What is Medicare Supplemental Insurance?
It helps pay for extras that Original Medicare does not cover. Such as:
How Does Medicare Supplemental Insurance Work?
Medicare Supplemental is an additional purchase on top of Original Medicare. A Medicare Supplemental policy covers only one person; therefore, you and your spouse will need to purchase Medicare Supplemental coverage separately.
Medicare Supplemental policies are only available to people who already have Medicare Part A and Medicare Part B. Medicare Advantage insures cannot get a Medicare Supplemental plan.
Medicare Supplemental plans are labeled A through N and offer different levels of coverage. Plans E, H, I, and J are not available to new subscribers. Premiums vary among insurance companies, but the benefits are standard in Medicare Supplemental plans. For example, Medicare Supplemental Plan C offers specific benefits no matter which company you buy it from. Please note that standard Medicare Supplemental policies are different in Massachusetts, Minnesota, and Wisconsin.
When to Purchase Medicare Supplemental Supplemental Insurance
The open enrollment period is six months from the first day of the month of your 65th birthday – as long as you are also signed up for Medicare Part B – or within six months of signing up for Medicare Part B. At this time, the purchaser can buy a Medicare Supplemental policy at the same price a person in good health pays. Purchasing outside of the window will not guarantee coverage, or even if you get covered, your rates might be higher.
Typically, you pay a monthly premium to the insurance company in addition to your Medicare Part B premium. The Medicare Supplemental policy you purchase is dependent on the type of plan, the insurance company, where you live, and your age. Most Medicare Supplemental plans pay for co-payments, co-insurance for hospital stays, and other services. Less expensive plans have fewer benefits and higher out-of-pocket costs. Similarly, more expensive plans include extra benefits, like some Medicare deductibles, additional hospital benefits, at-home recovery, and more. Just know, if you drop your Medicare Supplemental policy, there is no guarantee you will be able to get it back.
It’s important to shop around, because insurance companies set their own prices and rules about eligibility.