Medicare Supplemental Plans - Switch Anytime, Start Saving!

By Author: Tyra Phillips
Total Articles: 78
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Many people confuse Medicare Advantage Plans and Medicare Supplement Plans. However, these two types of insurance couldn't be more different. When enrolling in Medicare for the first time, it is drastically important to make a good purchasing decision as it can affect your health and financial well being. The question most people have is what type of plan is best? While there isn't any definitive answer and each person is unique, Medicare Supplemental Insurance is the best choice for most.

Everyone has a guaranteed issue period, which occurs the first day of the month in which they are both 65 and enrolled in Medicare. This period extends for six months and is the only time you can purchase Medicare Supplement Plans without going through underwriting. Underwriting usually consists of answering a few health questions and possibly a phone interview. However, people who have pre-existing health conditions may not be able to qualify for coverage after this period is over.

While original Medicare does provide great coverage, Medicare Supplemental Insurance can greatly limit your out of pocket costs and ...
... save you from financial disaster. The 20% coinsurance that Medicare does not pay can add up rather quickly if you need serious medical care. This is exactly why it is so important to purchase a great plan within your guaranteed issue period. However, if you are in great health you can purchase a plan at any time.

Many people believe you can only change Medicare Supplemental Plans during the annual enrollment period, which begins in November. This couldn't be further from the truth. The Annual Enrollment Period (AEP), is only for people who want to enroll or dis-enroll from Medicare Advantage Plans. If you are in great health, you can switch your Medicare Supplement Plan at any time.

The main differences between Medicare Advantage Plans and Medicare Supplemental Plans, aside from the enrollment periods, are the benefits offered and provider networks. Medicare Advantage Plans are cheaper on a monthly basis in most instances. However, they often have high co-payments, particularly for hospital stays. In addition, Medicare Advantage Plans can come in the form of HMO's and PPO's, which means they have provider networks and may require you to see specific doctors and hospitals.

It is clear to see Medicare Supplemental Plans are the best option if you can afford them. Keep in mind, if you already have a Medicare Supplement Plan, you can switch to another company and get the same benefits for a lower price. Doing so may save you hundreds of dollars per year and you will receive the exact same coverage. Be sure to contact a national insurance broker who specializes in Medicare Supplemental Insurance before making any buying decisions as they may have insight into which companies are best.