Medicare Supplements

What Are Medicare Supplements?

You may be among the thousands of people who are now or soon will be joining Medicare. As you find yourself looking at Medicare you realize you are going to have to pick one of the Medicare supplements as well. What these supplemental policies do is fill in the gaps in your Medicare coverage. Some of the gaps you will be looking at that can leave rather big holes in your budget are deductibles and co-insurance payments. The good news is there are lots of different types of supplemental plans from which to choose. This is good because it will allow you to find a plan that will best fit your needs and your budget. The bad news is there are so many plans available it can seem overwhelming.
Medicare Part A is the part of your Medicare that you will receive if you have worked ten years or more at a job in the United States. This is the part of your Medicare that pays for hospital portion of any medical care you may need. One gap associated with Part A is the deductible. You can conceivably have more than one deductible a year. There will likely be co-payments as well at Medicare will not cover. There are Medicare supplements that will offset these out of pocket expenses.
Medicare Part B is the part of your Medicare that covers your doctors and preventative medical care services. There are some expenses associated with this coverage which will not likely be covered in any Medicare supplements. The good news with this part of your Medicare is that it has an annual deductible. Once that deductible is met you will only be responsible for a percentage of your medical expenses. However, there are supplement pla
ns that can cover some of the gaps in this part of your Medicare as well. 
Your Medicare supplemental insurance plan is designed to cover the gaps in your Medicare coverages. Depending on which plan you choose will determine which gaps will be filled. Which plan is right for you will depend on your health and financial situation. If you can afford higher out of pocket expenditures then you can pick a plan where you pay less premium for your supplemental plan. If you need a plan that will limit the amount of out of pocket expenses and you can foresee extensive medical care needs in your future, then picking a plan that will cover more of the gaps may be right for you. These plans will likely have higher premiums. If you need help deciding which plan will best fit your situation call 1-800-MEDIGAP (1-800-633-4427).

Medicare Supplemental Quote

How To Obtain A Medicare Supplement Quote

Medicare supplemental insurance, commonly referred to as Medigap, is an important tool to help you manage your healthcare expenses during retirement. Each of the ten Medigap policies—A, B, C, D, F, G, K, L, M or N—are standardized in the United States, with the exception of Massachusetts, Minnesota and Wisconsin. This means that if you no matter what state you live in or what insurance company you purchase the plan from, you will receive the exact same coverage for the corresponding plan. The prices are not standardized, however, making it all the more important to obtain more than one Medicare supplement quote and compare each of them carefully.

Once you have decided on a plan, you should get a list of reputable insurance companies in your state that are authorized to sell Medigap insurance and get quotes. You can usually obtain this information from your State Health Insurance Assistance Program. Each state typically has a guide that not only lists the companies that sell Medicare supplemental insurance, but also their costs. This will allow you to quickly and easily compare the type of pricing and determine where you would like to purchase your policy from. Or you can call 1-800-MEDIGAP and let their experts guide you through the process.

Many people automatically think that the Medicare supplement quote with the lowest premium is the best value. This is not always the case. How the company calculates the rate over time is actually more important than the starting rate. The least expensive plan when you are 65 years old may end up costing your more as you grow older. This is the case with attained age policies as the premium increases each year. No-age policies, on the other hand, charge a flat premium regardless of your age. The initial premium is typically more expensive than others, but they will cost you less over the entire course of the Medigap policy. Always be sure to inquire how the rates are calculated when comparing premiums.

Once your list narrowed down to a few companies, you can call them personally to make sure the Medicare supplement quote listed is up to date. Don’t be afraid to ask other questions as well. For instance, if you have pre-existing conditions (as most of us do!) ask if there is a waiting period for those and how long it is. If you are looking at issue age policies, ask them how much the premium has increased in the past few years due to inflation. This is also a good opportunity to make sure that you are happy with the insurance company’s customer service skills and that you trust them to guide you through the process.

You are now ready to make your decision and fill out an application and purchase your policy. It’s best to pay for your policy using a check, debit card or credit card. Never pay cash.