Understanding the nuances of medical insurance can seem overwhelming, and this is particularly relevant for Medicare coverage. Although Original Medicare will pay for most of your health care expenses, there are some costs that you might need to handle on your own. If you have Medicare and you don't want any out-of-pocket deductibles or co-payments, then a Medicare Supplement plan may be a good option for you. Here are 3 important things to know before you buy a Medicare Supplement policy. 

1) A Medicare Supplement plan acts as a bridge between the payments made by your medical insurance and the additional costs that aren't covered. 

Medicare will not always pay every line item on the medical bills that you receive. In other words, you are obligated to share in some of the costs associated with your health care. These expenses could include deductibles, co-insurance for emergency or outpatient hospital visits, X-rays or blood work, and any other charges that Medicare simply doesn't handle. The costs can add up quickly. That is where a Medicare Supplement plan comes to the rescue. Also known as a Medigap policy, a Medicare Supplement plan is provided by a private insurance company to step in and cover the difference remaining after Original Medicare makes a payment. Having Medicare Supplement coverage can save you from accruing extremely high debts as a result of your essential wellness needs. 

2) Several Medicare Supplement plans are available with various features and premiums. 

Medicare Supplement policies have wide-ranging costs based upon numerous aspects. This is because each individual insurance company determines the premiums for its own Medicare Supplement plans. Generally, the premiums factor in your age, geographical location, and medical history. Some insurance providers offer discounts for Medicare Supplement plans if you pay all of your premiums for the year in advance or if you are a non-smoker. The amount you'll pay is also dependent upon the features included in the specific Medicare Supplement policy that you choose. For example, a plan with a high Part B deductible might have a lower premium, while a policy that allows for medical coverage in a foreign country could carry a more expensive monthly cost. It's important to clarify the full price breakdown for the plan before making a purchase to avoid any surprises.

3) There are certain times of the year when it is best to purchase a Medicare Supplement plan. 

Knowing exactly when to buy a Medicare Supplement plan is crucial. Ideally, you should buy a policy during the open enrollment period to ensure that the insurance provider will cover you regardless of any pre-existing conditions that you may have. If you wait until the open enrollment dates have passed, then you could be subject to the insurance company's medical underwriting procedures. This may affect your monthly premiums and even cause the rejection of your Medicare Supplement application altogether. Ask the insurance company when your open enrollment period begins and ends to guarantee that you are able to make your purchase before the deadline. 

Medicare Supplement plans can be valuable if you want help with paying for the costs that your Original Medicare insurance doesn't quite cover. Be sure to contact a medical insurance provider to check your eligibility and find the best Medicare Supplement policy for you.