Supplemental Insurance Medicare
02-17-2011
Medicare, as confusing and overwhelming as it seems, is usually associated with a few key words- supplemental insurance Medicare, Medicare, plans, quotes, rates, advantage, and the like. Before pulling apart the associated words, it’s vital to have a good understanding of what Medicare is and how it operates. About three months before you turn 65, you become bombarded with mail and calls from agents talking about Medicare, supplemental insurance, and Medicare advantage plans. With all of the options they refer to, it’s hard to decide which option will suit your needs best. Before you’re able to choose an option, you must get a grasp on how traditional Medicare works. I will help you achieve this understanding.
The concept of Medicare is that it will cover 80% of all doctor and hospital bills, leaving you with the remaining 20% to cover on your own. Traditional Medicare is comprised of four parts, Parts A through D. Parts A and B work in conjunction with each other while Parts C and D work separately from the rest. Part A is traditional Medicare’s form of hospital insurance. It does not have a monthly premium. It does, however, have a pretty hefty deductible that must be fulfilled every 60 days you enter the hospital- $1132. Part B is Medicare’s form of doctor coverage. Part B will cost you a base of $115 every month either out of your social security check or your checking account. Part B has a deductible of $162 which must be fulfilled before Medicare steps in and pays 80%, leaving you with 20% to cover. Obviously, the remaining 20% of all hospital and doctor expenses, the Part A hospital deductible, and the Part B deductible are way too much to cover out of your own pocket. This is where secondary plans come into place.
Supplemental Insurance Medicare refers to Medicare Supplement policies that will cover most if not all of the previously listed gaps traditional Medicare leaves behind. Supplemental Insurance Medicare is broken up into different letter plans- each associated with a different coverage and cost level. There are several to choose from in 2011, and even some new lettered plans, K through N, that just became effective in June of 2010. In my professional opinion, there are only a few that should be looked at with seriousness. Plans D, F, and N are the only three that offer bang for your buck and enough coverage to make anyone feel comfortable entering retirement. Plan D covers every gap EXCEPT for the Part B annual deductible of $162. Plan N covers everything, however, there is a $20 copay for visiting any doctor, a $50 copay for entering the emergency room, and you must fulfill the Part B doctor deductible of $162 a year.
Plan F is the most popular and most comprehensive Medicare Supplement available. Everything is covered under an affordable monthly premium. Price is based on where you live and what company you choose. Medicare Supplements Made Easy allows you to type in your zip code and get a free quote from ALL companies in your area. Don’t hesitate! Call or click today!