Supplemental Medicare Insurance Plans

2014 Medicare and Medigap Updates

Supplemental Medicare Insurance Plans

Supplemental Medicare insurance plans, also known as Medigap, are health insurance policies taken to augment your basic Medicare coverage. As you may already have known, basic Medicare does not shoulder all the fees for every single medical procedure that you undergo. Given the rising cost of medical care today, it is only right that you find ways to augment your health insurance coverage in order to save as much as possible without compromising your access to healthcare services or having to dig deep into your savings.

The most important thing to remember with supplemental Medicare insurance plans is that it is only supplemental. This means that you should be signed up for basic Medicare first before you contemplate getting supplemental Medicare insurance. Second, it also helps to remember that advanced Medicare or Medicare advantage are both alternatives to supplemental Medicare. This also means that you should evaluate whether the supplemental insurance is best for your needs or if you are better served by getting Medicare advantage or advanced Medicare instead.

Once you ascertain that supplemental Medicare insurance plans are the best for you, it comes down to selecting which plan fits your circumstances best. Legislation often changes the make-up of Medigap so it is good to stay informed. For 2012 and into early 2013, there are 10 different types of Medigap policies to choose from. The different Medigap plans vary in coverage and premium fees and this is the primary basis with which prospective Medigap policy owns choose the plan that’s best for them.

It is also crucial that you recognize that while supplemental Medicare insurance plans are administered by private health insurance companies, the coverage of each plan of the same name is exactly the same. This means that Plan A offered by Company A will have exactly the same coverage as Plan A by Company B. This implies that clients can already do the comparison of the plans that they like in their own personal time using the fliers handed out by State Health agencies detailing the coverage of each Medigap plan. Once they have narrowed down their options, say to Plan B or Plan C, they can begin compiling actual offers from different providers within their state.

It is noteworthy to mention that despite the same coverage for same-name plans, the premium pricing often differs between companies. This is perhaps the biggest way one can differentiate between offers. The best way to assess the offers is to look at how the pricing differs in Year 0 and then year-after-year fees onwards. In most cases, the cheaper plan is often the most advantageous and most attractive for prospective policy owners.

There is plenty of value to be had by signing up to supplemental Medicare insurance plans as long as you do your homework beforehand on selecting which one is best for you. Between the 10 different types of plans and the varying pricing schemes for each, you are virtually guaranteed to find a plan that suits your needs and your budget. All that you have to do is put in the effort to properly screen your options. If you do just that, there is little doubt that you can save money on medical costs without sacrificing your access to world-class medical care at a medical facility near you for the rest of your retirement years.