When your health is good, Medicare’s coverage pays for all of your preventive care services with no out-of-pocket costs so it may look like that’s all you need. The problem is that if you need additional coverage after your open enrollment period has expired, it can be a lot tougher to supplement Medicare benefits. It can be a lot more expensive, too.
During the first six months after you turn 65, you are guaranteed the right to buy Medicare Supplement Insurance. You can’t be charged higher rates for a pre-existing condition, exclusions cannot be placed on your coverage and your application cannot be denied no matter what health problems may be present. In fact, you don’t even have to answer any questions about your health.
After that open enrollment period, you lose your chance to get a Medicare Supplement Insurance Plan with no health questions asked. Unfortunately, with advancing years, health tends to deteriorate. By the time you really need to supplement Original Medicare, it could cost you a lot more for Medicare Supplement Insurance premiums. You might not be able to get a Medicare Supplement Insurance Plan, at all.
As it often the case, advance planning can prevent a serious problem in the future. Even though you may not feel you need to supplement Medicare right now, it can save you money in the long run to seriously consider Medicare Supplemental Health Insurance.
Wiley Long is founder and president of Medigap Advisors, and is passionate about helping people navigate the confusing waters of Medicare. He is the author of The Medicare Playbook: Designing Your Successful Health Coverage Strategy, a clear and simple explanation so you can make the most of your Medicare coverage. For more information visit www.MediGapAdvisors.com.