When Should You Purchase a Medicare Supplement?

Buying a Medicare supplement is an important decision and timing is an important factor when purchasing this coverage.

Experts say that the most important time to purchase a Medicare supplement is during the first six months after you have enrolled in Part B of Medicare. The reason that this is extremely important is that during those first six months insurers must accept you even if you have preexisting heath issues. No matter what the condition, during those six months, insurance companies must cover you. However, if you wait longer, they can exclude the preexisting conditions or turn you down for coverage.

As far as premiums for Medicare Supplement plans, it is important to know that there are various plans and each covers specific – and different – issues. You need to determine which one is right for you within that six month period and compare the rates that different companies offer.

Once you find what you feel is the best plan for you at the right price, that is the policy to enroll in. Make sure you enroll within the six month period mentioned above.

It is important to remember that paying higher premiums does not provide you with better or more coverage. It simply provides the insurance company with more money from you. In fact, prices for plans are the same throughout the specific area you life in, so if you decide to purchase Medicare Supplement plan L, your premiums will be the same as everyone else in your area.

So, once you have done the research and find the right plan for you at the lowest premium available, purchase it as soon as possible and do so within the six month window so that your preexisting conditions will be covered. If you do this, not only will you get the coverage that you need at the price that is the best, your premiums will remain just about the same throughout the years of the policy.