Choosing a Medicare Supplement
2014 Medicare and Medigap Updates
Choosing a Medicare Supplement
A common problem among seniors looking to beef up their medical insurance is choosing a Medicare supplement that suits their needs. Pretty common advice is to choose a plan that meets your own personal goals. But in all honesty, there is not enough discussion on the essential matters that influence the whole Medicare supplement selection process.
So what should one be looking for when contemplating buying a supplemental Medicare plan? The obvious categories are cost and coverage but what does this really mean in the context of the prospective policy owner? Here are some of the more important factors one should know when choosing a Medicare supplement out of the many out there.
First and foremost, selecting a supplemental Medicare plan begins with an assessment of the Medicare plan that you currently have. Like many other seniors and retirees, you very likely have basic Medicare, and if you chose not to sign up for Advanced Medicare policies, then the basic version is most likely the only one you have.
As the name suggests, basic Medicare provides just enough coverage for in-patient and out-patient services. Beyond that, you are left to fend for yourself when it comes to footing your medical bills. The most notable concern in this area has to be your prescription medicine coverage which is beyond the scope of basic Medicare.
Choosing a Medicare supplement therefore requires a thorough understanding of your needs and how they can be suitably addressed by a specific supplemental Medicare plan. For example, do you have prescription medicine needs and which supplemental Medicare plan addresses this? Are you more likely to incur in-patient or out-patient hospitalization fees? Do you foresee yourself requiring skilled nursing care?
Once you get these questions answered, it becomes easier to choose a plan that works for you. Simply put, the plan should be able to cover the holes that are left out by basic Medicare. After that, it becomes a matter of obtaining premium offers and choosing a Medicare supplement with the most competitive pricing scheme.
Fortunately, supplemental Medicare is easy to understand in this regard because all plans of the same name have exactly the same coverage regardless of the company offering the package. In short, if you are presented with Plan A from two companies A and B, the one with the more affordable price is certainly the one to be chosen.
Choosing a Medicare supplement policy is not that hard if you know the basics. The more difficult concern is to understand exactly what your needs are so you can tailor your chosen plan to meet these needs. Once you get past that, it becomes a significantly easier task and one that you can certainly handle with minimal concern. Take the time to figure out your needs and everything will take care of itself in due course as you learn the ins and outs of choosing a Medicare supplement plan that fits your needs like a glove.