WEDNESDAY, OCTOBER 13, 2021
A Medicare supplement plan—or Medigap—is a nationwide health coverage plan primarily for those 65 years or older that can help you save money. If you’re reaching or have recently turned 65, it’s time to look at your options for Medicare coverage.
The most widely offered supplemental plans provide coverage for out-of-pocket expenses not paid by Medicare. This includes items such as copays, deductibles, coinsurance and international travel emergencies. Plans vary, so look for one that provides the best coverage for your situation.
When Should You Enroll? 
The best time to enroll in a Medicare supplement plan is during your Medigap open enrollment period. This period begins the day you turn 65 and lasts for six months. If you do not enroll in a plan during this period, coverage cannot be guaranteed. You could also be denied coverage or charged a higher premium if you have pre-existing health conditions.
Which Medicare Supplement Plans Are Available?
All policies from different providers offer similar basic benefits, but some offer additional benefits that you can choose to fit your needs. Every Medicare policy must follow federal and state laws that are in place to protect you. Each insurance company decides on individual policies they want to sell, but state laws can affect which ones they can offer.
Some Medicare plans are no longer available to buy so it’s worth checking which plans are available to you. In addition, plans in Massachusetts, Minnesota and Wisconsin are standardized differently. Be sure to talk to your agent at Tailored Werks Insurance Agency to discuss the plan that might best meet your needs.
What Is the Cost of a Medicare Supplement Insurance Plan?
Prices for Medicare Supplement Insurance vary based on premiums. Policies may be priced based on the following:
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Community-rated—Also called no-age-rated, these plans charge premiums that are the same across the board, regardless of your age.
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Issue-age-rated—These plans base their premiums on your age when you first enrolled in the policy.
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Attained-age-rated—These plans base their premiums on the age you were when you first bought a policy, increasing as you get older.
Contact Us Today!
At Tailored Werks Insurance Agency we want to help you get the coverage you need at an affordable price. Contact an agent today to get started in the enrollment process for your Medicare supplement insurance!
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