6 Things to Consider When Choosing Your Supplemental Medicare Plans
Traditional Medicare (Parts A & B) alone are often not enough for most seniors. That’s why Medicare Supplement plans were created - to fill in the gaps that original Medicare simply doesn’t cover.
Here are 6 factors to consider when choosing the additional private insurance coverage you so desperately need.
- Premiums: In most areas, there are “zero-premium” Medicare Advantage plans available. This may sound like a sure thing, however, understanding exactly what your plan covers and does NOT cover is extremely important. You may end up paying more out of pocket for services needed that simply aren’t covered. Medigap plans are designed to cover those out-of-pocket expenses such as copays, deductibles, and coinsurance. Some will even cover ALL your expenses!
- Out-of-Pocket Expenses: With most Advantage plans, you will have out-of-pocket copays and coinsurance with maximums up to $6,700. Some Medigap plans pay first-dollar coverage for covered services, leaving you with little to no out-of-pocket costs.
- Plan Network Size: 96% of doctors who provide Medicare-covered services are participating providers with Original Medicare, and coverage is nationwide. Each Medicare Advantage plan has its own network, and providers may be limited to a local or regional area. Be sure to check if your doctors and hospitals are covered on your plan before enrolling.
- Plan availability: Most Medicare beneficiaries have access to a wide range of Advantage, Medigap, and Part D plans, but options vary considerably by location.
- Plan change flexibility: Medicare Advantage and Part D plans have an annual open enrollment period that lets enrollees switch plans. In most states, Medigap issuers can use underwriting to determine your eligibility and premiums outside of your initial enrollment period.
- Plan Coverage: Medicare plans all offer varying levels of coverage. Medicare Plan A covers most of your inpatient and some outpatient hospital services. Medicare Plan B is designed to cover your standard outpatients services and doctors visits. There are many important services like preventative care and prescription drug coverage that get left out of your traditional Medicare plans. To help provide the very best care and ease the financial burden for seniors, Medigap plans are available to fill in those gaps. In addition, there is Medicare part D (prescriptions) and the Medicare Part C (Advantage) plans as well.
There are many things to consider when choosing which supplemental plan is right for you. And you never have to go it alone! Click here to get all your Medicare questions answered and find out how you can get the best coverage at the very lowest price.
by Wilson Group Financial
121 South Orange Avenue, Ste. 1500
Orlando, FL 32801
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