Medicare supplemental insurance is an option that is made available to people who are on Medicare that helps them pay for the costs that Medicare does not cover. For those who are unaware, Medicare does not cover all medical costs, meaning that about half of the costs of health care need to be paid for by the patient themselves. This can become a burden, and supplemental insurance has been made available to correct this problem. Many people wonder if they can sign up for these plans if they are not yet 65 years of age.
The answer is yes. As long as you are on Medicare, you are eligible to sign up for supplemental insurance. You will need to sign up for it within six months in order to avoid medical screening. During this time, you can’t be denied and your prices can only be based on your age and your location. It doesn’t matter if you are on Medicare due to disability, renal disease, Lou Gehrig’s disease, or age. Whatever the reason, it is available. You only have to be enrolled in Medicare Part A and B, not D.
There are several different pricing schemes to choose from. Obviously the prices will vary depending on the carrier, but there are three different ways in which the carrier will determine your price. They can base it on your age as you grow older, your age when you sign up, and your location. If you are under the age of 65, there is a good chance that your best decision will be to pay based on your age when you sign up. A plan based on your age as your grow older might pay less up front, but if you lock in the low rate when you are younger you will be in a much better situation later on.