The Medicare maze is long and twisting. Understanding the
reason you are taking the path you are on is something that is necessary to
ensure your coverage is up to par with your needs. The reason Medicare is often confusing to
many is because of the choices you are given in regards to health care
plans. One major obstacle is to
determine if you would rather choose Medicare with Medigap Supplement Insurance
plans or choose an all inclusive option such as Medicare Advantage. It is important to understand both options
thoroughly to know if you are making the right choice.
First let’s talk about Medicare Advantage. Often times at first glance the Medicare
Advantage program looks like a cheaper option for better coverage. This may not always be the case though. The one thing about the Medicare Advantage
program is that the premiums may increase over time and you are locked into
them. Another item to think about is the
often higher co-pays that come along with the Medicare Advantage plans. This plan is ideal for candidates whom
already have a doctor in the network caring for them. With Medicare Advantage you need to choose
who you see based upon who contracts with Medicare to provide you
coverage. Not all doctors are
covered. This is true in regards to
specialists as well. You must see a
doctor that has a contract within the Medicare network of doctors.
Medigap refers to the plans that fill in the holes left with
traditional Medicare Part A and Part B.
Medigap Supplemental Policies are identified using a letter of the
alphabet. It is insurance that is sold
through private insurance companies.
Something to be aware of however is that the government has standardized
each Medigap Plan. This is important
because although the health insurance companies may have a different price on
the plan the coverage and benefits you receive are the exact same from company
to company.
This makes comparing policies a bit easier because you know
that no matter what the Medigap Plan is going to be the same no matter where it
is purchased. The decision really comes
down to a company and price you are willing to purchase the insurance from and
which plan out of the available plans fills in the holes left by Medicare that
you need filled in.
When looking into insurance companies to purchase a Medigap
policy from make sure to compare the rates of several companies. It is
important to note that some insurance companies add in a clause that the
premiums will or will not rise with age.
Many plans increase rates with inflation however it is best to find a
company whom has a reasonable price for their coverage, good service and a
clause that the premiums will not raise because of the participants age
bracket. Otherwise the limited income
you are living on could need to feed a higher Medigap premium in the
future.
Choosing a Medigap Supplement Insurance plan is not an easy
thing to do. Many online sources offer
side by side comparisons of the different options available with not only a
plan comparison but a cost comparison quote from several insurance
companies. IT is best to work online
with a company that offers online support as well as telephone support when
look into compare rates and view Medigap plans.
This was if a question come up you will be able to have it handled
promptly. It also helps remove
impassable paths to get you to the
finish line sooner in the Medicare maze.
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