- Medigap insurance companies can only sell you a “standardized” Medigap policy identified by letters A through L.
- Each standardized Medigap policy must offer the same basic benefits, no matter which insurance company sells it. Cost is usually the only difference between Medigap policies sold by different insurance companies.
- Any standardized Medigap policy is guaranteed renewable even if you have health problems. This means the insurance company can’t cancel your Medigap policy as long as you pay the premium.
- When purchasing a new policy, you have a 30 day “free look” period to decide if you want to keep the policy.
- Medicare Supplement policies allow you to choose any doctor and any hospital anywhere in the USA. Unlike HMO’s, you do not need a referral or pre-authorization to see a doctor or to be admitted to a hospital. They allow YOU to be in charge of your health care.
- When you first receive Part B of Medicare you have a six-month period called “Open Enrollment”. During this time you can purchase a Medicare Supplement policy without having to answer heath questions.
- All companies offering Medicare Supplement Insurance in Missouri, Kansas, & Iowa have automatic claims filing. You should not have to worry about filing a claim with Medicare or your insurance company.
- Typically Medicare does not pay for routine Nursing Home Care. Be sure you thoroughly understand the Skilled Nursing Benefit in Part A of Medicare.
- Virtually all insurance companies will pay your claims. However, Medicare must first approve your claim. If Medicare does not approve your claim your Medicare Supplement Policy will not pay.
- Check with your doctors to see if they “Accept Assignment” before purchasing a Medicare Supplement Policy. If all of your doctors “Accept Assignment” you may not need to spend the extra money for Plans that pay for Excess Charges.
- All Medicare Supplement Policies currently being sold in Missouri must, by law, be “Issue Age”. This means that the insurance companies cannot increase your premium just because you have a birthday. (”Attained Age” policies are the ones that increase each year as you get older. “Community Based” policies are the ones that have the same price no matter what your age.) For a more indepth explination on how these work click here.
- If you currently have a Medicare Supplement policy and switch to a different policy or a different insurance company there cannot be a waiting period imposed for pre-existing conditions as long as your new policy has the same benefits. You may, however, have to answer health questions on the application. If you cannot answer the questions successfully the company will not issue the policy.
- Insurance agents work on straight commission. The more expensive the policy is that they sell you, the more money they make. Make sure the agent has your best interests in mind, not the amount of commission he/she will make.
