Those who are currently on Medicare may think that they're covered in the event of most medical expenses. However, this isn't always the case. For example, Medicare may not cover certain prescriptions or specific medical treatments. For this reason, even those who are currently on Medicare should invest in a Medicare supplement insurance policy. Such a policy is designed to cover medical expenses that standard Medicare policies alone will not. Before you select just any Medicare supplement insurance policy, however, there are some common mistakes you'll want to be aware of and avoid at all costs.
Not Working With a Licensed Agent
First of all, don't feel like you have to shop for Medicare insurance coverage alone, and don't rely on advice from a TV commercial, volunteer, or advertisement when it comes to buying a policy. Instead, your best bet is to work with a licensed Medicare supplement insurance agent. These professionals have to pass an annual test that proves they're familiar with the plans they're representing or selling, so you can ensure that they'll have the knowledge to match you with a plan that best suits your budget and needs.
Missing the Annual Enrollment Period
Some people make the mistaken assumption that once they're enrolled in a Medicare plan, they can add a supplement insurance policy to their plan at any time. Unfortunately, this isn't true. If you want to add a Medicare supplement insurance policy to your existing coverage, you'll need to do so during the open enrollment period, which typically falls at some point between the months of September and November. If you miss the enrollment period, you'll most likely need to wait until next year--and by that point, your coverage options will likely have changed.
Automatically Choosing a $0 Premium Plan
If you browse online or even watch TV commercials for Medicare supplement insurance, you'll likely come across lots of policies that have a $0 monthly premium. Free coverage, right? You'd be crazy not to enroll! Unfortunately, these policies are often too good to be true; they come with extremely high deductibles and very poor coverage overall. You'd be better off paying a reasonable amount of money each month for a quality policy that will give you the coverage and peace of mind you need.
By avoiding these common mistakes, you'll be well on your way to a Medicare supplement insurance policy that's perfect for you. Contact Shifflett Insurance Services Ltd for more information.
Share7 April 2015
