While we all wish signing up for Medicare was an easy process, the reality is it’s anything but easy. It’s been this way perhaps since the program was created and shows no signs of changing any time soon. You have be aware of the ins and outs and the various ways Medicare is set up to cheat you out of the benefits you deserve from the moment you register. People tend to make one major error upon applying for Medicare coverage, which we’ll tell you all about in this article.
The Errors in the Coverage
As we’ve explained in our other articles, you don’t receive coverage for every medical need you may have when you first apply for Medicare. This is where Medicare supplement insurance comes into play. You choose a supplemental plan based on your needs, often from a private insurer, which will fill in any gaps for the types of coverage not already included in your basic Medicare plan.
The issue isn’t necessarily in the plan you pick, but in what deciding factor you follow while shopping around for a plan. Never pick Medicare supplement insurance based on how cheap the coverage is! While this certainly works when you’re out grocery shopping or looking to make some home improvements, you should never simply go the cheapest route when it comes to your health care. By doing so, you miss out on many more important factors: plan adjustability, price fluctuations and whether the plan being chosen truly suits your needs.
How to Avoid This Pitfall
We understand shopping for Medicare supplements is far from simple, and is often loaded with complicated language and hoops to jump through. This is why, before you make any major decisions, we recommend you research and know everything about what’s being offered to you.
If you’re going with supplements, keep in mind it won’t be easy to switch back and forth between coverage plans as you need. You may be forced to pay additional fees to have the change made. Worse yet, some insurers will refuse to let you switch at all.
If you’re going to seek out additional coverage, you first and foremost need to know what you’re paying and what it means. Here are the four payment types you can choose from:
- Attained age rates are based on your age upon initially purchasing your supplement. This means your payment rate will increase with every birthday.
- Community rates are basically flat rates and offer the easiest adjustment methods should you choose to later on. This is the best type of rate for those looking to budget.
- Issue rates tend to be larger if you’re an older adult and cheaper for anyone younger. We recommend choosing this plan if you’re buying Medicare as soon as you’re of age for long-term coverage. Much like community rates, there’s no risk of fluctuation.
- Guaranteed issue rights mean a Medicare insurance agent not only cannot refuse to sell you Medicare supplements, but also has to give you the same standard rate and make sure any and all conditions you currently have will be accounted for.
No matter where you are in the process of shopping for Medicare, you deserve support and the chance to obtain the medical coverage you deserve. Get in touch with us to receive further help with your Medicare plan and stay in the know.