Do You Want To Compare Medicare Supplements
Before you shop for a Medicare supplement, make sure you understand the basics.
- Supplements, as the name suggests, are meant to supplement the original Medicare Part A and Part B that most US seniors get. The original plan provides health insurance, but does not cover everything. It also requires members to pay deductibles and copays. These our of pocket expenses, that beneficiaries have to pay, are considered “gaps” in coverage. That is why these plans are called Medi-Gap or medigap plans sometimes.
- There are standard levels of plans which will be the same no matter which insurer sells them. They have very plain names like Plan A or Plan L. They have different coverage levels and benefits, according to which plan you choose but a Plan F will always be a Plan F.
- They are sold by private insurance companies, and not by the government. The government regulates them and sets the rules.
- Different insurers may have different premium schedules. Premiums can also vary by your age and where you live. There is competition between the private insurance companies.
- Even though the plans are standardized, some insurers may offer something called value added services to their supplements. These services do not typically come at a cost. Some popular examples of these benefits could be a health club membership, vision care discounts, or a 24/7 nurse hotline. Insurers may use these benefits to compete in the market, but they do not have any thing to do with the standardized plan.
- Even if you have a Medicare supplement, you will also probably have to sign up for a Medicare RX (PART D) plan to cover prescription drugs.
- Medicare Advantage (MA) plans are different than Medicare supplements. If you are not sure which one you want, please take the time to learn the differences.
That may have seemed like quite a long list just to cover the basics. You do have a lot of choices in the way you make the best use of your Medicare benefits today, but those choices can be confusing. It can be stressful and confusing if you have to set a lot of appointments with multipe insurance agents in order to compare plans and companies.
Which Plan Is Best For You?
However, there may be an easier way to shop and compare. Keep in mind that the best Medicare supplement for you will be an individual choice. Rates and insurers will vary by where you live too. Your own best choice will depend on your health needs, budget, and lifestyle.
This means that the great choice you older sister made may not even be sold where you live, If it is, it may come with a very different price or value added benefits. I think it is great to ask trusted friends and family how satisfied they are with their companies, but in the end, you must choose the best senior health plan for yourself.
Comparing Medicare Health Supplement Choices Online
Online health quote forms are very common today. You can take a few minutes to complete a simple form and get competitive quotes and plans to review in the comfort of your own home.