Medicare insurance coverage is a social insurance coverage plan instituted and administered by the US Government. It has four parts namely Part A or Hospital Insurance, Part B or Medical Insurance, Part C or Medicare Advantage, and Part D which is called the Prescription Drug Plans.
Medicare Supplement Insurance plans, on the other hand, are standardized health insurance plans that can go hand-in-hand with the usual and original Medicare Parts A and B.
What do I need to know before enrolling myself in a Medicare Supplement Insurance plan?
Know some of the essential things about Medicare Supplement Insurance.
First, in order to get a Medicare supplement, you have to be enrolled in both the Part A and Part B Medicare plans. These supplement plans do not tie you to a particular institution or hospital. You are free to choose the health institutions you want provided they are Medicare accredited and accept your particular plan. Another thing to note is that these types of plans are automatically renewed. These do not expire. The only way you can be removed from their program is when you fail to pay the premiums that are required of you. It must also be noted that these supplement plans do not cover prescription drug coverage. You will have to get the separate plan for that – Part D of the Medicare benefits.
Before choosing and committing to a certain plan, compare the different Medicare supplement programs by getting quotes from the various affiliate websites. It is important to get quotations as to how much you will get in order to assess if the plan you are looking at is a favorable one. You don’t want to feel shorthanded financially.
To do this, find an agent that deals directly with Medicare. Give him or her your pertinent and accurate information so as not to confuse the types and rates of the plans. Accurate information will yield accurate price quotations. Make sure that the agent or agency you come into contact with is an independent one. You don’t want someone loyal to a single company to give you quotations. His quotations may be biased in favor of the company he or she works for.
Once you get hold of this information, it is now time to compare the prices and rates of the plans you wish to enroll in. You have a few plans to choose from. Some of the more famous ones are Plans F,G, and N. Plan F offers the most all-inclusive plan. By saying all-inclusive, we mean that you don’t have to take out money from your pocket in the event of medical need. The company pays for everything. They have you covered on all sides. The second plan, Plan G, is a notch below Plan F. The difference between Plans F and G are minimal only. Finally, the Plan N is of the lowest level between the three. It is designed to be an alternative to Medical Advantage plans for those who want a cheaper alternative. The cheaper price does not necessarily mean less coverage.
It is now up to you to make a decision as to the plan you choose to augment your Part A and B Medicare Plan. Choose wisely.