The best time to buy a AM Best Rating Medicare supplement plan is typically when you enroll in Medicare. At that point, companies can no longer refuse you coverage, and you will usually get the best deal available. You can always buy a Medigap insurance policy at a later date, but your monthly premium costs will be higher and typically depend on your age and general health at that point. For those nearing the end of their life and for those who have some pre-existing conditions, there are other considerations you should make before buying a Medicare supplement policy.
Medicare provides coverage for almost any existing medical condition up to a certain point, as long as it does not prevent you from enrolling in the program. If you’ve had a pre-existing condition for more than two years, you must find a new private insurance plan with a lower premium or else you will lose Medicare benefits. For most people, this means taking a better policy that offers more coverage for their age and health situation. There are five basic kinds of Medicare supplement plans.
Most seniors choose the best Medicare supplement plans that offer the most comprehensive coverage for their age and health status. A key feature is guaranteed issue, which means that even if you have a pre-existing health care condition at present, you will be able to enroll in Medicare Parts A and B. You must also choose a plan that offers at least a standardized maximum benefit level, otherwise you may experience difficulty in finding affordable coverage. The other three essential features to look for include: guaranteed renewability, so you know that your coverage will never expire; comprehensive benefits, which means that the policy includes a wide range of services and medication; and convenience of enrollment. All of these should be a part of the best Medicare supplement policies that you can find.
While you shop around for the best Medicare supplement plans, keep in mind that they vary greatly in cost and coverage. You’ll need to investigate the differences between managed care and fee-for-service plans. Many senior citizens have already discovered that managed care plans are less costly and offer higher levels of service than their fee-for-service alternatives. One thing to keep in mind when comparing different Medicare providers is whether they cover the entire range of services necessary for wellness management. Some companies only offer Medigap policies and will exclude coverage for doctor visits, prescriptions, physicals, home care, hearing aids, hospital stays, and some disability income.
Another aspect of choosing the right supplement policy is to consider deductibles and premiums. Many plans charge higher deductibles and premiums than their private insurance company competitors. The higher deductibles and premiums mean that you may not be able to afford the highest quality care without increasing your budget. If you are self-employed or work at an employment that does not offer benefits, you’ll likely need to purchase supplemental coverage with high deductibles and premiums in order to meet your needs. This may include a Health Savings Account (HSA), High Deductible Health Plan (HDHP), or Preferred Provider Organization (PPO).
If you want the best coverage for your Medicare, you must carefully review the premiums and deductibles that you are being charged. Be aware of any gaps in your coverage that could allow a private insurance company to deny your application. For example, if you are employed but do not have coverage for maternity benefits, be sure to ask your administrator what type of maternity coverage they cover. Another important aspect of choosing these types of plans is how long the policy lasts. Most Medicare supplement plans last for only one year. Although it may seem more affordable initially, the longer you hold the policy, the more you will pay in premiums.