Supplemental Medicare Plan

2014 Medicare and Medigap Updates

The Supplemental Medicare Plan

It is common knowledge that standard Medicare plans as offered by public health institutions are inadequate in covering the necessary expenses associated with taking care of one’s health. Most Medicare plans will not foot 100% of your hospitalization bills nor cover medicine subsidies, in-house patient care, or extra services by competent health-care professionals as the need arises. It is for this reason that getting a supplemental Medicare plan should be paramount on everyone’s minds in order to find peace from the rising cost of health care.

The most common supplemental Medicare plan available to most subscribers are Medigap policies categorized as Plan A to Plan L with Plan N recently added to the mix. What makes the Medigap system attractive is that it federal law ensures that similarly named plans offer the same coverage without any discernable differences preventing companies from sugarcoating packages and instead empowering the buyer to choose the best priced plan. This means that an AARP (United Healthcare) offer for Plan D will exactly cover the same areas as a Plan D offer by Blue Cross Blue Shield. A thinking customer can easily go from one provider to another, get the best price and choose the one that’s at a lower premium.

Further to this, the supplemental Medicare plan of the same package also affords the same access to the same accepting doctors and hospitals. There is no preferred doctor network that’s only specific to one provider and not accessible to another. Health institutions accredit themselves to the federal government for specific plans; that means that any doctor who accepts a Plan F supplemental Medicare plan from AARP will also accept a similar Plan F plan from Blue Cross Blue Shield.

This also applies to claims regarding pay history. Since subscribers file a claim straight to Medicare for supplemental Medicare plans, companies cannot influence whether claims are voided or approved for coverage. If for a case Medicare rules to cover the payment for a specific out-patient transaction, the providing company has to pay the obligation as directed by Medicare and there is no appeals process that gives the providers the ability to contest the decision.

In order to get the best value for your money, first approach any of the competent supplemental Medicare plans provider for a quick explanation of the components of each plan. In general, Plan A will give you the bare minimum of hospital benefit, coinsurance, blood donations and preventive medical care and stacks to Plan J which has the added benefit of hospital deductibles of up to $992 per benefit period, coinsurance for a skilled nursing facility, deductibles for doctor and outpatient care, excess charges benefits, foreign travel emergency and at-home recovery costs. Except for the most recent plans K to N, Plan A to J neatly build on top of each other so a subscriber can see the progression of each coverage as the letter name goes up.

After assessing the best plan for your need, compare the prices from each of the providers as you would any item on your shopping list. Because the coverage is exactly the same for each plan, you need not fear that you are losing on a desired benefit for a lower-priced plan of the same name. Companies use a variety of methods to determine their pricing strategies and each can be justified depending on the perspective but from the point of view of the subscriber, the best supplemental Medicare plans are almost always the cheapest.

Given the inadequacy of the standard Medicare packages, getting a supplemental Medicare plan is a no brainer. The trick is to pick the right plan that suits your budget without compromising your health insurance. Do this well and you will find your Medigap policy to be the best coverage for when the times get rough.

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