MEDICARE SUPPLEMENTAL INSURANCE PLANS
Medicare Supplement Insurance Plans: Also referred to as Medigap, Medicare Supplements are private insurance policies designed to cover the gaps in Medicare coverage. It is important to research and select the plan that is best suited to your individual needs. All plans are “standardized” and must offer the same level of coverage depending on which policy you choose. You may find substantial price differences between each insurance company. We can help you by providing you with a plan comparison from the various companies so that you can make an informed decision. Example: If you choose a Plan F Medicare Supplement plan you will receive the same exact benefits regardless of the company you enroll with. In this case it may be wise to choose the company that has the lowest premium.
There are several ways to save money when choosing a Medicare supplement policy. It may be best to use the assistance of a licensed broker or insurance agent to guide you through the process. The first objective will be finding the correct plan to fit your individual needs. We review each client’s needs to ensure that you are not purchasing a policy in excess of what you actually need. This will result in higher premiums for benefits that you don’t even use.
You can choose a policy with a higher deductible. This method is used for many who are relatively healthy and don’t visit the doctor very often. At the same time you will be covered for emergencies and protected against catastrophic costs. You will save a great deal of money on your monthly premium expenses and can use the extra cash to enjoy your retirement.
Many insurance companies will give you a discount if you pay yearly. There are also discounts available if you sign up with the electronic bank transfer payment option. There are few companies, however, that will charge you a onetime application fee. You should avoid these plans since most do not charge this fee.
A few companies will offer a discount for a husband-and-wife combination. This can be convenient and save you money as well, but make sure that the overall cost is comparative to other plans. Sometimes you will find policies with the overall lowest price even without any discounts.
Medicare Supplement Insurance is an excellent option for those who travel frequently. Supplement plans offer the most comprehensive nationwide coverage. There are no networks to worry about and no referrals are needed. Any provider that accepts Medicare can accept payment from a supplement policy.
Although the monthly premiums are higher, this may be a good choice for some.