Which Medicare Supplemental Insurance Plan is right for me?
Medicare is available to adults ages 65 years old and older in most cases. You may also qualify for Medicare if you have certain disabilities, or if you suffer from Lou Gehrig’s disease or End Stage Renal Failure. Medicare is a nation-wide program that offers healthcare coverage to Medicare beneficiaries and the disabled for certain guaranteed prices. You are automatically enrolled in Medicare Part A and B. If you choose to supplement your Original Medicare coverage with a Medicare Supplemental Insurance plan, you may find that you have a lot to choose from.
Know Your Plans
Medicare Supplemental Insurance, or Medigap, is designed to fill in the gaps in Medicare Parts A and B coverage. These Medigap plans are controlled by federal and state law. They must offer certain standard benefits, and they must be labeled A through N. When you are choosing between the various plans, you must consider what you are being offered.
Plans A and B
In most cases, you will be required to take plans A and B. These plans relate to your Medicare Part A and B coverage. That means you will need to remember the premium payments and deductible for your Part B coverage. Parts A and B cover hospital and medical care.
Plans C through N
The differences between other plans offered to you will vary from state to state, and to some extent from insurance company to insurance company. You should pay particular attention to the deductibles and premium costs from plan to plan. While some coverage options are standard, there will also be some differences between the various plans over what is covered and what is not. For instance, you will see some differences in prescription drug coverage and treatments.
Make a List
The best way to make sure that you get the kind of coverage you need is to first determine what it is you need. Sounds simple, right? Just make a list of the various medications, treatments, and services that you require. Make sure you determine which are already covered by Medicare, and which you will need additional coverage for. You can eliminate the plans that do not provide coverage for the services and medication you require, and then narrow your options based on premium payments and deductibles. Choosing an insurance plan is difficult no matter what, and the best way you can insure you pick the right one is through careful preparation and research.