Medicare Supplement Plans - Great Value, Great Choice!

Thousands of people will turning 65 over the next few years

. As the baby boomers become eligible for Medicare they are forced to make a few tough decisions. They must choose between Medicare Advantage Plans and Medicare Supplement Plans, and they must find a prescription drug plan that covers their medications. To make matters worse, they are inundated with sales literature and information regarding new and different plans available.

Medicare Supplement Plans are clearly the best choice for people who need any medical services as they have very low out of pocket costs. While people who purchase Medicare Advantage Plans have high co-payments, especially at the hospital, those who purchase Medicare Supplement Plan F have virtually zero out of pocket expenses. Even the cheapest bare bones Medicare Supplement Plan available, Plan A, limits your out of pocket expenses by paying the 20% coinsurance original Medicare does not cover.

The trick to purchasing Medicare Supplement Plans is to shop all companies to make sure you get the lowest price for the plan you choose. All Medicare Supplement Plans are standardized by CMS, which means every company offers the same benefits. The only difference is how much you must pay for the plan. Getting quotes from every company can be extremely time consuming, but if you consult an insurance broker who does the shopping for you, you can not only save time but also enroll with ease.

Medicare Supplement Plans are much better than Medicare Advantage Plans because they dont have provider networks. Medicare Advantage Plans, which often come in the forms of HMOs and PPOs force you to visit doctors and hospitals that participate in their network if you want to pay the negotiated in-network rate. Medicare Supplement Plans, on the other hand, are secondary to original Medicare, which means you can visit and doctor, hospital, or specialist that accepts Medicare payment.

When shopping for Medicare Supplement Plans, dont forget about your prescription drug plan (PDP). These plans can be a real pain as they change every year. The offering change, along with their monthly premiums, co-payments for prescriptions, and deductibles. Good research is necessary every year in November if you want to ensure you have the best plan available for the following year. Again, consulting with a broker who can give you information about all plans will be very advantageous and can save you a significant amount of time.

While researching Medicare Supplement Plans can seem quite overwhelming, consulting an expert who specializes in this type of insurance can save you both time and money. Clearly Medicare Supplemental Insurance is the best choice for people turning 65 and enrolling in Medicare. Keep in mind you only get one guaranteed issue period that begins on the first day of the month in which you turn 65 and enroll in Medicare. Use this period wisely as it may be your only opportunity to avoid underwriting.

by: Tyra Phillips

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