Medicare Supplement refers to different private health insurance policies sold commercially to replace Medicare in the United States with a policy that pays a percentage of hospital expenses and other services provided. This supplement also covers preventive care, prescription drugs, and some disability income. Private companies providing this insurance must register with Medicare before they can sell any of their plans.
Some people are afraid to purchase a Medicare supplement plan because they think they are going to have to pay more out-of-pocket costs. The truth is there are many different ways to help reduce the cost of medical coverage. Some people can save money by getting more exercise, spending less time sitting in doctor’s offices, reducing the number of visits to their dentist’s and getting more routine medical screening done. Another way to save money on Medicare supplement plans is to consider buying a “high risk” policy. These policies pay higher rates than other policies for certain medical problems, such as heart disease, obesity and diabetes.
One easy way to save money on Medicare supplement policies is to increase your deductible. Most policies start with a $500 deductible. The higher your deductible is, the lower your monthly premium payments will be. And since many policies start with $500, you can easily save several hundred dollars on each yearly premium payment. But if you do choose to go with a higher deductible, be sure to think about the implications of this decision in terms of the coverage you will need.
Another way to save on premiums is to select a limited coverage plan n the Medicare Supplement Insurance Plan. Most people do not need all the coverage provided in their primary plan, so by choosing a limited coverage plan, they can get the deductible and the benefits they need without paying any more for coverage. Choose a plan that offers the highest deductible and the most benefits, then make adjustments for your own circumstances to fit your needs. Be sure to carefully consider how much everything else will cost as well, before making your final selection.
In addition to comparing prices and premiums, you should also focus on the quality of care you receive from the health care provider that is listed as a participating provider with Medicare Part A and Part B. Certain health care providers are more likely to provide you with better service than others, and sometimes even the best Medicare supplement plans will not give you adequate access to care from these providers. This is why it is critical to carefully review the ratings that are given to medical plans by J.D. Powers and Associates. The rating system is based on the primary plan and its Parts A and B components and is used to determine the overall effectiveness of a plan’s coverage and the kind of service providers that participate in the program.
Once you’ve selected a Medicare supplement plan that meets your basic needs, and you’ve selected a plan that gives you the kind of care you need at the right price, you can then begin to shop around for the most effective rates. Compare costs and premiums among different insurance companies, as well as medical plans, Medicare Advantage Plans, etc. Also, if you have a pre-existing condition, or intend to switch to the plan later on, talk with your primary care physician about additional coverage options that may be available. Medicare Supplement Plan premiums vary greatly, so it’s important that you do your research and select plans that will provide you with the type of care and the price you want.