Medicare Supplemental Insurance
Posted by Mike Taylor on Tue, Dec 27, 2011 @ 10:31 AM
If you’re eligible for Medicare, you want the best coverage available. You have several options for basic Medicare benefits. You can go with “Original” Medicare or a Medicare Advantage Plan (MA), which is Medicare coverage that is offered by a private insurance company. MA plans often cover additional benefits like vision coverage. They also usually provide Medicare Part D, which is your prescription coverage.
Medicare Supplemental Plans
Even though both Original Medicare and MA plans cover most of your medical expenses, you are still responsible for paying for the services and products that are not covered at 100% by Medicare. That can include co-pays and you also might have a deductible to meet with certain plans.
To help cover some of your medical costs, you can enroll in a Medicare Supplemental Plan or Medigap insurance plan, which covers those “gaps” in your coverage. Insurance companies are required by Medicare to only sell you a standardized Medigap policy and the policies must have specific benefits so you can compare them.
There are up to 12 different standardized plans to choose from: Medigap Plans A through L. It’s important that you compare the plans because costs can vary. You will still have a certain amount of out-of-pocket costs.
You should consider the following:
- How much do you pay for each visit or service (your co-payment)?
- What is the plan’s yearly limit on our out-of-pocket costs for all medical care?
- Does the plan charge a monthly premium and how much is it?
