Q. When should I sign up for a Medicare Supplement Policy?
Q. Am I eligible for a Medicare Supplement policy?
Q. What is the right age to buy Long Term Care Insurance?
Q. Do I need a Trust or is a Will sufficient?
Typically, the time to sign up for a Medicare Supplement policy is when you are first eligible for Medicare Parts A and B. The six months prior to and six months after Medicare Part B starts is called Medicare Open Enrollment. During the Medicare Open Enrollment period no insurance company can deny you or charge you higher premiums due to pre-existing conditions. It is important to start to do your homework early in your Open Enrollment period and make sure you choose the right supplement.
In order to apply for a Medicare Supplement policy you must have both Medicare Part A and B active. At times, people believe that the Medicare Supplement will act as their “Medicare Part B” but this is incorrect. You must be enrolled in Part A and B and they must both remain active as long as you have the supplement.
In addition, please keep in mind that most Medicare Supplements are medically underwritten outside of most open enrollment and guaranteed issue situations. Companies have the right to decline you for certain medical conditions outside of open enrollment and guaranteed issue situations. Different companies decline for different reasons, talking with a licensed agent can help guide you through the options have based upon your situation.
Due to increasing costs, Long Term Care is becoming more of a concern for most seniors. We encourage everyone to purchase Long Term Care as early as possible as prices tend to increase substantially with age. The sooner you are able to get a Long Term Care plan in place, the better. Waiting to a secure a Long Term Care plan can result in increased costs and at times ineligibility due to medical underwriting.
At Integrated Benefit Solutions, Inc. we do not offer Trusts, Wills or Legal advice. However, we do work closely with several attorneys who specialize in the area of Estate Planning. Having an Estate Plan in place is just as important as having a Medicare Supplement in place. We encourage everyone to sit down with one of the attorneys we work with for a consultation to better explore your estate planning needs.