Supplements for Medicare – What are your choices?
With health care costs on the rise, many seniors are looking for the best add-on to their original Medicare. It’s no secret that Medicare insurance was only designed to provide basic health care benefits, therefore it only covers up to 80% of your medical expenses. In case of a serious illness or permanent health condition, the share of the costs the beneficiary has to pay out of pocket may be devastating for many senior citizens.
So it is a smart idea to add a supplement to your Medicare plan. Supplemental insurance, also called ‘Medigap’ was specifically designed to help with co-payments, coinsurance, and deductibles, and with some procedures that are not covered by your original Part A or B. With such an additional policy, you can feel comfortable, because most if not all of your medical expenses will be paid by your insurer.
Here are some thoughts to keep in mind if you are currently in the process of choosing the right Medicare supplement plan for your individual needs.
The variety of Medigap plans may seem complicated to you at first, because there are 10 standard policies with different benefits and deductibles available. To make sure that you will select the coverage you really need, you should start asking yourself questions about your health. Are you seeing your health care providers frequently, or are you blessed with good health and mainly visit your doctor for preventive care? Which medication do you take? After evaluating your individual needs you can make a list with ‘must-have’ benefits for your new Medicare supplement plan.
Next, you must look over the different plans that are available in your State, and compare each plan’s benefits with your needs. Which one of the benefits, premiums and deductibles (if any) best suits you? A good starting point is this overview over the standardized Medigap plans A, B, D, G, K, L, M and N.
When you check each policy, keep in mind that your health conditions, drug needs or your financial budget may change in the future. The plan you select must still be affordable to you in case a health issue arises that requires more medical attention than you currently need.
Once you have decided which supplement policy can best fill your Medicare gaps, you can start researching which insurance companies in your state are offering it. Reputable Medicare insurance companies such as Humana, Aetna, Anthem, Blue Cross, Blue Shield, Health Net and others carriers offer different plans in many states. Depending on where you live, you may even find a local ‘underdog’ insurance provider that offers the same plan for a lower premium.
Next step is to ask all of these insurers for a Medicare supplemental insurance quote for the plan you selected. When you compare quotes, you can rest assured that each supplemental policy, no matter which provider offers it in your state, has the exact same benefits. Government regulations specify that all must adhere to the standards. This means, if you intend to enroll in a specific plan, e.g. plan K, you will always get the same benefits, regardless of which insurance company you select to buy it from.
One of the biggest advantages is that supplement plans are so easy to compare. All you have to do is, select the one that best fits your medical needs and your budget and compare the premiums of different companies. It pays to invest some time into shopping around, so you will get the coverage you need at the best rate.
If you need help selecting a plan or comparing quotes, you may ask your trusted licensed Medicare insurance broker, or directly contact Medicare.
