Pros and Cons of Medicare Supplement Plans

What are the Pros and Cons of Medicare Supplement Plans?

Medicare Supplement plans help to cover the out-of-pocket costs that are not covered under Original Medicare. However, there are both advantages and disadvantages associated with Medicare Supplement plans. Before you purchase a plan, ensure you consider them carefully. In this post, we’ll explain the pros and cons of Medicare Supplement plans.

Pros

The first advantage of Medicare Supplement plans is the number of plans to choose from. Medicare beneficiaries can choose between various Supplement plans, lettered from Plan A to Plan N. These plans have different coverage options and plan rates. This means you can easily select a plan which suits your healthcare needs and is budget-friendly. 

Also, private insurance companies that offer Supplement plans must offer the same benefits specified by Medicare for each plan. Since the plans offered by the different companies must have the same benefits, it is quite easy to choose a suitable Medicare Supplement plan.  

If you have a Medicare Supplement plan, you can use any specialist or doctor as long as they accept Medicare. This means you are not restricted to a network.

Cons

Even though Medicare Supplement plans offer many benefits, there are some cons you should consider before enrolling for one. First, Medicare Supplement plans typically cost more than Medicare Advantage plans. The premiums, however, vary depending on the insurance company. Also, you may experience premium increases each year. As you get older, you may end up paying more for coverage. 

If you miss the Medigap Open Enrollment Period, you are not guaranteed to be enrolled in a plan. You may have to undergo medical underwriting and answer some questions about your medical history. If you do not have a guaranteed issue right, your application might be rejected if you have some health conditions. Plans C and F are also not available to new Medicare enrollees because they are the only plans to offer coverage for the Part B deductible. The only enrollees who may enroll in these plans are those who became eligible for Medicare before January 1, 2020. 

Lastly, Medicare Supplement plans do not cover dental and routine vision care.

For more information and help with Medicare Supplement plans and how they may benefit you, contact Turning 65 Solutions.

Turning 65 Solutions can help you plan for the future.