Compare Medicare Supplement Insurance

Most people in the original Medicare insurance plan need additional coverage for what the original Medicare doesn't cover.

Buying a plan from a Medicare supplement Insurer is one way to cover Medicare's gaps or holes. Before you rush to purchase your policy from a Medicare supplement insurer, first check into several other kinds of policies that will cost less. We document the steps to help you select the plan that is right for you. This is the proper way to compare Medicare supplemental policies.

Here are some options to compare with the Medicare supplement:

Medicare Advantage Plans

An advantage plan will give you a large number of in-network doctors and hospitals. Out of network benefits are allowed. Specialist visits are allowed without a refferal. There are numerous nationwide insurers competing in every region of the country for your membership. These plans are many times free or very low in cost. This is a new concept and Medicare Advantage plans get complaints when the out of network physician refuses to see plan patients. Buyer should beware and one should compare the various Medicare Advantage plans before you commit yourself.

Medicare HMO Plans

•Retiree Health Insurance
•Medicare Savings Programs
•Medicaid
•Government Drug Assistance Programs
•Retiree Health Insurance

Medicare HMO Plans

An alternative to a Medicare supplement is a health maintenance organization (HMO). Generally, the HMO is free of charge. There are no monthly fees, just small co-payments to the doctor, hospital and pharmacy. Of course, this sounds too good to be true. Well, there is a catch. This is managed care. The Medicare HMO will manage your care. Again, the buyer should beware and a thorough comparison of the Medicare plans will serve one well.

The good news is that we are experts in Medicare HMO's and would be happy to show you the exact details.

Retiree Health Insurance

In many instances retiree health insurance from your former job or your spouse's former employer or union may cost less than a Medicare supplemental policy. As well, benefits such as prescription drug benefit, are often included.

In most cases, if you cancel or don't accept your retiree health insurance, you not will not be ever able to use the retiree health benefit. Check with your former company to see what they offer before making any decisions in order to properly compare the various options.

Medicare Savings Programs

Medicare Savings Programs help people with low incomes pay for a portion of their Medicare costs. Some of these programs pay for Medicare B premiums. One program pays Medicare's deductibles and expenses.

A deductible is the amount you pay for your health care before Medicare begins to pay. Coinsurance is the amount you pay out of pocket for your health care, after you pay the deductible.

Find out if you are able to sign up for any of these state programs by calling your state welfare assistance office. Many seniors qualify yet never bother applying.

Medicaid

Medicaid is a government insurance program that helps poor people or those who are disabled pay their medical costs. If you qualify for Medicaid and also have Medicare, almost all of your medical expenses are covered. You may also get extra benefits such as pharmaceuticals.

Medicaid rules vary according to the state. The state medical assistance office will inform you if you qualify for Medicaid.

If you qualify for Medicaid, a policy from a Medicare supplement is not necessary. If you already have a Medicare Supplement insurance plan, you can suspend your policy with the Medicare supplement company and not pay your company premiums for up to 24 months. If you lose Medicaid for some reason during these 24 months, you can inform your Medicare supplemental company that you want your Medicare supplement plan back.

These are the requirements for open enrollment.

1. Inform your Medicare supplement insurance company within ninety days of losing Medicaid.

2. Pay the premium to the Medicare supplement

Government Drug Assistance Programs

Prescription Drug Assistance Programs offer discounted prescription drugs from the government, drug makers and various other sources.

Other Types of Insurance plans

Specific disease policies or hospital indemnity insurance policies are not going to help most people in real terms when an illness strikes. Based on our experience in the term life insurance business, it would be wise to cancel those policies immediately. We have compared the numbers and for most people, the numbers don't add up. These policies really don't help much with your medical costs. Check the numbers, then thank us later.