Medicare Supplement Plans
Medicare Supplement Plans have been around since Medicare first was signed into law in the 60’s. Insurance companies looking at Medicare saw an opportunity to cover risk, and thus Medicare Supplements were born. In 1992 the plans were standardized into the structure we have today. When you hear Medicare Supplement Plans, think Plan G, or Plan N.
Imagine a Medicare Supplement Plan like a swimming pool. There are many companies that offer a Plan N or a Plan G in the state. Each pool, whether it’s a Plan G pool or a Plan N pool, is identical in its medical benefits from insurance company to insurance company. The difference is in the monthly premium, or the rate you pay every month while you’re in the pool. Medicare Supplement Plans often have an annual rate increase for everyone in the pool and a birthday rate increase. You want to pick a company that has a big swimming pool, with lots of people in the pool, as well as a company with a proven track record of steady consistent rate increases.
The question that often arises about getting a Medicare Supplement Plan is “Do I qualify for a Medicare Supplement Plan?” The answer? Depends. When you turn 65, or if you start Part B after retiring later than 65, you have an Open Enrollment Period to enroll on any Medicare Supplement Plan without
underwriting
.
Outside of your Open Enrollment Period and unless you have a special circumstance, to change Medicare Supplement you will have to pass underwriting to get onto a new plan.