Turning 65? Top 7 Reasons to Consider a Medicare Supplement

Marjorie Bozer
Jun 25
3 min read

Tomorrow belongs to the people who prepare for it today. -African Proverb

Doctor showing kindness to her patient.

My #1 recommendation to those who are turning 65 is a Medicare Supplement Plan, if it is affordable. Following are seven reasons why:

Guaranteed Issue. When you are turning 65, you have a unique opportunity to get a Medicare Supplement. You have 6 months from the effective date of your Part B to not have to pass underwriting. It is a guaranteed issue. That means, regardless of whether you have a diagnosis or any preexisting health challenge, you will not be disqualified from getting a Medicare Supplement during that 6 month period. After the 6 month period expires, anyone applying for a Medicare Supplement is subject to underwriting and the insurance company may refuse coverage.

Issue-Age Premiums. In issue-age states, such as Florida, your premiums would stay at the age 65 rates for as long as you have the plan. It does not mean you would not see rate increases but you will continue to pay the rate of a 65-year-old rather than someone who retires from their work and picks up a Medicare Supplement at age 75. They will continue to pay the rate of a 75-year-old, which can be significantly higher.

Predictability. With a Medicare Supplement, the amount you need to budget for your healthcare is consistent. You pay the premiums and the Part B deductible (if you select a Plan G). In contrast, with a Medicare Advantage Plan there are co-pays and co-insurance, so the amount paid for healthcare with a Medicare Advantage Plan varies according to the state of your health and your need for care. Not so with a Medicare Supplement Plan G.

Stability. A Medicare Supplement is a long-term, guaranteed renewable plan. As long as you pay your premiums, it should last you for the rest of your life. Occasionally plans are removed from the market, such as Plan F. It is no longer available to anyone who turned 65 after January 1, 2020. But those who purchased a Plan F and have continued to pay the premiums, still have Plan F. If you purchase Plan G, you can anticipate keeping Plan G. Compare this to a Medicare Advantage Plan that changes every year. Even in the middle of the year doctors and facilities can opt in or out of the plan's
network.

Flexibility. A Medicare Supplement opens the door for you to see any provider in the United States who accepts Medicare. There is no need to search an in-network list if you are looking for a doctor, specialist, or facility.

Give it a try. If you start with a Medicare Supplement and later decide that you would rather have a Medicare Advantage Plan, you will not have a problem switching to a Medicare Advantage Plan (during Annual Enrollment Period). The reverse is not true. If you start with a Medicare Advantage Plan and later change your mind and want to go to a Medicare Supplement, you may not have the opportunity (because you may not pass the underwriting health questions or because the rates may be too steep as your age increases).

Prepare for the future. No one knows what the future holds but as a general rule of thumb, most people’s health sees some decline through the years. Having a plan in place to protect you from rapidly increasing healthcare costs is a wise choice.

The primary disadvantage of the Medicare Supplement is cost. If you find the cost is prohibitive, there are other options. Check out the 7 Reasons to Consider a Medicare Advantage Plan post.

Senior Exercising — Doctor telling her patient goodbye and wishing her well.

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We are happy to answer your Medicare questions. Call Marjorie (941) 216-2004 or John (941) 315-5801 or click here to schedule your FREE Medicare Review. For existing Medicare clients, an annual review is recommended in the fall of each year near the Annual Enrollment Period. If you are turning 65 and new to Medicare, we can help you with your plan selection during your Initial Enrollment Period. We are here for you.

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