The Pros and Cons of Medicare Supplement Plans, know it here

Thinking of availing coverage through Medicare Supplement plans? Here is the Medicare Supplement plans 2019  pros and cons.

Medicare Supplement plans offer an amazing way to “supplement” the coverage offered by the Original Medicare (Parts A and B) and to safeguard yourself against the out-of-pocket costs that you may face while receiving medical care.

Discussing the pros and cons helps in making the right coverage decision to suit your budget and personal needs.

The “pros”
• Standardized coverage – Medicare Supplement plans are issued by private insurance companies and are available in variety of styles. The positive point is that a Medicare Supplement “Plan A” or “B” , it will cover the same things as Medicare Supplement “Plan A” or “B,” regardless of the insurance company offering it.
• Six months guaranteed enrollment – With Medicare Supplement plans you can get enrolled without any worry of being turned down based on medical reasons during the open enrollment period of Medicare Supplement as it lasts for six months from the months first day when you are 65 or older and have got enrolled in Part B Medicare.
• Surplus hospitalization coverage – Standardized Medicare Supplement plans offer 365 days coverage of hospitalization as an additional after using your Original Medicare coverage.
• Nationwide coverage – This is the best advantage that the Medicare Supplement plans is available nationwide. There is no restriction to a specific region or state. Thus Medicare Supplement Plans are the best option for seniors who live in different states for a particular period of time.
• Guaranteed renewable coverage – Until you pay the monthly premiums, you will never be dropped from the Medicare Supplement plans.
• Additional benefits- Medicare Supplement plans in some policies may also provide you with additional benefits such as excess charges coverage, emergency care foreign travel and Silver Sneakers programs.

The “cons”
• The Medicare Supplement plans coverage rates are expected to increase with each passing year.
• Medicare Supplement plans do not give coverage for prescription drugs. However, you will need to consider other private administered health insurance Medicare plans. This is required so that the prescription drugs are covered.
• You may fail to qualify beyond your guaranteed acceptance period – After the enrollment period of your Medicare Supplement Plans, there is possibility that you can be denied for Medicare Supplement coverage and this will be based on your health history, personal health and medical history, or other coverage that may cost more.