Advantages and Disadvantages of Medicare Supplement Plans

In today’s time, we are all aware of the term Medicare Supplement plans. But if you are not certain about getting one or do not know the advantages or disadvantages of having one, then this article will inform you about the most important and prominent facts of these plans.

  • Advantages

Uniform Coverage in Most of the States – Private Insurance companies offer various Medicare Supplement Plans in varied styles. However, Medicare Supplement Plan A or Plan F mostly covers similar insurance benefits as any other Medicare Supplement Plan A or F irrespective of the insurance company.

Six Months Assured Enrollment – In your state, you can register in any Medicare Supplement Plans, without worrying about turned down for any medical reasons during the Medicare Supplement Part B open enrollment period. This period is of six months, which starts with the first day of the month in which you turn 65 or older. In most of the states, the uniform Medicare Supplement plans to provide additional 365days of hospitalization coverage after the consumption of Original Medicare.

Countrywide Coverage – In general, coverage under Medicare Supplement Plans can be availed nationwide. The benefits of these plans are not confined to any particular state or local city. This is a preferred option for the “snowbird” seniors, who may stay half the year in one state and half the year in another.

Guaranteed Renewable Coverage As long as you maintain your payments of monthly premiums, you continue with your Medicare Supplement plan.

Some Extra Benefits – Some Medicare Supplement Plans also provide a few extra benefits like coverage of extra charges, foreign travel emergency care, etc.

  • Disadvantages

Uncertain cost of Medicare Supplement Coverage – Some supplement plans could be costlier than the other Medicare health insurance plans administered privately. This often causes more restrictions on the coverage.

Increase in annual Rate – The monthly rates paid against the Medicare Supplement Plans may increase from one year to another.

May not qualify beyond guaranteed acceptance period – Medicare Supplement open enrollment period is eligible to sign up a Medicare Supplement plan without medical underwriting. After this period, there is the possibility of being declined for the coverage on the basis of your health or medical history, or coverage may cost much more.

No Prescription Drugs Coverage – These plans do not cover the prescribed drugs. If you wish to get coverage for prescription drugs then you need to enroll in another Medicare health insurance plan.