Medicare Supplement Facts – Top 10 Things You Need to Know

Medicare Supplement insurance can be overwhelmingly complex. Many people get confused or frustrated to the point of making a hasty decision or just forgetting it altogether. We’ve distilled the top 10 things that can help you avoid that frustrated feeling into ten facts that you must know if you have a Medicare Supplement plan.

  1. Medicare Supplements can be purchased at any time of the year. Contrary to popular belief, there is NOT an annual enrollment period for Medicare Supplement plans.
  2. Medicare Supplements are individual policies. There are no family policies or husband-wife combo policies. There are, however, many companies who offer a husband-wife “household” discount, when two policyholders have the same residence.
  3. Medicare Supplement plans are Federally-standardized. The coverage is the exact same from company to company. You can view the Medigap coverage chart to see what all of the plans must cover.
  4. Medicare Supplement plans and rates vary by your age, gender, zip code and tobacco usage.
  5. If you are in an open enrollment or “Guaranteed Issue” period, you will not have to answer any medical questions on a Medicare supplement application. This is the best time to apply for a Medicare Supplement plan.
  6. Medicare Advantage plans are NOT Medicare Supplements. Advantage plans pay INSTEAD of Medicare A & B, whereas supplement plans pay AFTER Medicare A & B.
  7. Medicare supplement plans do NOT cover prescription drugs. You must have a Medicare Part D plan to have coverage for prescription drugs.
  8. Supplement plans also do not cover routine dental or vision. You would have to purchase a separate stand-alone plan to have coverage for these things.
  9. Medigap plans are the same as Medicare Supplements. The two terms are interchangeable.
  10. Medicare Supplements are “guaranteed renewable”. They cannot be canceled by the insurance company for any reason, other than if you do not pay your premium.

Overall, there are many aspects to Medicare Supplement insurance and it certainly can be a confusing thing, particularly when you are first going on to Medicare. However, by understanding the basics first, you too can have a grasp on exactly what Medicare Supplements cover, how they work and which one is right for you.

If you have specific questions, you can contact us or request a Medicare Supplement quote on our website.

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