Medicare supplement plans with a low monthly cost will have less coverage or higher out of pocket costs.
This is a popular option for individuals who have no concerns paying out of pocket for some healthcare costs, but want something in place to help cover the more expensive costs in the event of an emergency.
To save the most money, a High Deductible Plan F policy provides a low monthly payment with a plan deductible at $2,240.
Understanding What The Best Medicare Supplement Is
The best Medicare Supplement (or Medigap) is the one that best suits your needs.
Some people find that having the most coverage possible is optimal for their long-term situation, while others opt for more affordable options to supplement the Original Medicare coverage.
Based on industry reports, over 65% of Medicare beneficiaries find Medicare Supplement Plan F to be the best option for the additional healthcare coverage they need.
Understanding The Cost Of Medicare Supplements
The monthly cost (known as premiums) is determined by different factors, including your location and age in which you purchase the policy.
During open enrollment, your previous health history has no bearing on the price you pay; however, in the event you miss your open enrollment window, the price you pay for Medigap coverage can go up based on your pre-existing health issues if the company requires the policy to be fully underwritten.
In order to keep your premiums low, it is important that you take full advantage of your open enrollment window and not delay on locking in the lowest rates possible.
Understanding How Medigap Open Enrollment Works
Ideally, you will want to purchase Medicare Supplement insurance (Medigap) when your open enrollment period starts. Medigap Open Enrollment lasts six months, beginning the first day of the month of your 65th birthday and Medicare Part B enrollment.
After the open enrollment window is over, applying for a Medigap policy may require medical underwriting and there is no guarantee that you will be accepted if you don’t meet the health requirements. If approved, you may be placed in a lower health class and be required to pay slightly higher premiums for your Medicare Supplement coverage.