Are You Eligible for Medicare Supplement Insurance?
If any of the following scenarios apply to you, then you are already guaranteed “eligible” to purchase Medicare supplemental insurance:
- You are currently covered under Medicare Parts A & B
- You are within 6 months of turning 65
- You are within 6 months of receiving Part B coverage
- If you are about to lose your group health insurance plan
Please note that you may still be required to answer some medical questions about your overall health and wellness.
When Can You Apply for Medicare Supplement Insurance?
You may apply for Medicare Supplement insurance at any time that you are eligible for Medicare. However, there are guaranteed issue time periods, and If you apply during these time-frames, your acceptance is guaranteed.
- The Initial Enrollment Period. During your first 6 months of Part B coverage, your acceptance is guaranteed, regardless of your current level of health.
- The “Guaranteed Issue” Period. If you are on the verge of losing coverage through an employer, you will have a “guaranteed issue” period lasting 63 days where you can purchase any Medicare supplement policy with no health questions asked.
If you apply for Medicare supplement at any point outside of these time frames, you will likely have to go through medical underwriting.
All available Medicare Supplement Plans are standardized by Medicare. Each plan offers identical benefits, regardless of where you live or what company is handling your policy. So, the only difference is the price! And the easiest way to get the best price is to use a licensed insurance agent.
Medicare Advantage Plans
Medicare Advantage Plans are an alternative to Part A and B of Original Medicare. This plan is available through private insurance companies that are contracted directly to Medicare. All the offered Advantage plans must by law, provide at least the same level of coverage as Original Medicare Part A and B. Some of these plans have additional benefits like prescription drug coverage, hearing, and vision. The cost and benefit can vary by plan and insurer, so understanding your plan benefits is extremely important.
Prescription Drug Plans
A prescription drug plan (PDP) is one option for individuals who want to enroll in Part D coverage. The other option would be to enroll in a Medicare Advantage Plan that offers drug coverage. These plans subsidize medication costs for enrollees, and it’s easy to check and see if you are on the best plan for your current prescription medications. It is so important to review your current coverage, especially if your medications have changed.
We encourage all our clients with original Medicare and supplement to get a prescription plan quote every year during open enrollment. Your medications can change from year to year and it makes sense to be on the plan that will offer the best coverage for your current medications.