A Medicare Supplement plan must be able to satisfy your personal needs. So, the best Medicare plan may be different for everyone. To find out the best Medicare Supplement insurance plan for you, you must first know all about your current Medicare health insurance. It will also determine whether or not you are eligible for a Medicare Supplement insurance plan.
Original Medicare and Medicare Advantage
There are 2 ways to receive hospital and medical care coverage through Medicare. One of it is through “Original Medicare” which includes hospital insurance (Part A) and medical insurance (Part B). The next one is through Medicare Advantage (Part C). It’s a type of Medicare health plan offered by private companies that partner with Medicare to provide you with all your Part A and Part B benefits.
The hospice care which is still covered under Part A even when you’re enrolled in a Medicare Advantage plan is exempted though. And you may only use Medicare Supplement plans with Original Medicare as its role is to only supplement your Original Medicare benefits.
Medicare Supplement Plans
Most states would offer up to 10 Medicare Supplement plans, these plans are standardized and are labeled only as: A, B, C, D, F, G, K, L, M and N. Note that Medicare Supplement Plans A and B is different from Medicare Part A and Medicare Part B.
There are a lot of benefits Medicare Supplement Plans cover. Like, Part A and Part B deductibles, Part B excess charges, skilled nursing facility coinsurance and foreign travel emergencies.
All Plans A toN, would cover hospital coinsurance. Beyond that, plans will start to vary. It is best to talk to your local agent to understand more about the features of every plan.
Other things to consider
Of course, before we get anything, we must consider the cost. Here are the ways a Medicare Supplement policy is priced:
- Community Rated – People will pay the same premium regardless of inflation or other factors but it won’t depend on their age.
- Issue-Age-Rated – It sets the rate depending on the person’s age when purchasing the policy.
- Attained-Age-Rated – It sets the rate depending on the person’s current age and continues to go higher as the person gets older.
Note that other factors can still affect the price of the policy. Such as discounts can be offered to non-smokers and married people, or the price may be higher if you have a pre-existing medical condition.
A Medicare Supplement Insurance policy can help pay some of the health care costs that Original Medicare doesn’t cover, like copayments, coinsurance and deductibles. It is best to understand what plan suits your needs so you would be able to take advantage of what you paid for.
At the Dave Silver Insurance, we work hard to make sure that our clients are well-protected with policies that they can afford. To learn more about how we can help you, please contact our agency at (941) 907-2879 or Click Here to request a free quote.