5 Fast Facts About Medicare Supplement Plans
These plans, also referred to as Medigap plans, were first introduced decades ago and designed to work hand-in-hand with Original Medicare (Parts A and B). It is important to note that these are NOT Medicare Advantage Plans (Part C)
Here are 5 important Facts to know:
Fact #1: You have several options.
Medicare supplement plans are labeled with a letter.
Today, there are 10 different lettered plans, all standardized by the federal government. This means that every plan of the same letter provides the same coverage, regardless of the insurance company that offers it.
Of the 10 different lettered plans, companies may offer all 10 plans or choose not to offer certain ones.
The standardization of Medicare supplement plans makes it simpler to understand exactly what benefits each plan offers, no matter which insurance company you work with.
Companies do, however, have flexibility to offer extras, such as fitness clubs, dental, hearing and/or vision discounts. These “extras” may vary between plans. Although, because the market is so competitive, the differences typically aren’t that great.
So, the difference between the insurance companies offering similar lettered plans is NOT the benefits (as mentioned, these are standardized) but rather the premiums, cost stability of those premiums, and the method of calculating the premiums.
Fact #2: Medicare Supplement Plans typically offer more flexibility.
For many of you, the freedom to see any doctor is critically important.
Medicare supplement plans do not require the use of networks, giving you the flexibility to see the provider of your choice, as long as they accept Medicare patients. (and almost all do)
You will also have more choices of specialists, because of there being no networks and pre-authorizations of tests, treatments, and referrals are not required.
Fact #3: Your coverage will follow you wherever, in the United States, you go. (Most plans also offer foreign travel benefits)
Another upside to Medicare supplement plans not being restricted by networks is that you do not have to worry about finding a network provider when you travel because your coverage travels too.
As long as your provider accepts Medicare patients (most do), regardless of where you are in the United States, your care will be covered.
Fact #4: Your costs are predictable.
I know you never want a health crisis to occur. But, if it does, one thing you can expect with a Medicare Supplement Plan is a predictable out-of-pocket cost. In a certain sense, Medicare supplement insurance is somewhat like your home and car insurance. By this, I mean, your premiums become a regular, expected, expense that protects you from incurring larger, unexpected, and unpredictable medical costs.
Medicare Supplement insurance and Original Medicare work together to help keep out-of-pocket medical costs not paid by Medicare, such as deductibles and other copays, to a minimum. Remember, without a supplement of some kind, there is no limit to the out-of-pocket costs that could occur when only covered by Medicare Part A and B
Fact #5: Medicare Supplement Plans are guaranteed for life.
This means that, over the lifetime of your plan, your coverage will never change, and the plan cannot be canceled (regardless of your health or medical-related expenses)
However, to get this guarantee, it is essential that you enroll in Medicare at the right time and in the right way.
Missing a guaranteed issue enrollment period means that you would then have to qualify for a Medicare Supplement plan based upon medical underwriting.
If you would like more information or assistance with your Medicare Supplement options, please contact me by phone at: 904.703.5105, or by email at: rdf.fud.d10@gmail.com