1. Standardized Plans
Medicare supplemental plans are standardized by the government, meaning each plan offers the same basic benefits regardless of the insurance company offering it. There are 10 standardized plans labeled A through N. Each plan must provide certain core benefits, but some plans offer additional benefits. It's important to compare the plans available in your area and choose one that meets your specific needs and budget.
2. Prescription Drug Coverage
Medicare supplemental plans do not include prescription drug coverage. If you want prescription drug coverage, you can enroll in a standalone Medicare Part D prescription drug plan. It's important to consider your medication needs and choose a plan that offers the coverage you require.
3. Guaranteed Issue Rights
During certain times, you have guaranteed issue rights for Medicare supplemental plans. This means insurance companies cannot deny you coverage or charge you higher premiums due to pre-existing conditions. These guaranteed issue rights include the initial enrollment period, the open enrollment period, and special enrollment periods.
4. Plan Costs
The cost of Medicare supplemental plans can vary depending on various factors, including your location, age, and the plan you choose. In addition to the monthly premium, you may also have to pay deductibles, copayments, and coinsurance. It's important to carefully review the costs associated with each plan before making a decision.