Medicare supplement insurance coverage is one of the most vital health & financial decisions you make for retirement. Buying a policy can be complicated, but the right plan may help you significantly reduce unwanted medical costs. Below are answers to some commonly asked questions about Medicare supplement insurance:

 When should I purchase Medicare supplement insurance?

You should buy Medicare supplement insurance during the Medigap open enrollment period. The enrollment period is a six-month window which starts from the first month you turn 65 and have enrolled in Medicare Part B. Even if you have a pre-existing condition, if you enroll in a Medicare supplement insurance during this period, you can enroll in any plan.

 After this enrollment period, insurers may increase premiums or deny coverage and you may have to buy a plan at a high cost.

 Do I have to buy Medicare supplement insurance?

No, but if you decide to forgo supplemental insurance, then you may have to bear out-of-pocket health insurance costs, which means spending thousands of dollars. If you’re on a fixed income, then these expenses can affect your retirement savings. Taking supplement coverage is an excellent financial choice.

 What if I’m over 65 and still using my employer coverage?

If you’re still working after 65, you don’t need to buy Medicare supplement insurance, as your employer health insurance has got you covered. You can enroll for Medicare supplement insurance only if you have enrolled in Medicare Part B. If you’re unsure about the eligibility criteria, begin with finding out if you’re eligible for Medicare.

 How much does Medicare supplemental insurance cost?

The policies range from less than $100/month for standard coverage to thousands of dollars for maximum protection. The more supplemental insurance you want, the greater the cost. However, the cost varies depending on various factors, like your area of residence, age and requirements.

 Can I get a discount?

Yes! Some plans offer discounts if you’re married or a non-smoker and are likely to have fewer health risks. You may also be able to save by making annual payments. Enquire about discounts, even if the website or brochure doesn’t mention it.

 Are all 11 Medicare supplemental insurance plans the same in each state?

The U.S. federal law mandates that every single plan in each state must have the same coverage.

 Where else can I find more information?

You can call your State Health Insurance Assistance Program or visit the U.S. government-run Medicare site that has extensive information on Medicare and Medigap insurance, along with a ZIP-based search to find a Medigap policy in your area.