You may need to shop around for a Medicare Supplement plan that will suit your personal medical and fiscal needs. Insurance companies can price their supplemental plan premiums in a variety of ways: On the whole-life plan, according to your present health status; as a “catch-up” type of plan for those who became eligible for Medicare during the “achiability” of their original Medicare when they were 50 years old or less; and as a “premium only” plan for seniors with a Medicare Part D prescription. Insurance companies base their premiums on the average age of their clients and the number of years in which they have been Medicare-insured. They also consider the “time value,” or the degree of benefit, of their Medicare Supplement plans. This means that if you are older and have not had Medicare before, you will usually receive smaller Medicare Supplement plan premiums than younger, more settled-down clients. And if you are new to Medicare and have been on Medicare for only a short time, your premiums will be higher.
Medicare Supplement plans are usually available to people who have not yet reached the age for Medicare. Medicare Part A and Part B, along with certain other long-term Medicare benefits, pay the bulk of your Medicare coverage. Medicare Supplement plans, or Medicare Advantage Plans, covers the remaining Medicare benefits. Most people become automatically enrolled in Medicare when they become eligible for Medicare. Some people need to enroll in Medicare themselves, though, in order to take advantage of the many Medicare benefits.
How do you know whether or not you need to enroll in Medicare? If you are Medicare-age now, and eligible for Medicare, you should already be covered under some Medicare Supplement plans or Medicare Advantage Plans. In order to determine the amount of coverage you and your family will need under different Medicare supplement plans and Medicare advantage plans, you should contact a Medicare representative. They will help you understand your specific coverage needs and help you decide which Medicare Supplement plan is best for your current situation.
Two of the main Medicare Supplement plans currently available to seniors are Medicare Part A and Part B. The original Medicare supplement plan, Medicare Part A, pays for hospital stays, physician visits, and inpatient drugs. Medicare Part B, the Medicare Advantage plan, is a discount type of service that allows senior citizens to take advantage of the services and medications that are not covered by Medicare. The two Medicare Supplement plans are designed to cover the broadest range of medical care for seniors. Below is a list of the most popular Medicare Supplement plans offered for enrollment in January 2021:
There are several Medicare Supplement plans available for seniors who are not enrolled in Medicare as a result of becoming disabled or eligible for Medicare as an immediate family member. Medicare Supplement plan C will cover the remaining balance of the hospital stays, physician visits, and inpatient drugs in the original Medicare program. Medicare supplement plan D will be a special Medicare Advantage plan that will pay for the costs of extended hospital stays, critical illness drugs, and drugs that are used for AIDS or cancer treatment. Medicare Supplement plane will be the largest of the three and cover the largest portion of the coverage gaps left by Medicare.
The type of Medicare Supplement plan you choose depends on the kind of Medicare coverage you already have. All the supplements available will vary in cost and will also vary in coverage, so it is important to compare different medigap plans before choosing one. A good idea is to get quotes from at least three different sites. Then, once you have all of the quotes in front of you can compare them to see exactly which plan is the lowest cost, offers the best coverage, and is the type of Medicare Supplement plan you need. When you finally make the decision to purchase Medicare Supplement plans available for seniors, you will have added peace of mind knowing that you are making the right choice for your family.