Medicare is a U.S. Government ran insurance plan that is provided to Seniors and the disabled on Social Security. The plan pays 80% of the individual’s healthcare cost, the other 20% is an out of pocket cost that the individual must pay. This may not seem like much but it can add up especially when a person faces surgery or hospitalized for a health concern.
It can also be a problem when an individual is in constant medical care for a health condition such as cancer. Then there are those things that just aren’t covered such as dental, optical and hearing issues. This is where a Medicare Supplement Insurance Plan or a Medigap plan as it is also referred to can be helpful.
The Role of Medicare Supplement Insurance
Basically Medigap insurance covers that out of pocket costs that aren’t covered by the Medicare plan. These have different deductibles and different coverage plans. These Medigap insurance plans are categorized by ten different identifiable letters. These letters are A through D, along with F, G and K through to the letter N.
One of the most popular of these various plans despite being the most expensive is the letter F, this is the one that covers what is left of hospital costs after Medicare pays their share. Unfortunately for new Medicare patients, this plan is no longer available to enroll in Plan G is the closest one to it, and there is a nominal deductible cost under two hundred dollars that needs to be paid by the patient.
Comparing Medicare Supplements
Now comes the most difficult and confusing part of all. That is having to compare Medicare supplements plans that are out there. The reason this can be difficult is the fact that there are so many plans in which to choose from. Numerous health insurance companies offer Medicare Supplement plans. One of the things that makes it confusing is that instead of being able to do this online, or through the mail a person has to literally get on the phone with someone who is talking to a customer service representative.
Yes, these individuals know what they are talking about but a person can feel pressured to go with a specific plan that may not give them the coverage that they want. One of the things to remember is that each of these plans offers a detailed catalog that goes into the various types of Medicare supplement plans that say for example Blue Cross Blue Shield has to offer. Don’t be afraid to request the catalog so that you can take the time to study all the different plans, to decide which plan is right for you.
Enrolling in Medicare Supplement Plan
Another thing to keep in mind when you send out to compare Medicare Supplements is that there are periods of open enrollment. These are the best times in which to enroll in one of the Medigap plans that are out there. So, take the time to find out when this period of time is and then start to do your homework.
Yes, perhaps right now you don’t feel like you need a supplemental plan, you are a relatively healthy person, Medicare is enough. However, there is a saying: prepare for the worse and hope for the best, none of us knows what tomorrow will bring when it comes to our overall health. So, right now is the ideal time to compare Medicare supplements. Remember when we have our health we have everything.