is that you might be subjected to underwriting. Companies could use that opportunity to charge you more. Also, the company could reject your application. 

2. Standardized plans
Wherever insurance companies you apply to or state you live (except Massachusetts, Minnesota, and Wisconsin), the Medigap plans are standardized. This means that the same letters (from A to N) in Medigap offers the same basic benefits. However, the premium still depends on insurance companies.

3. It doesn’t cover everything
The primary purpose of Medicare Supplements is to fill the gaps in traditional Medicare. It can’t offer other benefits like vision, dental, hearing, and fitness coverages like Medicare Advantage. If you want to include these benefits, you need to buy an additional insurance plan. 

This plan only covers the benefits below from 50% up to 100%:

• Coinsurance for Medicare Part A
• Copayment or coinsurance for Medicare Part B
• Copayment or coinsurance for Part A hospital services

4. Pricing is different
The cost of Medicare Supplement varies depending on insurance companies. There are three types of pricing methods:

• Community Rated – This is also known as “no-age rated” as age doesn’t matter in this method. Anyone will pay the same policy rate regardless of age.
• Issue-age Rated – This bases on the age you first obtain the Medicare Supplement plan. The older you obtain the plan, the higher the cost. 
• Attained-age Rated – This method is the most common in insurance companies. It is based on your current age, and as you get older, the cost increases. 

Conclusion
Facts can be overwhelming if you read all of it at one time. With this article, you’ll get to know Medicare Supplement Insurance one step at a time. Remember, it is essential to understand and do your research on the insurance plans facts before getting it. 

At Art of Medicare, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (702) 776-7726. You can also request a free quote by CLICKING HERE.