The best source of Medicare Information: http://www.medicare.gov
What is a Medicare Supplement policy and how does it work?
A Medicare Supplement policy is sold by private insurance companies to fill the “gaps” in Original Medicare Plan. In all but three states (Minnesota, Massachusetts, and Wisconsin), there are 11 Medicare Supplement plans called “A” through “N”. Each plan has a different set of benefits.
Why should someone buy Medicare Supplement Insurance?
There are “gaps” or out-of-pocket costs not covered by Medicare. A Medicare Supplement Insurance policy may fill these gaps. Those with a Medicare Supplement policy if already in a Medicare managed care plan, Private Fee-for-Service plan, Medicare Medical Savings Account plan, or a Religious Fraternal Benefit plan.
When is the best time to buy a Medicare Supplement Insurance policy?
During the open enrollment period.
How is the Medicare Supplement open enrollment period calculated?
The Medicare card shows the dates Part B coverage started. The original open enrollment ends 6 months after Part B coverage starts.
What situations create a Medicare Supplement guarantee issue period?
- Medicare managed care or Private Fee-for-Service plan leaves the program or area
- Insured leaves the health plan’s service area
- Medicare health plan fails to meet its contractual obligations
- Employer group health plan coverage ends
- Leave a Medicare Supplement policy to join a Medicare managed care plan, or Private Fee-for-Service plan, or Medicare Select for the first time, and then return to a Medicare Supplement
- Joined a Medicare Health plan first eligible for Medicare at age 65 and within one year of joining decided to leave the Medicare health plan
Can I pay for my own services that are not covered by Medicare?
Yes.
Can my Medicare Supplement Insurance company drop me?
Policies sold after 1990 must let you renew unless you do not pay the premiums, you lie, or commit fraud under the policy. You may lose a guaranteed renewable policy if the insurance company goes bankrupt or cancels all policies of this type in your state.
Do I have to have my Medicare Supplement policy for a certain length of time before I can switch to a different Medicare Supplement policy?
No.
Do I need more than one Medicare Supplement policy?
No. It is illegal for insurance companies to sell you more than one Medicare Supplement policy.