I have worked with several people this past month who are turning 65 or are older than 65 but just now retiring.
It is a busy time and a lot process concerning leaving employer health insurance, signing up for Medicare and then the big process of picking an Advantage plan or a Supplemental plan. I thought it might help to review what is supplemental insurance.
Medicare Supplemental insurance is different from Medicare Advantage plans. Supplemental insurance is something you purchase through a monthly premium. It does not have networks or many of the restrictions that some of that advantage plans have.
Someone might choose a supplement plan if they did not want to be bound by counties or state networks. When you have a supplement, you can go to any medical facility that accepts original Medicare.
Something to be aware of is that to enroll in a supplement, generally you will need to go through the underwriting process and the companies have the right to rate you based on your health or to deny coverage.
However, when you first enroll in Medicare part B (either at 65 or when you choose to leave employee insurance), you have a six month guarantee issue.
This means that you can enroll in any supplement plan, with any company at the lowest rate. This makes your choice even more important. I always recommend speaking with an agent who can guide you through this significant time.
Please remember, you can make an appointment if you are about to enter the Medicare world or have questions about your situation. I would love to be your guide.
Please call Lynne Jones, licensed sales representative, at (480) 212-2246 or email me at jonesdvp@yahoo.com.