When on the subject of Medicare Supplement Plans this is a term that you should be aware of – guaranteed-issue rights. Though many people would tell you that there is no such thing as the best Medicare Supplement Plan, you could sign up for one that suits you best. How would you find the plan that suits you well? Apart from the fact that you need to sign up for it at the right enrolment period, it is also necessary to know the other technicalities such as guaranteed-issue rights and other such terms, to make the right decision.
What Do Guaranteed-Issue Rights Mean For You?
When you have a Medicare Supplement Plan, it means that your rights have been guaranteed or in other words, you cannot be turned down for any coverage that you are entitled to. The insurance company has no choice but to honour your request or your claim based on the pre-existing conditions that you have entered into a contract for. This is a bond that you have signed, and they have agreed to honour as and when you submit a claim for coverage of hospital bills, treatment, nursing care, and purchase of drugs. Where you could run into a problem is when you have not made a clear and correct assessment of your health issues and you have not been realistic in your projections. This is why regular doctor visits can keep you safe and prepared.
Payment Of Premiums
The insurance company cannot ask you to pay a higher premium than what you have already agreed to. This is the reason why you do a detailed study of what your requirements are likely to be, before giving them a clear indication of the kind of coverage that you want. Of course, there could be a rare occasion when there is a surprise element in this. You suddenly realise that you need coverage on an expense that you never thought you would need to bear, as far as your health is concerned. The recent pandemic is one clear example of this. You might think that you are fully in control; suddenly things around you collapse because not just you, but all the members of your family are in danger of contracting the dreaded disease.
It is also good to be aware that insurance companies cannot require even minimum medical underwriting. If you are approaching a medical insurance company within the enrolment period that is specified, there is no way they can deny you a Supplement Plan.