If you are considering changing to a supplemental insurance plan because you would like to get additional coverage or if your present plan is no longer adequate, you should compare Medicare Supplement Plans. A supplemental insurance plan is written A through L in a Medicare Part D prescription drug benefit package. A lot of people receive Medicare Supplement Plan F and this is similar to a Medigap policy. There are benefits that are not available with Medigap policies, such as coverage for the coinsurance against falls and hospitalization. You need to be aware that when you change to a supplemental insurance plan, you will also experience changes to your Medicare coverage.
A: You should compare Medicare Supplement Plans separately from your primary Medicare policy. Each plan specifically covers a different portion of the differences in Medicare. Because of this, it’s usually best to compare Medicare Supplement Plans along with your primary Medicare policy. This makes comparing Medicare Supplement Plans fairly easy. You just have to know the difference between the types of coverage, how much they cost, and what your existing coverage is.
Q: What types of Medicare Supplement Plans are available? A: The most common Medicare Supplement Plans is Part A and Part B. Both cover different areas of Medicare. The major differences are:
- Part A is designed to cover the majority of your out of pocket expenses. It has a lower premium than Part B and also provides more choices in terms of managed care. There are a few items that vary between the two programs, such as maximum out of pocket expenses, preferred provider organizations, annual out of pocket expenses, and rating standards. Most people prefer to stay with a preferred provider organization for both programs, as it allows them more control over their care.
- Part B is the traditional form of Medicare Supplement plans that is standardized by the government. Although standardized, it has been expanded in order to provide more coverage for different areas of need. It also tends to be less expensive.
These are some of the main questions you should ask yourself as you compare supplement plans to decide which one is best for you. Remember, each of these different types of policies cover different portions of your medical expenses, so it is important to understand how they will work for your particular situation. If you don’t have much of a choice in terms of providers, choosing a medigap policy will give you more options. It may be a good idea to get a few medigap plans so that you know what you’re getting into and what you can expect out of each policy.