In comparing Medicare Supplement Plans and benefits, it is important to note that all plans and benefits are standardized and designed by the federal government itself through the Centers for Medicare and Medicaid Services (CMS). Each private company that offers Medicare Supplement (Medigap) Plans are required by law to follow and offer the same exact benefits and coverage. These private companies, however, get to choose how much they charge for each plan. Comparing multiple companies in your state gives you a chance to get the one with the lowest rates offered.
To get the best deal out of your chosen plan is to compare the benefits you currently and could be needed in the future. It is best to anticipate any untoward expenses and coverage you might need without having to break your budget or having to shell out so much money for any benefits you don’t ever use.
For the purpose of having an easier idea regarding the benefits and coverage of each plan, a chart is offered below listing the most popular plans for a side-by-side comparison.
|Part A Hospital Coinsurance|
|365 Additional Hospital Reserve Days|
|Benefit For Blood||50%||75%|
|Part B Co-Insurance||50%||75%||*Co-Pays|
|Skilled Nursing Facility Co-insurance||50%||75%|
|Part A Deductable||50%||75%||50%|
|Part B Deductable|
|Part B Excess|
|Foreign Travel Benefit||80%||80%||80%||80%||80%|
|Preventive Care Co-Insurance|
|Out of Pocket Limit||None||None||None||None||None||None||$5,240||$2,620||None||None|
There are 10 policies currently available, designed in a letter system, ranging from Plan A to Plan N. As stated above, all plans are standardized. If you try to compare Plan A from Company ABC with a Plan A from Company XYZ, you would find that both offers the same coverage, benefits and specifications except for the cost of their premiums.
As of June 1st, 2010 four Medicare Supplement Plans which were eliminated due to the Medicare Modernization Act. Those plans are: Plan E, Plan H, Plan I, and Plan J. If you have one of these plan, worry not. You are allowed to keep it and will still be able to avail the benefits from your plan. Plan J then again gives you what Medicare does now cover: preventative care and at-home recovery so it’s like paying twice for the same thing thing while getting the same benefit.
There is no one-size-fits-all plan that can definitely work for everyone. To really understand the best insurance plan for you, one must remember that each person is unique. You must consider your preferences, health status, family medical history, budget, needs and what you might need to accommodate in the near future. What plan might work for someone doesn’t mean it will also work for you.
Deciding too quickly in purchasing the best plan for yourself may land you on the worst plan that could be damaging to your budget. Not only that but you might not get the benefits and coverage that you so badly needed. Consumers these days are jumping into decisions too quickly without understanding what they purchase which can leave many negative consequences.
In order to make the best decision, you need to realize a couple of things: wherein several choices change the possibility of different outcomes and how desirable each of those outcomes is. And on what do you base that choice from? You must consider your preferences, health status, family medical history, budget, needs and what you might need to accommodate in the near future. Research all background information first whether it’s about yourself, the types of plans and their coverage, or even the insurance company.
When deciding on a plan that works for you, also keep in mind these considerations:
The best Medigap insurance plan (also called Medicare supplement), is completely dependent on a lot of factors specially the ones that really concern you.
After you’ve done some internalizing and weighing-in on the factors that need to be considered first before purchasing your policy, you need to thoroughly review the features of the Medicare Supplement Insurance Policy that you think will suit you here at our website to see what’s available in your state and get their quotations.
If you want a more comprehensive and thorough knowledge about these policies feel free to call our toll-free number (855) 230-0801 to talk to one of our experienced Expert Medicare Specialist.