When Can I Change My Medicare Supplement Plan?
Everyone keeps asking, “When can I change my Medicare supplement plan?” You know that you should apply
March 5, 2019
Medicare Supplement Insurance Companies
Medicare Supplements are offered through private companies and are standardized by Medicare. Each company provides the same basic benefits and coverage as Medicare requires, but the only difference is the rate you might pay to receive those benefits.
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Which company should I choose?
The Medicare Supplement Insurance company you choose should be determined on how well their policies meet your needs. For example, if they are known to raise their rates every year, consider looking at a different company.
You should also pay attention to their financial ratings. If they have an excellent financial rating and rate, then the company might be worth considering.
Here is a list of some of the insurance companies that we work with:
- United Healthcare
- Aetna
- Accendo
- Cigna
- Mutual of Omaha
- United American
Benefits of a Medicare Supplement Plan
Choosing a Medicare Supplement plan doesn’t have to be a complicated process, especially when each plan offers a variety of benefits:
- Medicare Supplement plans cover most of what Medicare does not cover. Medicare will only pay 80% of your medical costs and without a supplement plan, you will be held responsible for paying the other 20%. With a Medicare Supplement, you can have a majority of that 20% covered.
- By enrolling in a Medicare Supplement plan, you could see a significant decrease in your premium payment compared to if you have been paying for your own private insurance.
- There are no networks involved with Medicare Supplements, meaning you can choose to visit any doctor or hospital of your choice, as long as they accept Medicare.
- If you enroll in a Medicare Supplement plan during your Initial Open Enrollment Period, you cannot be turned down.Â
Overall, having a Medicare Supplement plan can keep you from paying expensive out-of-pocket costs when it comes to your medical services. It also provides you the flexibility to not be restricted to a single network of doctors and facilities that a Medicare Advantage Plan might require you to do.
