Medicare Supplement Insurance is a type of insurance that offers Medicare beneficiaries the opportunity to cut their overall health care costs significantly. These plans are designed to pay for the out-of-pocket costs that aren’t covered by Medicare, such as coinsurance, copayments, and deductibles. There are several different types of plans, each offering a range of different benefits.
If you are a Medicare member who wants to pay less out-of-pocket for health care, Medicare Supplement Insurance may be right for you. Here is what you need to know before buying Medicare Supplement Insurance.
As stated earlier, Medicare Supplement Insurance, or Medigap, is an insurance product that provides coverage for the costs that aren’t covered directly by Medicare. It can be useful for lowering out-of-pocket costs, but only if you choose a plan that fits your situation best. Some plans offer basic benefits, while others are more comprehensive. Which one is suitable for you will depend on your specific health care needs and the frequency at which you utilize your Medicare benefits.
Medigap plans come in four major categories, basic plans, cost-sharing plans, and comprehensive plans. There are also high-deductible plans, which are simply comprehensive plans that require high-deductible payments. The basic plans don’t offer substantial coverage, but they are suitable for people who don’t spend significant amounts of time in the hospital.
The comprehensive plans offer high levels of coverage, but come at a much higher cost than the basic plans. The cost sharing plans offer a unique cost structure, but the benefits may leave a little to be desired. With so many options on the table, you need help choosing a Medigap plan, so give T&T Insurance a call to consult with a specialist. We’ll help you review the different plans and choose one that works best for you.
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The amount that you must pay for Medigap coverage will depend on your location, your condition, and the plan that you choose. In some cases, prices may rise or fall based on your health condition, so be prepared to answer some health questions when shopping for Medicare Supplement Insurance. Each plan offers different premium rates, but in general, expect to pay approximately $200 for the more comprehensive plans, $150 for the basic plans and $100 or less for the cost-sharing plans.
When considering the cost of your Medigap coverage, make sure you think about how much you will save by investing in a more expensive plan. If you find that owning a more comprehensive plan will actually reduce your overall health care costs in the long-term, it may be worth considering a premium plan. Though, if you won’t be using your benefits too often, or if you think you won’t save as much, then a basic plan option could be more fitting.
If you want to purchase Medicare Supplement Insurance, you must be enrolled in both Parts of Original Medicare. That is Part A and Part B. The first thing you need to do is find a company that carries your plan of choice, then contact them for more information about enrolling. We recommend finding Medigap coverage with the help of an insurance agent, because we will help you determine which type of coverage is best for your situation.
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If you need Medicare Supplement Insurance or other insurance products, T&T Insurance can assist you. We serve customers in the Petoskey, MI area, so give us a call to schedule an appointment. You can reach us at 800-MI-NORTH (800-646-6748).