If you want the best results in price and coverage, you must get your Medicare Supplemental Plans compared. Medicare Supplemental Plans have been standardized by the Federal Government, which means that the same plans availed from any Insurance Company anywhere in your country will give you the same set of returns. The premium rates vary from carrier to carrier; this makes the comparison of Medicare Supplemental Plans an absolute necessity.
If you go Medigap Shopping you may see that there are two Insurers offering the same benefits but the premium rate for one company might be higher than the other. This variation of costs is mostly because of the varying terms and conditions of each company.
It is important that you know, not all Medicare Supplemental Plans are offered by all Insurance Companies. Some companies market and have offers on certain Medicare Supplements only. Also note that only after you have paid the deductible amount does a Medicare Supplemental Plan covers coinsurance. Unless of course, the deductible is included within the Supplemental Plan.
What you Enjoy with Medicare Supplements Plans Compared
Medicare was never designed to cater to all your health care expenses, but it does help to cover a large portion of your expenditures leaving you to pay for the remaining amount. Yet the amount that you have to end up paying for is not a very small figure and it can add up to your ever-increasing medical bill. Medicare Supplements usually cover the out of pocket costs that you have to bear and pay for bills that the Original Medicare does not, such as:
- Doctor’s visit
- Choosing your own doctor
- Medicare Deductibles
- Physician’s Services
- Ambulance Services
- Extended Hospital Care
- No claim forms to be filled out
- Coverage guaranteed and renewable for life
- No referrals required to visit a specialist
These costs are borne by Supplement Plans and can ease your pressure of expenses at the time of an emergency.
Some Benefits Compared
You can have the privilege of enjoying superlative benefits if the Medicare Supplemental Plans are compared with diligence and expertise. Some standard benefits are:
- Part A Deductible (Found in all plans from Plans B to Plan N)
- Pays the $1132 Medicare Part A inpatient hospital deductible in each benefit period.
- Skilled Nursing Coinsurance (Found in all plans from Plans C to Plan N)
- Pays the $141.50/day coinsurance amount for days 21–100 in each benefit period.
- Must be in a Medicare–certified Skilled Nursing Facility.
- Part B Deductible (Found in Plans C and F)
- Pays the $162 Medicare Part B deductible each calendar year.
- The Part B deductible only applies to Medicare–approved charges.
- Foreign Travel Emergency (Found in Plans C, D, F, G, M and N) Pays 80% of actual charges for medically necessary emergency care received in a foreign country. The following restrictions apply:
- Expenses must be incurred during the first 60 days of the trip;
- Lifetime maximum of $50,000.
- Part B Excess (Found in Plans F and G)
- Pays for the difference between the Medicare–approved amount and the doctor’s actual charge up to 15% over the Medicare–approved amount.
- Office Visit and Emergency Room Co-payments (Found in Plan N)
- You pay 20% or $20 (whichever is less) for each office visit you incur;
- You pay $50 for each Emergency Room visit you incur;
- The Emergency Room visit co pay is waived if you are admitted in to the hospital after your ER visit;
- The Medigap plan will not reimburse you for these copayment amounts. They are your responsibility to pay.
Prescription Drugs are no longer available under Medigap plans unless you retained an H, I or J policy issued prior to January 1, 2006. Medicare Part D provides prescription drug coverage through private insurance companies via stand-alone prescription drug plans (PDPs) or through Medicare Advantage plans offering a prescription drug benefit (MAPDs).The “At Home Recovery” and the “Preventive Care” benefits are no longer offered in any Medigap plan sold after June 1, 2010.