Different Insurance Companies Charge Different Amounts for the Same Coverage





Different Insurance Companies Charge Different Amounts for the Same Coverage

Although Medicare mandates that all policies from medicare supplemental insurance companies be exactly alike according to coverage – A, for example – costs vary widely among companies.

Prices vary among medicare supplement insurance companies although none are advertised as being “discount” policies. While the benefits offered by all medicare supplemental insurance companies for the same type of Medicare Supplement Policies of the same type – type A, for example – will be exactly the same, the prices will vary according to your age and medical condition and you might not qualify if you have medical problems.

Can I Avoid Paying More And Being Limited By My Physical Health?

If you take out the Medicare Supplement Insurance coverage – also known as Medigap – during your open enrollment period, you have guaranteed coverage at the standard cost. This period begins the first day of the month you turn 65 and ends after six months.
During this period, medicare supplemental insurance companies are not allowed to charge you more than their base rate, issuance is guaranteed regardless of medical condition, you can keep the coverage forever if you pay your premiums timely, you won’t be charged a greater amount because of any health condition you have at the time or that you develop later, and your policy cannot be canceled for medical reasons.

What Are My Requirements For Securing This Insurance?

You cannot buy a policy from a medicare supplemental insurance company unless you take Part B to Medicare – you get Part A automatically – and premiums will be taken out of your social security check for that premium. It is also required that you do not enroll in a Medicare Advantage policy. You still have an obligation to sign up for Part D – the drug coverage part – unless you are willing to be penalized if you decide you want it later. This is also within the open enrollment period.

When Will My Medicare Policies Become Effective?

The policies are allowed to go into effect the first of the month after the month you turn 65. They are not guaranteed to become effective on that date unless arranged for prior to three months before your 65th birthday. If ordered later, your coverage could be delayed.

Should I Take Out A Medicare Supplemental Policy?

That decision is entirely up If you have health issues at the time you retire, it seems it would behoove you to make a place in your budget for the premium and to sign up within the open enrollment period. You might want to compare your medical payments for the year before and proceed on the basis of whether or not it will be feasible for you. Additionally, www.medicare.gov and www.medicaresolutions.org/guaranteed_issues. html have great information to at least get you started.



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  7. Jason says:

    In some situations if you can’t afford a Medigap Suuplement policy you “may” want to look into a Medicare Advanatge Plan that comes with drug coverage (partD). I would first shop around for Medigap Supplement policies first. There are many companies that offer supplemental Medigaps. So shop around for Medigap Supplement policies first. Also there are many different types of Medigap policies. For example the least expensive Medigap policies are Medigap policy A and B (not to get confused with Medicare part A and B) Those are the basic Medigap policies. Medigap Policy F is a popular Medigap supplement policy. Policues can range from A through N. F being most popular. Shop around please.
    *Important: Best time to buy a Medigap policy is within your first 6 months on Medicare part B and you are 65 or older. This is called your “Guaranteed Issued Rights”- An insurance company cannot deny you a policy and cannot use preexisting conditions. If you do not get a Medigap within your first 6 mothns of having part B and 65 or older…you can still get a Medigap policy after your first 6 months…but a company may charge you more and can use medical underwrtitting(pre existing conditions). If you cannot afford Suppllemental, maybe look into Medicar Advantage. Make sure you fully understand the Medicare Advantage plan before you join. Sometimes you must be in the Advanatge plan’s network of doctors. Read the fine print before joining, but some Medicare Advantage Plans have $0.00 premiums including $0 for thier part D drug coverage. Plans with $0.00 premiums are usually HMO-Medicare Advantage. If you have a doctor you want to continue to see, I would strongly suggest asking your doctor’s office if they accept Medicare Advanatage Plans, and if so, which ones. Medicare Advantage is another way for you to get your Medicare coverage. The Advantage plan provides your Medicare coverage instead of Medicare A and B (must you must keep A and B to have and Advanatge plan). Medicare Advantage Plans are NOT supplemental policies. They can benefit someone if you cannot afford a supplement. Do research before joining Medicare Advantage plans, Some Advanatge plans may offer Dental Vision and Hearing. Make sure you research the coverage. Some Medicare Advantage plans “claim” they offer Dental coverage. But when you read the fine print it may say “$20 co-pay on Medicare covered dental services” –this is misleading because Medicare does not cover dental. (except in extreme/rare situations). If you are low income apply and see if you qualify for Extra Help on Medicare Drug costs or Medicare Saving Programs (that may help pay for part B monthly premium). The worst they can say is “No, you don’t qualify”. Might as well try.

    Ask questions, do research. Get your ducks in a row. Goodluck. Hope this helped.

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