Medicare is different from private health insurance plans in some ways, but similar in others. For example, there aren’t as many choices to make when it comes to Original Medicare as there are with private health insurance, but you will have at least one big choice to make: if you should get a Medicare Supplement Plan, and if so, which one. The answer to the first question is easy: yes! Original Medicare has quite a few out-of-pocket expenses associated with it, like Part B’s 20% coinsurance, so having a Medicare Supplement Plan is important to help you keep your medical expenses under control.
But the second question might seem harder, since there are 10 different Medicare Supplement Plans to choose from. So if you’re wondering which one is right for you, you should ask yourself the following questions.
Medicare Supplement Plans are similar to the private health insurance you’re probably used to: you choose a plan, pay a monthly premium, and in return, the plan pays most of your expenses not covered by Medicare Parts A & B.
For example, if you have a $4,000 ambulance bill, and you have already met your Medicare Part B annual deductible, Medicare Part B will pay 80% of the bill. That means you’ll have to pay the remaining 20%, or $800, out-of-pocket. But if you have a Medicare Supplement Plan that covers Part B copayments and coinsurance, your plan will pay that $800.
How Do You Get a Medicare Supplement Plan?
While you can enroll in a Medicare Supplement Plan at any time, the best time to purchase a plan is during your Open Enrollment Period. This is the six-month period that starts on the first day of the month that you turn 65 and are enrolled in Medicare Part B. During your Open Enrollment Period, you can enroll in any Medicare Supplement Plan offered in your service area with guaranteed issue, meaning that insurance companies are not allowed to deny you coverage or charge you more because of pre-existing conditions. There are many different types of Medicare Supplement Plans to choose from, with varying levels of coverage and different price points.
Questions To Ask
If you’re looking for a Medicare Supplement Plan, you might be tempted to choose the most inexpensive plan because you want to save money, but that might not be the best option for your needs. You will need to take into consideration your current and future health care needs, and any additional expenses that might come up.
So before you purchase a Medicare Supplement Plan, you should ask yourself:
What is my budget?
What are the maximum out-of-pocket expenses for each plan?
What are the copays and deductibles for each plan?
Would I rather pay more in monthly premiums and have lower out-of-pocket expenses, or pay a lower premium and have a copay each time I see the doctor?
Am I okay with a plan that requires me to stay within a network of doctors? Or do I want a plan that has no networks?
Do I want a plan that doesn’t require me to get a referral from my primary care physician to go to a specialist?
Do I plan on traveling?
Do I take any infusion drugs? (Many plans only cover 80% of infusion drug costs.)
Are extra benefits such as prescription drugs or dental, vision, and hearing important to me? Or can I purchase a separate plan?
Looking For More Information?
If you need help answering these questions, an EZ agent can help you! Our agents work with the top-rated insurance companies in the nation and can go over each plan available in your area while helping you answer all of the above questions to find the plan that best meets your needs.
Because there are 10 different plans to choose from, we guarantee to find you the perfect fit. It’s worth looking into a Medicare Supplement Plan to save as much money as you can, so speak to an EZ agent for all of your options. EZ’s agents work with the top-rated insurance companies in the nation and can compare plans for you in minutes at no cost to you. To get free instant quotes for plans that cover your current doctors, simply enter your zip code in the bar on the side, or to speak to a licensed agent, call 888-753-7207.
With over a decade of helpful content experience Cassandra has dedicated her career to making sure people have access to relevant, easy to understand, and valuable information. After realizing a huge knowledge gap Cassandra spent years researching and working with health insurance companies to create accessible guides and articles to walk anyone through every aspect of the insurance process.
