Are All Medicare Supplemental Insurance Plans Equal?
Medicare is a wonderful public health care program, and has saved senior and disabled citizens untold billions of dollars for health care. But the fact is that Medicare alone was never designed to pay 100% of health care expenses.
You might incur expenses in several areas that are not covered by Medicare. Medicare would for example not pay your deductible for a hospital stay. There is also a deductible for Part B of your Medicare coverage. Generally, you must pay 20% of your doctor and other medical expenses out of pocket. As you can see, if you don’t have Medicare Supplemental insurance, your out-of-pocket costs could amount to a high amount in just one year!
Many private insurance providers offer Medicare Supplement insurance policies – also called ‘Medigap policies’ – to help pay for health care expenses that are not covered by original Medicare. Medicare Supplemental insurance is legally standardized into 12 plans, Plan A through Plan L. Standardization means that for example Plan L from one company must offer the same benefits as Plan L from another insurance provider. But although the benefits are required by law to be identical; the rates that different insurers may charge can widely vary. You can see that it clearly pays to compare premiums for Medicare Supplemental policies!
Which Medicare Supplement plan is best for you depends on your health care needs. As there are so many different insurance companies to select from, you can compare them and chose the plan that best fits your individual medical needs. Many seniors have supplemental insurance coverage included in their retirement package, so take this into consideration before deciding on a plan. A question that many people have about Medicare Supplemental Insurance is ‘Can You See Your Own Doctor’? Yes, most major Medicare Supplement insurers do allow you to see and choose your own doctor.
When Can You Apply for Medicare Supplemental Insurance? It is best to buy a Medicare Supplement policy during your open enrollment period. This open enrollment period is the time frame that begins after you reach age 65, on the first day of the month in which you were born and lasts for 6 months. During your open enrollment period, you cannot be denied any Medicare Supplement coverage that an insurance company sells, or made to wait for coverage to start, or be charged more for a supplemental Medicare policy because of your health condition. You will each need your own individual Supplemental policy for you and your spouse, just as you each have your own Medicare coverage.
Are you allowed to switch Medicare Supplement Plans? Yes. In fact, even if you are happy with your policy, it is wise to compare rates and benefits of other plans from time to time. If you find a plan that is better than your current plan, check with the provider for the Supplemental Plan quote. You might be able to save a considerable amount of money by switching to a different Medicare Supplemental Insurance Plan!
