Medicare is right from 1965 and this is a huge program. Medicare supplement plans have various options and rules that it sometimes is confusing. Actually, there are few things that many do not know:
Original Medicare alone is not the option. There are choices to choose Part A and B Medicare for hospital care and to have access to any hospital or doctor accepting Medicare. You may also choose Medicare Advantage Plan that provides Medicare benefits and can be purchased from Private insurance company.
Choosing Part A and B of Medicare, means you must choose Part D, for prescription drug coverage. In fact, you can also buy Medicare supplement plans known as Medigap as a supplement policy. This actually helps to bear the costs beyond pocket known as deductibles. If you choose Medicare Advantage plan, buying Medicare supplement plans is not possible.
Medicare is not a place for one-stop. To sign up with Medicare, you must get Parts B and D Medicare enrolled so that there is medical care and the drugs prescribed coverage or else you will have to later pay penalty. You also may need additional coverage through Best Medicare Supplement Plans 2018 to pay costs beyond pocket.
Delay means pay
Signing up for Medicare supplement plans means you have 7 months time. This begins from 3 months prior and after your 65th birthday month. If you fail to enroll in Medicare plans during the open enrolment period, get prepared to pay for a penalty when you get enrolled later. This penalty should be paid every month until your Medicare is with you.
Enrolling in traditional Medicare plan means a Medigap policy acts as the supplemental insurance. It pays the costs that Medicare fails to pay such as deductibles and copayments.
During open enrollment period of Medigap, you can purchase any Medigap policy available, regardless of the conditions of your health. But, once you miss this period, it may be a great disadvantage is something really comes up as serious resulting into expensive services.
Choosing to drop original Medicare for Medicare Advantage plan may be your decision. But, if you are not convinced, you can leave within first 12 months to return to traditional Medicare.
If you already had Medicare supplement plans or policy before purchasing a Medicare Advantage plan or on turning 65, you bought a Medicare Advantage plan for the first time means you are eligible to enroll for Medigap policy.