Seven Key Facts to Know Medicare Supplement Policies 

Are you approach your 65th birthday or thinking about switching from a Medicare Advantage Plan to Medicare Supplement Plan (also known as a Medigap policy)? If so, here are seven things to consider.

  1. First, you must have Medicare Part A and Part B.
  2. If you have a Medicare Advantage Plan, you can apply for a Medigap policy. But, and this this very important, make sure you can leave your Medicare Advantage Plan before your Medigap policy begins.
  3. You pay a monthly premium for your Medigap policy to the insurance company. This is in addition to the monthly Part B premium you pay to Medicare. Our goal will be to help you find the Medigap policy that fits your needs.
  4. As with any individual policy, a Medigap policy only covers one person. If you and your spouse both want Medigap coverage, each of you has to buy separate policies, which is a good thing. It might be that each of you has different requirements, so we can help you determine which policy is best suited to each of you.
  5. Since we work with a wide range of carriers we can help you identify the plan for you.
  6. Your Medigap policy is guaranteed renewable even if you have health problems. This means the insurance company can’t cancel your Medigap policy as long as you pay the premium.
  7. It’s illegal for anyone to sell you a Medigap policy if you have a Medicare Medical Savings Account (MSA) Plan.

I know you have more questions, give me a call and let’s discuss the information I’ve shared here and any other questions you have about Medigap policies.

Information for this article came from Medicare.gov