In addition to portability and guaranteed issue, Medicare Supplements also offer a wide variety of standardized plans that give you a little more control over your coverage.
Variety of Plans
One of the best parts about Medicare Supplements is the variety.
The 10 standard Medicare Supplement policies offer a wide variety of coverage to help pay your Original Medicare costs. Those plans with the most coverage tend to have higher monthly premiums, while the reverse is also true.
All 10 of the standardized Medicare Supplement policies are regulated by law; all the benefits from each separate plan are the same, regardless of who your insurer is or (in most states) where you live. This is important to note when comparing prices with various insurance agencies. Plans are standardized somewhat differently in Massachusetts, Wisconsin, and Minnesota.
Control Over Your Options
With so many standardized Medicare Supplement insurance plans, you have control over your healthcare options. Plus, you can purchase a Medicare prescription drug coverage plan, which is a stand-alone plan.
With Medicare Supplement insurance, not only do you get to choose a plan that suits your needs—but you also have the option of adding Medicare prescription drug coverage. You can buy any stand-alone Medicare prescription drug plan that serves your area. A stand-alone Medicare Part D plan works alongside your Original Medicare coverage and isn’t part of the Medicare Supplement plan. (You may have a Medicare Supplement plan that offers prescription drug coverage if your plan had that coverage when you bought it, but you can’t buy a new Medicare Supplement plan with drug coverage anymore.)