Any customer with Medicare Part A and Part B can purchase a Medicare Supplement plan also commonly known as the Medigap plan. The Medigap plan should be purchased by customers as it saves them lot of out-of-pocket expenses. There are many insurance companies selling these plans and the customers should assess them in detail before purchasing. Some of the important tips for purchasing a Medicare Supplement plan are as follows:
Purchase During Open Enrollment Period
The best time to purchase a Medicare Supplement plan is during the Open Enrolment Period (OEP). The OEP commences on the first day of the month when the customer turns 65 years of age or older and is enrolled in the Medicare Part B. When the customer applies for purchasing the Medigap policy during the OEP, the insurance company cannot reject the proposal as long as the customer is paying the insurance premium even if they have any health issues. During OEP the Medigap plan is a guaranteed issue policy. If the customer wishes to purchase the Medigap after the OEP, his health status and medical history is evaluated by the insurance company and they can reject to issue the policy on the same grounds.
Compare the Premium
The Medicare Supplement plans are sold by private insurance companies. These companies determine the premiums based on different pricing mechanisms. The customers should get multiple quotes from insurance companies for Medigap plan and select the insurance companies offering the lowest premium for the plan as the benefits are standardized. Some companies will also offer discounts if the premium is paid annually.
Select Need-Based Plan
While the Medicare Supplement plans are standardized, each plan labeled from A to N has distinct features. The customers should assess their requirements and should purchase the plan which meets their needs. Customers who travel abroad frequently may prefer plans C, D, F, G, M, and N which cover 80% of expenses related to emergency care in foreign countries. Similarly, customers needing comprehensive coverage may opt for Plan F which provides the most extensive coverage and is the most popular among customers.
As the 2019 Medicare Supplement plans are standardized, it becomes important to assess the customer service of the insurance company form which the policy has to be purchased. The customers can look for the available hours when they can reach out to the customer service representatives for resolving any queries or issues. Some insurance companies can also provide the services of local agents who can service the customers in person.