Pro’s and Con’s to a Medicare Supplement Policy
Medicare supplement policy: In the first part of our ‘Did you know’ series, we’re covering the Pro’s and Con’s to a Medicare supplement policy.
- Because Medicare Supplement policies work with Medicare, any doctor that accepts Medicare will also accept your Medicare Supplement Policy as your Secondary Insurance.
- Unlike HMO’s and PPO’s of Medicare Advantage Plans, there are no networks that you must use, nor are referral’s required for services to be covered.
- Less Paperwork: All Medical bills are submitted directly to Medicare for payment. Medicare then automatically forwards the remaining balance to your Medicare Supplement carrier to pay the balance.
- Fewer types of policies to learn about: Due to the overwhelming number of Medicare Advantage plans available, it can take several weeks (or months) to read and understand what the plans will and will not cover. With the Supplement policy’s there are ten different policies available, all with varying degrees of coverage. This makes it much easier to compare. Coverage for EACH PLAN (A-N) IS THE SAME, regardless of; The Insurance Carrier, Age of the Insured, or Geographical Location – AS MANDATED BY FEDERAL LAW.
- If you move anywhere within the United States (Including: District of Columbia, Puerto Rico, the US Virgin Islands, Guam, American Samoa, and the Northern Mariana Islands), your policy goes with you.
- With Plan F there are no deductibles or co-payments, you are only responsible for the monthly premiums. Other Supplement policies are available with lower premiums, however, you could then be responsible for co-pays, or deductibles (Medicare Part B – $166 a year in 2016)
- Under current Federal Guidelines, Medicare Supplement Policies MUST be renewed annually. As long as you continue to pay the monthly premiums, you CANNOT be dropped.
- Premiums will vary by plan and Insurance Carrier. You may qualify for discounts (i.e. household, non-tobacco use).
- As with other Insurance Policies, enrollment/acceptance is not guaranteed, and is subject to pre-existing health conditions. HOWEVER, if you are just turning 65 (within 6 months of your birthday) you ARE GUARANTEED ISSUE. (There are other special enrollment periods)
- Medicare Supplement Policies do not cover: Prescriptions, Dental, Vision, or Hearing. Your Prescriptions Coverage will require enrollment in Medicare Part D. Dental, Vision, and Hearing would require enrolling in a separate benefit plan.
To speak with a Cornerstone advisor about your specific Medicare needs, call 888-384-5017 or submit a request for an advisor to speak with you. Click Here.