If you're concerned that your original Medicare plan does not cover significant health care costs, you may be best served by purchasing a Medicare supplement plan from a private insurance company. Although these kinds of plans don't cover everything--extended hospice care, dental work and prescription drugs, for example, are not covered--they're an excellent way to reduce deductibles or co-payments. Take a look below at the four questions you should ask insurance companies before purchasing a Medicare supplement plan today.
Are you licensed to provide insurance in my state?
Many insurance providers are not licensed to provide insurance in every state. Moreover, it's illegal for an insurance provider to insure an individual who resides in a state in which the provider is not licensed. So before you ask anything else, make sure that the company you plan on purchasing a plan from is able to do business wherever you are.
What do you charge for a premium?
When you're shopping around for the best Medicare supplement plan, one of the first things you should inquire about is the cost of the plan's premium. While this might seem fairly cut and dry, it usually turns out to be a bit more complicated. Be sure to ask the insurance representative what the premium would be at your current age and whether or not the premium will increase as you age. The differences between attained-age and issue-age premiums, for example, can be fairly significant. Add to that increases in cost due to inflation and other economic factors, and the premium may be far more than what you originally budgeted.
What about pre-existing conditions?
While most private insurance companies won't outright reject you if you have pre-existing medical conditions, there is a possibility that you will be placed on a waiting list. When comparing different supplement plans, ask about pre-existing condition coverage and exactly how long the waiting list is if one exists.
What happens if I change my mind?
If for whatever reason you aren't satisfied with your Medicare supplement plan, you'll want to have the peace of mind knowing that you can switch to another plan without too much hassle. Before purchasing a particular policy, ask insurance representatives about open enrollment periods and other requirements that are specific to your state in order to ensure that you have several months to change your mind after your initial purchase, and won't get hit with unexpected fees.
For more information, visit a website like http://scis.us.