How To Pick a Health Insurance Medicare Supplemental

What Is Medicare Supplemental Insurance

A health insurance medicare supplemental plan is a type of insurance coverage that private companies offer to give additional coverage for people who are covered by Medicare. These types of policies are also called Medigap policies. These plans offer a variety of benefits depending on the types of coverage you choose. Some can help to pay your co-payments or your deductibles when you go to the doctor or when you have certain procedures done. Some Medigap policies can even cover conditions and medications that your Medicare policy does not cover. Once you have a good understanding of what a health insurance medicare supplemental policy covers, you can more easily shop for the right policy for you.

Step 1

Take a look at your Medicare coverage before you begin shopping for health insurance medicare supplemental coverage. You must have at least Medicare Part A and Medicare Part B in order to purchase Medigap coverage. You should start looking for Medigap coverage when you are first eligible for this type of plan.

Step 2

Do research on the type of health insurance medicare supplemental you want. Make no mistake, there are an awful lot of choices out there, so this can be overwhelming. If it helps, remember that cost is usually the only deciding factor when it comes to buying Medigap policies. The coverage involved is very similar from one company to another. Start getting quotes from companies that offer Medigap coverage. Ask each company during the quote process if they offer discounts. Some companies reward customers for not smoking, for example, and this can make a big difference in your premium costs.

Step 3

Compare the quotes you get for health insurance medicare supplemental coverage. You may see dramatically different amounts from the various companies. In some cases, these dramatically different prices can be for the exact same policy. Make sure that each plan you are considering covers the benefits you need covered. If you find that this process becomes overwhelming, contact your State Health Insurance Assistance Program. These groups can offer you help at no cost to choose the right Medigap policy for you.

Step 4

Fill out the application for the health insurance medicare supplemental policy you have decided to purchase. Make sure you fill in all of the information the application requests. If you do not answer all of the questions, you may not get the right coverage or the coverage for which you are eligible.

Step 5

Pay for your health insurance medicare supplemental plan. Most companies accept checks, money orders or debit cards. You may also be able to pay for your policy with an automatic draft from your bank account. Each company may have additional options as well.

Step 6

Double check the start date of your health insurance medicare supplemental plan. If you need to use the plan before the start date, it will not cover those expenses. Some companies may allow you to choose the start date of your Medigap plan while others may have a set date that it starts after your payment is received.

Tips

Contact your state's Department of Insurance if you cannot locate companies in your area that offer health insurance medicare supplemental coverage.

A health insurance medicare supplemental plan can make a huge dent in unexpected medical bills.

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