Medicare Supplement Plans and Rates in Reno
Transitioning to Medicare can be a confusing and difficult time for many. The amount of plan choices and steps to complete this process does not make it easy. There are also plenty of ways to screw up your Medicare coverage or end up with life long penalties. The best way to avoid this is to sit down with a health insurance broker. We can help go over all the options and make sure you hit every step to have the best coverage for your situation. One of those coverage options is a Medicare Supplement plan. Medicare Supplement plans and rates in Reno are one of many choices that Medicare beneficiaries can make to fill in the gaps the federal government does not cover.
How the Coverage Works
Original Medicare Parts A and B only cover about 80% of your medical expenses and it does not cover prescription drugs. A 20% gap in coverage can be a huge hole if you have a catastrophic situation or major medical needs. A Supplement plan will usually cover the extra 20% besides a small deductible. Once you pay that deductible, you will have little to zero cost-sharing for your medical expenses. Medicare Supplement plans and rates in Reno all have a monthly premium which depends on the plan you choose, the insurance company, your age, and what county you live in. Although, these plans do not cover prescription drugs. You will need a separate Part D Drug plan.
When You Can Sign Up
There are special rules and guidelines for when you can sign up for a Supplement plan. The initial period is within 6 months of your Part B effective date. Many people sign up when they turn 65, but some people delay their Part B effective date to a later time. Whenever it is that you sign up, you will have 6 months from that day to apply without health questions. You can always apply prior to your Part B effective date so that both plans become effective at the same time. There are also some special enrollment periods for when you can sign up without health questions after your Part B effective date but these are not very common.
If you did not recently sign up for Part B or you did not have a special enrollment period, you can still submit an application for a Supplement plan. You can actually do this at any time since there is no Annual Enrollment Period for these plans like there are for Medicare Advantage Plans
The catch is that you will have to answer health questions. These questions are fairly comprehensive and insurance companies can either charge you a higher premium or deny you coverage.