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Medicare Supplement plans have certain “Guaranteed Issue” periods that allow individuals to apply for a plan without denying you coverage, excluding your pre-existing conditions, or charging you more because of any health conditions. These guaranteed issue (GI) rights are Federally-mandated by the Centers for Medicare & Medicaid Services and apply to you all Medicare-enrollees who are in one of these specific situations.

By itself, Medicare pays for 80% of most covered services. That leaves you responsible for the other 20%. While 20% does not sound overwhelming, it most certainly can be when you are looking at a hospital bill for cancer, heart attack, stroke or some other major medical “event”.

There are three primary reasons that a Medicare Supplement plan is essential to the financial well-being of those over age 65:

1. First and foremost, you must consider price (monthly premium rate). Since the coverage is the same, price is, by far, the most important consideration. For some, it is the only consideration, and I would say that, if you find out you are paying too much for your current medicare supplement plan, once you find the same plan for less, jump on it! Medicare Supplements, in addition to being Federally-standardized, are also backed by the government to an extent, not financially but in that if your company goes bankrupt, you are allowed to sign up for a new plan under a “Guaranteed Issue” period.

2. Additional value-added benefits, discounts and features. This is one aspect of comparing Medicare Supplement plans that is not often discussed. Some companies offer an additional benefit or two as a value-added-type part of their plans. This is not a part of the Federally-standardized plan, but rather, just something extra that the company does. An example of this is a discount vision insurance program, or a monthly Medicare newsletter, both of which are programs that some companies offer to set themselves apart. Again, this should not be the basis for a decision; however, it can play into it, all other things being equal.

3. You may not be able to qualify for it later. Although Medicare Supplement plans are standardized and regulated by the Federal government, the private companies can decide who they accept onto their plans. While some companies employ less stringent underwriting than others, it is always a possibility that you will not be accepted onto a supplement plan if you want until you “need” it to apply for it

Resource Author Francisco Rodriguez Higueras
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