Eligibility- To be eligible for a Medicare supplemental policy the applicant must be over the age of 64.5 and covered under the original Medicare plan. The supplemental insurance does not work with any other type of health insurance like; Medicare advantage, employer/union group coverage, VA benefits and Tricare. An individual that has insurance at work cannot get a Medicare supplement.
Medicare supplemental insurance helps to cover cost that the original Medicare plan does not cover, like outpatient prescription drugs, preventive screenings, and emergency care while traveling. A Medicare supplemental policy is required by federal law to cover preexisting health conditions.
The only way that a working individual can apply for a Medicare supplemental policy is if they discontinue their employers plan and sign up for a supplemental policy. They can usually sign up during open season and qualify in most cases. There are several plans to choose form but the applicant must choose a plan that will benefit their specific situation and budget. There will be copayments and premiums that must be paid monthly.
Medicare supplement programs are great ways to save money and get all of the coverage that is needed but the applicant must shop around to find the best policy for the money, never just settle with the first policy that comes along. Many Medicare individuals are on a tight budget and it will only benefit them to shop around and get the most supplement insurance for their money. Some employers have the option of offering a standardized Medicare supplement option to their retired employee, but these are few and far between.