When it comes to your personal health, or the health of your loved ones and family, you want only the best. The best options, the best doctors, the best advice, the best costs for services and prescription drugs. Yet, many Medicare plans don't enable you to have the best of these things available to you due to lack of full coverage. Essentially, you are left with gaps in your coverage. And those gaps could end up being all that stands between you and the treatment or service you require. This is where Medicare Supplementation enters the equation.
Supplemental Insurance Plans are, within the context of the above comparison, the bridges that cover the gaps in your regular medicare plan. Medical Supplementation Insurance Plans (for the purpose of this article, from herein signified as MSIP) are specifically to enable access to a full range of quality health care. MSIP's can ultimately lower your costs and enable you to get the care you require from the doctors and hospitals of your choosing.
Sounds great, right? How does it actually work?
First, the basics. MSIP's can be attained through purchasing from a private company or provider. The National Association of Insurance Commissioners have worked to develop a system with 12 different plans, which are offered in all states (*Note: Massachusetts, Minnesota and Wisconsin are excepted from this as they have their own standardized MSIP's). The plans are classified by letter, plans A to L, and are ranked accordingly with A providing basic coverage and L providing maximum coverage. Generally, they pay all or most Medicare coinsurance amounts. Some may even provide coverage for Medicare deductibles. Some of the plans also offer varying coverage of services that Medicare does not offer such as medical care or emergencies outside the U.S., preemptive screening procedures and some outpatient prescription drugs.
Of all the currently available plans, Plan F is widely seen as the most popular and the best fit for a majority of people. Plan F covers the deductibles of Medicare Part A and Part B. It also covers the 20% coinsurance that Medicare currently does not pay. And finally, Plan F takes care of the excess charges of Part B. It also offers a foreign travel benefit option. This is standardized, meaning, all insurance providers who offer it must offer the same benefits.
Be aware though, some of these various plans may have waiting periods of up to six months. Also ensure that you are not overlapping any of your coverage between plans.
Understanding what a supplemental insurance plan can do for you is the first step in getting the health coverage you need. Attaining a plan that is right for you is the second part.
The first thing of course is to contact an insurance broker who specializes in Supplemental Insurance. Set-up a meeting and speak to someone in person. When you have your meeting, express what you require (based on the research you've already done by this point) and ask the broker to attain multiple quotes for you. A good broker will not only provide the quotes for you, but they will also be able to advise you of any future changes that may affect your MSIP.
As with any occurrence where you make a purchase, it is always in your best interests to shop around, investigate your options and ask as many questions as necessary. Ask your neighbors, or business associates what they're doing to supplement their Medicare plans. Get informed opinions from people who have had to utilize their supplemental plan - what kind of wait times are there? Was it easy and simple to get what was required or was there a lot of unnecessary confusion and callbacks? Sometimes it may help to write out any questions or situations you'd like answers for or examples of. Be as through as possible at the informative stage and you'll be sure to make the right choice when you're ready.
Supplemental Insurance continues to bridge the gap between the coverage you can get and the coverage that you need and want. For peace of mind and your continued health.
Supplemental Insurance Plans are, within the context of the above comparison, the bridges that cover the gaps in your regular medicare plan. Medical Supplementation Insurance Plans (for the purpose of this article, from herein signified as MSIP) are specifically to enable access to a full range of quality health care. MSIP's can ultimately lower your costs and enable you to get the care you require from the doctors and hospitals of your choosing.
Sounds great, right? How does it actually work?
First, the basics. MSIP's can be attained through purchasing from a private company or provider. The National Association of Insurance Commissioners have worked to develop a system with 12 different plans, which are offered in all states (*Note: Massachusetts, Minnesota and Wisconsin are excepted from this as they have their own standardized MSIP's). The plans are classified by letter, plans A to L, and are ranked accordingly with A providing basic coverage and L providing maximum coverage. Generally, they pay all or most Medicare coinsurance amounts. Some may even provide coverage for Medicare deductibles. Some of the plans also offer varying coverage of services that Medicare does not offer such as medical care or emergencies outside the U.S., preemptive screening procedures and some outpatient prescription drugs.
Of all the currently available plans, Plan F is widely seen as the most popular and the best fit for a majority of people. Plan F covers the deductibles of Medicare Part A and Part B. It also covers the 20% coinsurance that Medicare currently does not pay. And finally, Plan F takes care of the excess charges of Part B. It also offers a foreign travel benefit option. This is standardized, meaning, all insurance providers who offer it must offer the same benefits.
Be aware though, some of these various plans may have waiting periods of up to six months. Also ensure that you are not overlapping any of your coverage between plans.
Understanding what a supplemental insurance plan can do for you is the first step in getting the health coverage you need. Attaining a plan that is right for you is the second part.
The first thing of course is to contact an insurance broker who specializes in Supplemental Insurance. Set-up a meeting and speak to someone in person. When you have your meeting, express what you require (based on the research you've already done by this point) and ask the broker to attain multiple quotes for you. A good broker will not only provide the quotes for you, but they will also be able to advise you of any future changes that may affect your MSIP.
As with any occurrence where you make a purchase, it is always in your best interests to shop around, investigate your options and ask as many questions as necessary. Ask your neighbors, or business associates what they're doing to supplement their Medicare plans. Get informed opinions from people who have had to utilize their supplemental plan - what kind of wait times are there? Was it easy and simple to get what was required or was there a lot of unnecessary confusion and callbacks? Sometimes it may help to write out any questions or situations you'd like answers for or examples of. Be as through as possible at the informative stage and you'll be sure to make the right choice when you're ready.
Supplemental Insurance continues to bridge the gap between the coverage you can get and the coverage that you need and want. For peace of mind and your continued health.
About the Author:
Our medicare supplement experts make the process of selecting a good Medicare supplement very easy by offering free advice about the Medicare Supplement plans offered in your area. We compare all Medicare Supplement Plans and prices to make sure you save as much money as possible while still receiving excellent coverage!
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