Individuals who qualify for Medicare can extend their coverage to include a variety of extra benefits, by choosing Medicare Supplemental Insurance. However, before you enroll in a supplemental or Medigap insurance plan, you’ll want to think about a few key factors. To begin with, you must find out if you are eligible for this plan. To enroll in any supplemental policy, you have to already have Medicare Part A and Part B. Another instance in which you can enroll in this policy is if you have a Medicare Advantage Plan but want to return to Original Medicare. In this case, you could apply for a Medigap policy before the coverage ends.
There are a number of different types of Medicare Supplemental Insurance to choose from, and the rules for these have changed over the years. For example, plans E, H, I, and J are no longer available for purchase. However, if you were already enrolled in these plans before they were discontinued, you can still keep them. In terms of cost, you’ll want to bear in mind that you will be responsible for paying your private insurance company a premium for your supplemental insurance policy, as well as a separate premium for the Part B insurance, payable to Medicare. Be sure to read the fine print before enrolling in any supplemental insurance plan.