Finding the Best Medicare Supplement Plans Begins Here

One would always opt to go for the best Medicare Supplement Plans (which are also called as Medigap policies) when preparing for retirement. Choosing a plan, however, may be a challenge. As seen in this helpful Medicare Supplement Plans Comparison Chart, there are ten standardized plans to choose from, assuring applicants that there is a plan that will adequately address his or her needs and preferences.

But how significant are these policies for a baby boomer? Significantly a lot, since these policies help pay for the “gaps” (out-of-pocket health care costs, such as coinsurance charges, copayments, and deductibles) that aren’t covered in Original Medicare Plans. And as revealed in a recent report by Commonwealth Fund, covering the gaps can prove to be beneficial for one’s future. With more than 15 million Medicare beneficiaries (or one-fourth of the total 56 million Medicare policyholders in the country) spending approximately 20% of their household income on insurance premiums and out-of-pocket health care costs, managing funds during retirement may indeed be a struggle.

Focusing on the out-of-pocket costs alone, the amount spent by a typical Medicare beneficiary may cost him or her $3,024 a year. And with a majority of individuals part of the one-fourth affected having a low-income standing or exposed to functional limitations and chronic conditions, the chance to have a comfortable future may be slim.

As such, we’re sharing some simple tips for one to have access to the best Medicare Supplement Plans in the market.

Choose the Right Time

According to the FreeMedSuppQuote Medicare Buyer’s Guide, enrolling during the Medicare Supplement Open Enrollment Period (OEP) will assure applicants of the following:

· A private insurance company cannot refuse an applicant of any Medicare Supplement policy it offers

· A private insurance company cannot delay the start of Medigap coverage

· A private insurance company cannot charge a higher premium

The OEP begins when an applicant turns 65. Lasting for six months, an individual must also be enrolled in Medicare Part B as well. Medical underwriting isn’t done during the OEP, allowing individuals an easier time to qualify for Supplemental Medicare Insurance coverage.

Get Help

Make sure to connect with financial experts, insurance agents, and even other boomers to know more about Medicare Supplements. Health information and other data on Medigap can be sourced online. But the massive load of information may overwhelm and confuse you (just thinking about the different Medicare Supplemental Plans can result to a terrible headache!). As such, it is highly recommended to seek information from multiple sources.

Additionally, since private insurance companies sell Medicare Supplements, applicants should take the time and compare Medicare Supplement costs between agents. The option to shop around the market for a plan should be practiced — not only may you get to find out an affordable plan; you may also have the opportunity to find an agent who you’ll be comfortable working with.

We hope that you’ll be able to secure your future with a Medigap plan. Make sure to request for Supplemental Medicare quotes today to jumpstart your retirement plans!