Medicare Supplemental Insurance Makes Health Care Cost Less
Why do savvy shoppers re-evaluate their Medicare Supplement Insurance or Medicare Advantage Plans regularly? Health insurance options change and Medicare, itself, has been changing. The coverage that offers the most benefits at the best value one year may be outdated the next year.
One of those opportunities arises every year. From October 15 to December 7, you can join one of the Medicare Advantage plans. That's the only time of year that most of these plans are open after the original sign-up period when you first become eligible for Medicare. Medigap Insurance, however, is available throughout the year.
With Medicare alone, beneficiaries can incur out-of-pocket costs for both doctor and hospital bills. Few realize than Medicare Advantage plans are considered to be a part of Medicare - Part C actually - and Advantage plans get government subsidies. In some cases, they literally have $0 premiums, which means they cost no more than you're already paying for Part B premiums.
Unfortunately, Medicare Advantage plans are not universally available. Some areas of the country, particularly urban centers, have dozens of choices. In rural areas, few such plans may be available, though. All Advantage plans come from private health insurance companies, so they are not equally distributed to all Medicare recipients.
Where Advantage plans are available, they typically expand on Medicare's coverage. Most add benefits to help with dental services, eyeglasses and hearing aids. Many prescriptions, but not all, are also usually covered. Approximately 11.7 million beneficiaries have substituted Medicare Advantage plans for Medicare coverage, and nine million supplement Medicare with a Medigap Insurance plan.
Compare Medicare Advantage Plans From Different Insurance Companies
It's just like shopping for any major purchase. The best way to save premium dollars is to compare different Medicare Advantage plans offered by various insurance companies.
Medicare Advantage plans do have to comply with Medicare rules. In addition, Advantage plans are now rated for quality on a five-star scale. Plans with the highest rating can get more federal subsidies, which is expected to keep premiums low. So far, not many plans are earning five stars, but the rating system is new. More companies will probably start to compete harder for the extra earnings.
Since these plans do come from private companies, you'll find a lot of variance in the rules. Some of the most important considerations are whether individual plans cover your doctor and your medicine. Not all plans cover every prescription drug. These plans also have their own network of doctors and hospitals that have negotiated to keep charges low. Most Advantage plans will not cover treatment obtained from beyond their network.
If comparing different coverage options sounds like too much of a challenge, it's pretty easy to get assistance without having to pay for the help. Independent health insurance brokers don't work for any particular insurance company. They have contracts with several different insurers to offer their plans. These brokers are free to help you compare costs and coverage from different companies and they can shorten and simplify your search for Medicare Supplement insurance. You can find brokers who offer this kind of assistance at no charge on the Internet.
About the Author
By Wiley Long - President, MedigapAdvisors.com ( http://www.MedigapAdvisors.com ) - The nation's leading independent agency specializing in Medicare Supplement Insurance. Our MediGap advisors are standing by to help you choose the right plan for all of your healthcare insurance needs.
Tell others about
this page:
Comments? Questions? Email Here