Chad HarrisonIf you have Medicare, you may be in the market for an affordable Medicare Supplement insurance plan to help you pay for your medical expenses. There are many different options to choose from to fit every senior financial need. While Medigap insurance offers peace of mind for seniors who need regular in-clinic care, there are a wide variety of other policies to choose from as well. Choosing the right one for you can save you hundreds of dollars each year. Here’s some advice on how to get started:
The primary difference between medical insurance plans and Medicare Supplement Plans is the amount of insurance coverage that you receive. The biggest difference is the cost factor. Medicare insurance covers the majority of all expenses that occur during in-visit hospital stays, office visits, and similar services. To lower the annual out-of-pocket expense for seniors, some high deductible plans are available. Seniors should pay special attention to annual deductibles to ensure that their particular plan will provide the assistance they require when they most need it and deserve it.
Many people don’t realize that Medicare Part D requires participants to purchase both Medicare Part A and Part B. These two policies cover the majority of medical services that Medicare coverage offers. Seniors can qualify for benefits based on their specific Medicare Part A enrollment date or if they are age 55 or older. Some individuals receive Medicare Parts A and B by choice, while others are placed in a specific group with a predetermined Part A/Part B enrollment date. Regardless of whether you are a member of a group or not, it’s wise to talk with a representative from your Medicare provider about your Part A and Part B policies.
In addition to looking at the monthly Medicare premiums, make sure to also evaluate the additional costs of your secondary payer. Seniors who have Medicare insurance plans that result in an annual deductible premium may pay more money in the long run. As the old saying goes, “you get what you pay for.” If you pay higher premiums for a Medicare insurance plan that does not offer the scope of coverage you require, then you are ultimately paying for added expenses that you could do without. It’s important to talk with a representative from your primary care physician, Medicare Advantage provider or Medicare part D provider to determine which type of supplemental policy best meets your current and future financial needs.
Chad Harrison
