As the Medicare Open Enrollment season gets underway on October 15, you will get a chance to review your existing Medicare plan and weigh the benefits of adding a Medicare Supplement insurance plan to your existing coverage.
When you enroll in a Medicare Supplement plan, you keep your existing health care plan. A Supplement plan is exactly what it sounds like; it supplements your current plan with additional benefits that can help you access better health care options.
Also known as Medigap, a Medicare Supplement plan will cover additional costs such as deductibles and copayments. This can lower your overall health care expenses – a terrific value for some people who have found their out-of-pocket spending to be a burden.
You can also access extra benefits that Original Medicare does not cover, such as medical care when you travel out of the country. If you plan to travel at some point in the coming year, the Open Enrollment period is your chance to add international health care coverage to your menu of options.
As you consider Medicare Supplement plans, here are a few things to remember:
- A supplementary plan only covers you. If your spouse also wants supplementary coverage, they will have to enroll in their own plan.
- A Medicare Supplement plan is always renewable, even if you develop serious health problems. Purchasing a supplementary plan now can protect you from very high out-of-pocket expenses later.
- You can purchase a supplementary plan from any health insurance provider that is licensed by the state to sell such coverage.
- Medigap plans do not include prescription drug coverage. If you need help with your prescription costs, you will need to join a Medicare Part D plan.
For more information on Medicare Supplement insurance plans, please contact our office. Remember, Open Enrollment begins on October 15 and lasts through December 7, meaning you have a small window of time in which to make changes to your health care coverage.