Medicare Health Supplement
2014 Medicare and Medigap Updates
Medicare Health Supplement
Medicare, the American national health insurer is known for its efficient coverage of almost all essential medical services that one may need after they retire. However, Medicare does not offer many long-term care services, a number of which are very essential for an individual’s well-being. These services if not catered for under a comprehensive insurance plan may lead to high out-of-pocket expenses. If you want to avoid such expenses and possibly save some of your retirement money, it might be time to start thinking of a Medicare health supplement plan.
Medicare health supplement plans, commonly referred to as Medigap plans, are Medicare standardized plans that are offered by private health insurers. As such, Medicare will not cater for any services/costs covered under your Medicare health supplement.
Choice of a supplement plan is crucial as you may end up paying more than you should were you to make the wrong choice. When choosing a plan, be sure to research all the different plans available so as to make sure that the one you choose offers comprehensive coverage while still remaining affordable.
Start by looking at the Medicare health supplement plans available in your area. You can get a list of the available plan in your area by contacting either the State Department of insurance in your area or the State Health Insurance Assistance Program. It should be noted that a list of the available plans can be found on the websites for these two organizations.
Medicare health Supplement plans are each identified by a single letter of the alphabet from A to N. The different plans have different benefits. Moreover, they also have different premiums but these are set by the private health insurer that is offering the said plan. When sifting through the different plans, take note of the monthly premium as well as the estimated annual cost placed on the plan. This will help you estimate how much that particular Medicare health supplement plan will cost you.
As noted, the premiums will vary from one plan to the next as well as from one insurer to the next. However, as the plans are standardized; the same plan will offer the same benefits regardless of which insurer is offering it. As such, when comparing plans based on benefits, look carefully as to how a particular plan matches your needs.
When selecting Medicare health supplement plans, be sure to ask the right questions. Ask questions as to the costs and how they will change over time. Moreover, ask how these changes will affect your plan. You may also want to ask if the company has a pre-existing policy on their plans. Some insurance companies have a pre-existing waiting period on their plans whereby late enrollment for a Medicare health supplement plan results in a delay of up to six months because of any pre-existing conditions that you may have. However, if you purchase you premium in the allotted period of six months from the time you enroll in Medicare you should not have this problem.