Medicare Supplement Plans can come in handy when it comes to picking up the medical costs that aren’t covered by Medicare Part A and Part B. However, you may find yourself in a situation where Medicare Supplements may not be the best option for you. Here’s a few scenarios that could have you fall into that category.
Affordability
You don’t have the monthly premium and the affordability to pay for a supplement, or you have saved enough money where you can afford all your copays, deductibles, and don’t want an insurance carrier to insure with.
Medical Underwriting
You might not be able to pass medical underwriting for an insurance plan. There are certain times, like when you turn 65 or when you go on Medicare Part B for the first time, where the insurance carrier is not allowed to ask questions regarding your health. However, outside of those enrollment times, there is no other time period in which you’re going to be allowed to just enter into a Medicare supplement without medical underwriting. As a result, you’re going to look for a carrier that can accommodate you based on your health and if your health is in such a state where you can’t pass anyone’s medical underwriting, then you will not qualify for a Medicare supplement, nor can you purchase one.
Additional Benefits
Instead of using a Medicare Supplement Plan, you receive additional benefits, possibly from nVeteran Affairs (VA) or have TRICARE.
Your State of Health
If you feel healthy and feel there’s absolutely no need for additional insurance coverage, or maybe you don’t visit the doctor very much, you probably are wondering what the point is in paying an insurance carrier when you don’t even need the coverage.
Medicare Supplement Alternative
All the reasons listed are valid reasons to not wanting a Medicare Supplement Plan . However, if you happen to find yourself in one of these scenarios, it might be worth looking into an alternative plan, which would be a Medicare Advantage Prescription Drug plan (MAPD). With MAPD, you might be able to receive a zero premium plan and prescription drug coverage depending on the area you’re in, which addresses the affordability issue. To apply, they also only ask one medical question, which addresses not passing the underwriting medical process.
An MAPD plan also offers an out-of-pocket maximum which recognizes your out-of-pocket costs and offers to cover the rest of the remaining costs once you hit that maximum limit.
At Hitcho Insurance, we work with you to find the best Medicare policy that suits your needs, your goals, and your finances. If you’re wondering which Medicare Advantage Plan is right for you, then give us a call today at (610) 694-9435 and receive a free consultation.
