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Things You Need to Know About Before Purchasing a Medicare Supplement

Things You Need to Know About Before Purchasing a Medicare Supplement

Are you wondering what exactly a Medicare supplement is? Well, a Medicare supplement that is also known as the Medigap insurance is basically a private health insurance policy that supplements the original Medicare plan. Therefore, to put it simply, cover the health care expenses that are not covered by Medicare. A lot of people think that a supplement is like a Medicare Advantage. This however is wrong. A supplement is definitely not a way to win Medicare benefits and therefore it is not akin to the Advantages.

If you are interested in Medicare there are a few important things that you need to know. Firstly, you need to understand that the best time to purchase a Medicare supplement is open enrolment period. This period lasts for 6 months beginning on the very first day of the month you attain 65 years of age or more. The second thing you need to know is what the things a Medicare supplement does not cover are. It does not cover any kind of long term health care, dental care, vision care, hearing aids and private duty nursing. However the new supplement policy is renewable.

Coming to Medicare supplement insurance, you need to clearly understand that paying higher premium for the supplemental insurance plan does not anyhow mean that you will get anything more. Moreover not having to sign claim forms with a company does not mean that the company’s policy is better. Another thing about insurance is the benefits are adjusted on the first day of every year according to the rate of inflation. Usually the benefits increase every year.

The third important thing that you need to understand about Medicare supplement insurance, are the methods using which the premiums are decided on. The first method is related to the attained age. This method produces the lowest premiums especially for those who have attained 65 years of age. The premium increases with increasing age. The increase is linked to the annual benefits that are adjusted in keeping with inflation. The second method is issue age, where the premium amount depends on the age at which the plan is purchased. In this case premium does not increase with increasing age. The third method is known as “community-rated”. According to this method people residing in the same geographic area pays the same premium irrespective of their age.