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What Is Medicare Supplemental Insurance?

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Medicare supplement insurance basic benefits are standardized by the government and covered by private insurance companies. Medicare supplement plans help pay for some of the out-of-pocket costs that Medicare doesn’t pay for. Some plans will even cover deductibles. As a result, Medicare supplement insurance could help you save on your out-of-pocket medical expenses. A Medicare supplemental insurance plan also allows you to choose any doctor who accepts Medicare patients — no matter where you are.
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When Can I Apply For a Plan?

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Generally, the best time to sign up for a Medicare supplemental insurance plan is during the six-month open enrollment period that starts the first month in which you are age 65 or older and enrolled in Medicare Part B (except in Connecticut, Massachusetts and New York, where guaranteed acceptance is ongoing and Medicare supplement plans are guaranteed to be available). Some states also have additional open enrollment periods, including those for people under age 65. There may also be other situations in which your acceptance may be guaranteed.

 

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