Medicare Supplemental Insurance
Medicare is health insurance administered by the United States government to cover people age 65 and older and for those who are under age 65, but are disabled physically or have a congenital physical disability.
Medicare supplemental insurance is an additional insurance policy that will pick up where Medicare leaves off. Medicare supplemental insurance is available through most insurance providers who provide health care coverage. Shopping for Medicare supplemental insurance is similar to shopping for health insurance in general. There are a number of policies available and even though there is not a lot of difference between plans, it is still important to understand how each works and benefits you.
There is no difference in the Doctor’s network between Medicare supplemental insurance. Each insurance company uses the same identical Doctors network. If the doctor accepts Medicare supplemental insurance, they will accept the insurance regardless of the issuing insurance company.
Medicare decides what they pay and what Medicare Supplemental insurance will pay. When Medicare approves the claim, the supplemental insurance has to pay their share, no questions asked. That makes it easy and convenient no matter what supplemental health care provider you have.
If the insured switches Medicare Supplemental insurance plans, their coverage will be the same. There is no difference in coverage and no difference in payment of claims.
Before choosing a Medicare Supplemental insurance provider, check out their financial stability very carefully. There are a number of rating companies that provide such information for the consumer. Only do business that has a successful and positive rating. Any insurance company that is in or nearing financial instability or distress will only cause unneeded problems for the consumer.
Medicare Supplemental insurance plans only vary in price. The insurance company sets what they consider the most competitive price they have to offer. The pricing will depend on the geographic location of the insured more than anything.
Medicare insurance typically covers up to 80% of the medical costs, leaving the insured with the responsibility of covering the other 20%. In the event of a hospital stay, that 20% could represent a huge amount of money. That is where Medicare Supplemental insurance pays for itself, by covering that 25%. For someone on a fixed income, paying 20% of a medical bill could prove to be a financial disaster.
Medicare Supplemental Insurance will also cover the copays required for a doctor’s visit or hospital stay. That relieves the retired person on a fixed income from an additional expenditure that they might not be able to afford very easily.
There are 12 supplemental insurance plans labeled A through L. Each plan offer different benefits at varying prices that fill different gaps in Medicare coverage. Plans K and L are similar to plans A through J except the premiums are lower and the out of pocket expenses higher. Some insurance providers offer Medicare Supplemental insurance Plan F and J with a $2k deductible. That deductible must be paid before the plan covers any cost.