The 6 most overlooked pros and cons of a Medicare supplemental policy
by JOE D’AURA on
Compare Medicare supplement plans. People come to us confused about which insurance company they should choose for their Medicare supplement. Maybe you can be Medicare Advantage Plan
We have helped many seniors compare Medicare supplement plans to choose the right company for their needs ...
... but there is something you should consider before comparing Medicare supplemental plans.
You should carefully examine the pros and cons of a Medicare supplement policy.
Then, we will guide you through the 6 most overlooked points and, at the same time, the most important ones.
First, about Medicare
Most people qualify for Medicare when they turn 65. It covers most but not all of your health care costs. Original Medicare has two parts, Part A and Part B.
Part A covers hospital costs and Part B covers outpatient medical expenses,
You will pay to deductible out of pocket when you enter the hospital, and will pay approximately 20% of the doctors’ expenses, all outpatient costs, such as doctor visits, laboratory tests, ambulance tests and ambulatory surgeries. .
In general, you will not have to pay a monthly premium for Part A, and you will pay a monthly premium ($ 134, or more with a higher income, in 2017) for Part B.
So, many people who turn 65 buy a supplemental Medicare policy (also known as a Medigap policy) to pay for health care costs that Medicare does not pay.
The first important “pro” is that all insurance companies that offer a complementary Medicare policy have several plans to choose from that coverage and cost options.
All the names of the plans are letters such as Plan A, Plan B, Plan F, Plan N, etc. And all companies that offer these plans must offer exactly the same benefits for a particular plan, as specified by Medicare.
For example, Plan F offered by a company has exactly the same benefits as Plan F offered by any other company. This makes your decision process a little easier to manage.
The table below shows the names of the plan and basic information about the different benefits covered by Medigap policies. If a checkmark appears, the plan covers the benefit described 100%. If a percentage appears, the plan covers that percentage of the benefit. If the space is blank, there is no coverage for that benefit.