Medicare supplement plans are designed to fill the gaps in your original Medicare coverage. They’re meant to be purchased at the same time as Original Medicare, and they’ll often cost less than traditional private insurance plans. But when is the best time to purchase a Medicare Supplement Plan? The answer depends on what you want from your new policy and how much money you have available for it at that moment. Here’s everything you need to know about getting a Medicare Supplement Plan during AEP (Annual Enrollment Period) this fall:
Buying A Medicare Supplement Plan
You should purchase a Medicare Supplement Plan if you want to protect yourself against high out-of-pocket expenses. A Medicare Supplement Plan is insurance that covers the gaps in your original Medicare coverage, such as copays and deductibles. The premiums for these plans are low compared to other types of supplemental insurance (like critical illness or disability), and they can be paid monthly.
Here are some things you should know about buying a Medicare Supplement Plan:
- Know what type of plan will meet your needs before choosing one. There are four types of plans: HMO, Local PPO, National PPO and Point-of-Service (POS). The best choice depends on where you live, whether or not there’s an additional cost for using doctors who don’t work with the plan’s network (if applicable) and whether you prefer paying higher deductibles rather than having more out-of-pocket costs throughout the year.
- Consider how much extra money you’ll need after enrolling in Original Medicare but before purchasing a supplement policy.
- Don’t let someone pressure you into buying something else or signing up right away just because they’re salespeople who want their commission checks this month.
Medicare Supplement Plans Should Come With Insurance Company Ratings
Before you even start shopping for Medicare supplement plans, check the insurance company ratings. A rating is a summary of how the company has performed in the past. Ratings help people decide which insurance company might be best for them. If a company gets a low rating, it could mean that they have been making mistakes or losing money on their customers’ policies. This can be very expensive for you as a consumer!
Here’s how to check an insurance company’s rating:
- Go online and search “XYZ Insurance Company Rating” (for example). You will find many results that are specific to your area.
- Click on one of these websites and read through each review carefully so you understand what all the numbers mean before choosing which plan to purchase
Annual Enrollment Period (AEP)
The Annual Enrollment Period (AEP) is when you can make changes to your Medicare Supplement Plan, including enrolling in a new plan or changing existing coverage. It’s also the time to consider adding Medicare Advantage Plans to your coverage.
You’ll get a letter from us saying when AEP begins and ends. You can check here to find out more about when it will be held in 2020. If you’re already enrolled with us, we’ll contact you with information about how these changes affect you during AEP.
If you’re considering a Medicare supplement plan, the best time to buy is during annual enrollment. This is when the insurance companies are competing for your business, so they offer some of the most competitive rates and policies on the market.