Original Medicare + Medicare Supplement

When you choose to stay with Original Medicare (Part A and Part B) and add additional "gap" coverage with a Medicare Supplement, there are several things you should be aware of first!

1. Original Medicare doesn't cover prescription drugs, which means your Supplement plan doesn't either. Therefore you will need to enroll onto a Prescription Drug Plan (PDP). If you choose not to enroll into PDP, then after 63 consecutive days without this type of coverage in force, the Social Security Administration (SSA) will assess a penalty for you to pay. This penalty will only be paid once you are enrolled into a PDP plan, and will be tacked on top of the PDP premium cost. Should you be required to pay the penalty, you will receive a letter from SSA letting you know what amount.

2. Medicare Supplement carriers reserve the right to increase premiums. If an increase of premium is assessed against you it will take effect on the anniversary of the policy, and you would receive a letter in the mail detailing the amount of the increase. If you are unhappy with the increase in premium you do have the right to apply for a supplement with a different carrier (one that would be less expensive), however outside of your IEP you will be required to undergo medical underwriting meaning your plan could be declined or rated up. If you plan to apply for a supplement plan with a new carrier, do not disenroll from your current before you are approved with the new supplement plan. Disenrolling before you know if you have been approved could be detrimental if you are declined or are rated-up as a high-risk insured.

3. Original Medicare does not cover Dental or Vision. If you would like to have this coverage in force, you can purchase it at any time of the year as a stand alone plan. It’s important to remember however, that if you have a current Dental plan that has been active for a years time, and you switch when you disenroll from the current plan you may not have to endure the typical 12month waiting period on catastrophic services (dental) whereas if you wait and time lapses in between dental plans you could be subjected to this waiting period.