Medicare Supplement Insurance Do’s and Dont’s

Do’s

• Do decide if you need a Medicare supplement policy. (sometimes it is better not to have one). Remember that you have other options like a Medicare Advantage plan.
• Do answer all questions on the application truthfully: Do Not commit Fraud!!
• Do get the company’s and agent’s name, address, telephone numbers and email address. Do ask to see their website as well!. The website should have the agents information as well as the address.
• Do ask questions about what Plan you want to know about.
• Do buy your insurance from a Licensed insurance agent.
• Do not be misled by advertising or endorsements by celebrities since they are paid to advertise the company’s policy and are not insurance experts.
• Do obtain a guide to health insurance for people with Medicare. “Choosing a Medigap plan”
• Do review the policy carefully when received. If you decide to cancel, return policy to the company using the “free look” provisions of at least thirty (30) days. It is best to use certified mail when returning policy.
• Do ask about the carrier’s rate increase history. Your Medicare Supplement rate will increase.  The rate increase history is important.

Dont’s

• Don’t pay cash! Always pay for your insurance with check or bank draft made payable to the company and not the agent.
• Don’t buy more policies than you need. You can only legally have one Medicare Supplement policy at a time. Remember that you can not have a Medicare Supplement and a Medicare Advantage plan.
• Don’t let agents rush you into purchasing a policy. Take your time and compare several companies and Rates It is unlawful for agents to use high pressure tactics or make fraudulent or misleading comparisons.
• Don’t switch or replace your policies unless the new policy has better benefits, better service or a more affordable premium. Switching a plan should mean that you will benefit by switching.
• Don’t let an agent cancel your current Medicare Supplement policy if replacing. This is illegal, and insurance agent cannot cancel a policy for you.
• Don’t cancel any policy until you have received the new policy and know you are accepted, and the premium is what you agree with.
• Don’t wait longer than thirty (30) days to receive your policy; contact the company or agent and obtain the reason for delay.