Choosing a supplement plan can be a stressful situation. There are different types of plans to choose from, all covering the same and yet different expenses. Questions rise up such as: is it really saving me money in the long run? Will it make a difference? There are pros and cons to getting a Medicare supplement plan and whether it is a good choice for you or not, will really end up depending on your own, individual situation.
Medicare supplement plans cover for expenses that Medicare original part A or B won´t. If you end up having to go the hospital, there will be expenses that you will need to pay for out of your own pocket. In general, Medicare supplement plans are a good option, if you see yourself visiting the doctor soon or having any health issues. For healthy Medicare part A or B members, a supplement plan can be very attractive as it gives you a peace of mind. There are many people who aren´t able to pay an expensive bill at once. Having to go the hospital is something one cannot really prevent, as you can never know how your health state might change and accidents happen, unfortunately. In these cases, if you are on a Medicare supplement plan, you can rest and know that you have already been paying for what is coming up, monthly. Being sick and having to pay for health care, which you cannot afford, is a situation no person really wants to be in.
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The most important thing is to look at what the plans all cover and see which of these points you have been paying out of your pocket for the most. If, for example, you find yourself travelling a lot, then a Medicare supplement plan A or B won´t make much sense to you. You will need to be insured outside of the U.S. too, so you would choose a plan that offers coverage for travel emergency expenses.
Apart from comparing what each of the plans cover, it is also important to think about a plan as soon as possible. In fact, right after you´ve enrolled to Medicare and up to seven months after enrollment, Medicare needs to offer you a supplement plan, should you want one, without looking at your health records. The premium rates during this enrollment period are most likely going to be the lower they will ever get for you. If you miss the seven-month period and choose a plan after, the health insurance company has the right to deny you the enrollment all together, or they will offer the plans to you at an extremely high price, due to perhaps an existing condition. These plans, that are bought after the enrollment period, can be affected by your age as well. The older you are when you enroll, the more you might have to pay, as the elderly are believed to require more health care than others.