5 Things to Know When Purchasing a New Medicare Supplement Policy

​Many Americans switch from one Medicare plan to another without understanding what's going on or why. You need to have a full mental grasp of your guaranteed issue rights. If you want to switch to a new Medicare Supplement insurance policy, then you should understand the five things below.

You Must Have Medicare and Standardized Plans
Before you can get a Medicare Supplement insurance policy, make sure that you have the required plans. You first need to have Medicare Part A or Hospital Insurance. You must also have Medicare Part B or Medical Insurance. Also, make sure that the company you buy from follows state and federal laws. No matter what Medicare Supplement policy you buy, plans always follow federal and state laws.

Compare Premiums
Although all insurance policies follow the same federal and state laws, the premiums may be different. That’s where companies differ. Before you finally choose a policy, you should compare one policy in one company with the same policy in another. As long as the benefits are the same, get the more affordable one.

Learn About Guaranteed Renewables
There is a guaranteed renewable feature for all standard Medicare Supplement policies. This applies to you even if you have health conditions. Thus, the insurance company cannot cancel your policy for Medicare Supplement as long as you keep paying the premiums.

Choose the Company Well
Any licensed insurance company in your state can offer a Medicare Supplement Open Enrollment (OEP) period. You can purchase this from any insurance company in your state as long as it’s licensed. Never cancel your current Medicare Supplement policy until they approve your new one. If you did that, you would have to resort to underwriting.

Pay Premiums Separately
Pay your Medicare Supplement policy premium in your private insurance company separately from other insurance policies. You should pay a different monthly premium for Medicare Part B. Also, don't expect to pay less for your Medicare Supplement policy just because you have existing Medicare plans.

Some Final Words
Always learn more about your Medicare Supplement policy in the same way that you studied your Medicare Advantage policies. Don't take learning for granted, or you will have greater confusion in the end. Get your new Medicare Supplement policy now if you want added benefits.

At Simplified Insurance Solutions, LLC, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (888) 340-7633 or Click Here to request a free quote.