A look at Medicare Supplemental Insurance

[Shelby Boren]

The Medicare program available from our government is very affordable and provides a great benefit to seniors but it's important to be aware that it still leaves around 20% of a person’s medical expenses being paid out of pocket. Because of the medical expenses left to the consumer by Medicare can be very damaging to a person’s finances, many people purchase a Medicare supplement for additional protection. Medicare supplement plans do not replace Medicare health policies but work closely with them to offer you better coverage. Because Medicare supplements fill in the gaps left by Medicare, they are also often called Medigap plans. If you want to discover more then visit our site, for example click here.

Covering Medicare co-payments, deductibles, and other expenses, Medicare supplemental insurance works through the Medicare billing system. This is great because it means the claims are not handled separate from Medicare and there is no paperwork to file. The government has also regulated Medicare supplements into standardized plans making it very easy for Medicare recipients to figure out which policy they like best. Applying for and managing Medigap policies is an easy process for seniors because there is no requirement to have a medical exam in order to be approved. For anybody who is turning 65 and buying a Medicare supplement plan you will find only a few medical questions that have to be answered because insurance companies typically must sell you a plan and there is no underwriting. Guaranteed renewability is yet another great benefit of having a Medigap plan.

After deciding that a Medicare supplement is probably a good idea many may wonder what is the best way to start the process. The steps for getting a plan will look something like this: Make certain you are applied for Medicare Part B. Acquire Medicare supplement quotes using an independent insurance agent. Decide on your financial budget. Analyze the different plans to see which one suits you the best.

Once you have worked out which plan to choose simply process your application. It can take several weeks from the time you apply to the time you get your insurance cards so start the process a month or two before want your insurance to go into effect. If you need help and for more information on buying Medicare Supplement Insurance please contact an insurance agent that is independent from the insurance companies. Search the world wide web for “Choosing a Medigap Policy” looking on the .gov sites and you'll find another fantastic resource of information produced by the government.