Medicare supplement (also known as Medi gap) insurance policy can help you to save on out-of-pocket costs from Medicare. There are different Medicare supplements plans available in the insurance market like Medicare part G. If you want to buy Medicare supplement policy and don’t know what are the things to consider. So take a look on the below points.
•Eligibility required for buying Medicare supplement policy
Before buying Medicare supplement policy be sure that you are 65 years older or above. The best time to buy this policy is open enrolment period. This period lasts for six months and starts on the first day of the month at which you turn 65 or older both.
•Medicare Part A and Part B eligibility
You are not eligible for Medicare supplement unless you get enrolled in both part A and part B of Medicare. You also may not be eligible for medical supplement insurance policy if you are under the age of 65 even if have Medicare part A and part B. Some states private companies do sell Medicare insurance policy to people under 65. Contact your state insurance department to find that whether you can buy Medicare supplement plan under the age of 65.
•Try to match your needs with different Medicare supplement plans
There are up to 10 Medicare supplement plans which are standardised and labelled from A to N (A, B, C, D, F, G, K, L, M, N,) which cover different out-of-pocket costs at different percentages usually at 50%, 75%, and 100%. These all plans are not available in all areas.
•Try to understand pricing differences in Medicare supplements plans
Medicare supplements with more extensive coverage may have higher premiums. Different private insurance company costs differently on same plans. The one-way price plan which does not consider about the applicant’s age called “community-rated” or “no-rated”. The other way price plan which does consider the applicant’s age is called “issued-age-rated”. There is one more price plan policy that make consideration of the current age of the policyholder and continues to go up. This is called “attained-age-rated”. Before buying any policy must ask about their price planning. It helps you to predict what it costs you in the future and how much you will be paying for it.
You have to clear about the age criteria required for buying Medicare insurance policy. Then you have to decide what extent of coverage you want. You have to decide that whether you are ready or not for buying Medicare supplement policy. Make a careful choice as you might not be able to switch plans in the future when your open enrolment period has ended.