subject: How To Choose A Medicare Supplement Plan And Save Money? [print this page] Now before we examine the Medicare Supplement lets make sure that you understand some basic information about the insurance product. Medicare, a government run health program helps provide health insurance coverage for people 65 and older as well as some who are under 65 and disabled. Medicare by itself does not provide adequate health insurance coverage, there are many gaps in coverage where a recipient would be responsible for payment. A Medicare Supplement is a health insurance plan that helps fill in the gaps where Medicare doesnt cover, which is why it is also called Medigap Insurance.
Gary, at MedicareSupplementPlanF.us said, If price is not a consideration, of course, I would recommend a Medicare Supplement Plan F almost every time. However, price is a factor and in my experience working with Medicare recipients I find that when searching for the best plan for any one individual one must consider their whole picture. The three biggest factors to look at are their financial situation, health history, and their personal opinions on health care.
Financial Situation:
We first make sure our client is able to afford a Medicare Supplement. A Medicare Supplement costs usually start at $95 and goes up from there for a standard Medicare Supplement Plan F. The monthly premium for a Medicare Supplement will vary by the area you live in, the insurance company you select, your age, whether or not you smoke, and sometimes by underwriting guidelines. You must also plan on choosing a Medicare Prescription Drug plan (avg. cost around $40-70/month and continue to pay your Medicare Part B premium). The cost of the plan will go up over time. If you are able to afford a Medicare Supplement you should buy one now, preferably when you first are eligible for Medicare and you no longer have any other creditable health coverage. When you are first eligible for a Medicare Supplement you are not required to go through underwriting, the cost is lower, and your acceptance is guaranteed. The longer you wait the more you risk the chance of not being able to afford a plan or qualify for one. Although higher in price than a Medicare Advantage plan, the health insurance coverage provided by the Medicare Supplement is superior if you get Plan F.
Health History:
A Medicare Supplement is a good fit for people of all health situations, expressed Patrick, who is an advisor with MedicareSupplemtnPlanF.us. I highly recommended it for anyone who has a family history of poor health, or currently has a medical condition that is going to require frequent trips to their doctor, specialist, or hospital. Why? Well, if you choose a Medicare Advantage plan and you have poor health (and lets face it we never know what our health will be in the future) your frequent trips to seek Medicare services are going to add up with all the co-pays you must pay. Granted there is usually a maximum out of pocket cost with a Medicare Advantage plan which is typically around $4000-$6,000 per year. Generally speaking, a Medicare Supplement is a predictable cost plan.
Your Personal Choice:
Again a Medicare Supplement comes out on top when you look at your freedom to choose. When working with one of my clients I ask them this, explained Gary of MedicareSupplementPlanF.us, Is it important to you to have the ability to go to any hospital or doctor you want for any procedure, or would it be acceptable to you to pay significantly less on your health care and have a large network to choose your hospital and doctor from?.
A Medicare Supplement, for the most part, gives you the freedom to use any hospital or doctor you wish which is attractive to many recipients. Most Medicare Advantage plans require you to receive services from an in-network provider and may require a referral from your Primary Care Physician before you may see an in-network specialist.
A Medicare Supplement is the Cadillac of Medicare health plans because of its outstanding health coverage (bases on Plan F), predictable costs, and the freedom to choose almost any doctor, specialist, and hospital that you need or want.
MedicareSupplementPlanF.us was founded in 2012 to provide Medicare recipients with the current information they need to make an informed decision when choosing a Medicare Advantage Plans or Medicare Supplement Plan. The site offers a range of articles, research materials and licensed Medicare advisors that are available with a phone call.
