Medicare supplemental insurance, in terms of the provisions and coverage offered, are made standard by the federal government. However, their prices and availability are not standardized.
Not all plans are offered by all companies or in all states, and while the plans are federally standardized, the government did not standardize the premium prices. Therefore, the prices will all be different for the same Medicare supplement plans with different providing companies. That’s right. You can buy Medicare supplement Plan F in your area from one company that wants $189 a month or from a company that wants $95 a month. There really is that much variation, because there is no cap or standard.
Add that price variation to the already ingrained fear that people have of Medicare supplements, and it equals disaster. People are in a rush to quickly and efficiently acquire a Medicare supplement policy as they wish to be done with the stress. Ironically, this fear perpetuates these companies’ ability to charge so much for coverage that shouldn’t be that expensive. Plans for supplement insurance ARE the same. Prices for the plans are NOT.
What about the parts? You hear all about Medicare Part A or Part D, and then you hear about Plan A or Plan D. You are sitting there, staring at the screen, trying to figure out if they are the same thing, or what type of person would name them something like that to create so much confusion. Just so you know, they ARE different.
Part A is included in all Plans; Part B is as well. They are parts of Original Medicare Coverage. Part C acts in place of Original Medicare plans and is known as a Medicare Advantage Plan. Part D is prescription coverage. Plans A-L, on the other hand, are the supplemental plans that you can buy to increase the coverage that you have by supplementing the coverage already provided by Original Medicare, hence their name. Each plan has varying levels of coverage.
Medicare supplements, also referred to as Medigap, are made to fit in with Medicare coverage and fill in the gaps where traditional Medicare lacks to provide coverage. Speaking with an agent who has an association with a specific insurance company will not behoove you as that person is most likely going to tell you that the policy and price they offer is the all-around best. The truth is that they may just want the sale.
You should instead find a Medicare attorney, broker, or another objective source that can help you understand this confusing world of plans, parts, and headaches so that you can get the medical coverage you need.
Looking to find the best deal on a Medicare supplement, then visit www.gomedigap.com to find the best advice on supplemental insurance for you.
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