Cheap Medicare Supplement Plans– Cheap Medicare Supplement Insurance (Medigap) plans, are sold by private companies, and can help pay some of the health care costs that Original Medicare doesn’t cover, like copayments, coinsurance, and deductibles. A person must have their Part A and Part B of there original medicare active to be able to purchase any cheap medicare supplement plans. Medicare Supplements only covers one person at a time. If you are a married couple you both would have individual policies. Cheap medicare supplement plans have several different times a person can enroll in them. You have your Open Enrollment Period (OEP) this is where a individual first becomes eligible for medicare. This timeframe is a 6 month period. It begins 3 months before the person turns 65, and ends 3 months after the person turns 65.
You have your Annual Election Period (AEP) this enrollment period happens every year starting from October 15th through December 7th. Annual Election Period (AEP) is the time of the year when anyone who is currently enrolled in a medicare plan that may have been thinking about changing plans, changing carriers, or making any adjustments to their coverage can do so. Any changes that are made within this time period will go into effect January 1st of the following year. You have Special Enrollment Period (SEP) this period of time allows you to enroll in a medicare plan if you have a special event take place in your life. Such as losing health care coverage, moving out of your current coverage area, or getting married just to name a few things.
If you somehow miss your open enrollment period, you can still enroll in cheap medicare supplement plans. You have what is called a Guaranteed issue period. This period is for individuals who are 65 or older and either lose or maybe end certain kinds of health coverage. You have within 63 days of when coverage is loss to take advantage of this. When you first turn 65 and start your medicare supplement plan you do not have to answer any health questions. If you decide to change plans when your AEP period comes around you will then have to answer health questions and every time after. There are several different cheap medicare supplement insurance carriers in your area. They may charge different premium amount for the same type of policy. You will want to make sure you compare the same type of policy with several companies to make sure you get the best option for you and your monthly budget. If you are currently take any prescription drugs you will want to look into having your Medicare Prescription Drug Plan (Part D) added to you coverage.
(U Decide It Tip) – When shopping for Cheap Medicare Supplement insurance plans there are a few things you should know and think about.
- How much can I afford per month?
- Do you prefer Medicare supplements or Advantage plans?
- Understanding your Medigap coverage options.
- Take advantage of spousal & household discounts.
- Certain Medicare supplements offer more value.
If you are looking for affordable medicare supplement rates, U Decide It is a great place to start.