Medicare Supplement (Med Sup) plans are just that, supplemental plans that work in tandem with Medicare Parts A and B. Medicare Supplements are used to cover the gaps of Parts A and B and are designed to lower out-of-pocket costs. They also allow your clients to keep their doctor and hospital of choice, as long as they accept Medicare. Coverage is also guaranteed renewable with Med Sup policies. They are federally mandated and sold by private companies. All plans are uniform regardless of carrier, though price may fluctuate.
While certain other policies require your clients to remain within a specific network tied to their carrier’s contract within an area, Medicare Supplement policies are accepted wherever Original Medicare is accepted, opening up your client’s ability to receive medical care wherever they may be in the USA.
An important aspect to remember is that Med Sup policies sold after 1/1/2006 are not allowed to cover prescription drugs. If you are writing a new Med Sup policy on a client who has one of these older plans they will have to join a Prescription Drug Plan to continue getting prescription drug coverage.
Medicare Supplement policies generally do not cover vision (including eyeglasses and contacts), dental, hearing, long-term care, or private nursing. While you are on your Medicare Supplement Plan appointment remember, to remain compliant, that you can discuss other products as long as you are not discussing Medicare Advantage Plans or Prescription Drug Plans. Discussing these products with your prospective clients will allow you to build a suite of products that the client will see value in and increase your bottom line and their peace of mind.
Medicare Supplement policies are sold at any time with medical underwriting, however, there are open-enrollment periods that a prospective client can take advantage of to purchase a Medicare Supplement policy without medical underwriting.
For a full list of these enrollment periods, exceptions to open-enrollment periods, to ask any questions, or check compliance regulations contact us!
*We do not keep product forms for all states. If you need a product that is not listed on the website, please reach out to us at 1-800-689-2800 for assistance.