Medicare Supplements: Pick the Right One With Help From Your Insurance Broker
Medicare supplements come in many flavors. Choose the right plan for you and your spouse by talking to a qualified health insurance broker.
By definition a “supplement” is something that backs up, tops up or makes better another thing, item, situation or in the case of this article, Original Medicare. Medicare Supplement insurance policies are sold by private insurance companies and “supplement” original Medicare.
Original Medicare was not designed to cover you 100%. There are gaps in the original Medicare and these “gap” policies help fill those out of pocket medical expenses you would otherwise pay yourself.
Original Medicare and Medicare Supplement/Medigap policies work in concert to pay health care costs. Medigap policies are all standardized and have certain specific benefits. That doesn’t mean you can’t choose benefits to suit your situation, because you will have many choices. In fact you have the option to choose from 10 different plans – Plans A through J.
Without confusing the issue too much, each plan has a different set of basic and extra benefits. You can come pretty close to tailoring a plan to your medical needs by talking things over with a health insurance agent. Talking to an agent is free, and many times can save you money by pointing you in the right direction for better coverage for a lower price.
Health insurance and Medicare contracts must follow state and federal laws. This is important, it means you are protected. It makes sense then that Medicare Supplement/ Medigap policies must also follow laws.
When you’re talking to your health insurance broker, compare the different Medigap plans. Once you have found a plan that suites your needs, compare the price of that plan with all the carriers in your state. You will find that the same plan has different prices from carrier to carrier. It doesn’t matter which plan you choose, they are the same for all insurance companies. i.e. A Medicare Supplement “F” Plan is a Medicare Supplement “F” Plan wherever you go and whatever carrier you choose.
However, having said that, each insurance company makes a decision about which Medigap policies it will sell. This is another good reason to talk to a qualified local health insurance broker who knows his stuff.
If you are considering a Medigap policy, you will need to have both Medicare Parts A and B. If you go with Medigap, you will be paying a premium for the Medigap policy on top of the cost of Part “B”. If you are applying for coverage with your spouse, they must have their own Part A and B as well.
Although it might seem confusing and time consuming to pick and choose plans that suit your circumstances, with the help of a qualified health insurance broker, it will make things a lot easier.