Medicare Supplement Plans is lettered A through L, each plan pays out a different portion of the coverage differences in Medicare. It is important to compare Medicare Supplement Plans side-by-side by using the Medicare Supplement comparison charts available online. These charts help you to choose the type of supplement that best suits your needs. Comparing these charts is easy, just follow these tips:
Know your enrollment period: Medicare Part A and Part B require different minimum enrollment periods for people of different ages. The beginning of the coverage year begins on the first day that you become eligible for Medicare and must stay within the guidelines. Medicare Supplement Plan F is the only exception to this rule. This plan has an enrollment period of 90 days, so you do not need to worry about staying within the guidelines during this time.
Know the new faces of Medicare: Medicare now has four faces to it. There are Medicare Part A, called thepecial benefit; Medicare Part B, called Medicare Advantage; Medicare Part D, the prescription drug benefit; and Medicare Supplement Plan G, called the Medicare Savings Plan. Each of these has different benefits as well as different premiums and cost-sharing options. When comparing Medicare Supplement Plans online, make sure to look at all four faces of the plan. It is also helpful to compare the premiums and costs associated with each of these four faces.
Compare Coinsurance percentages: One of the easiest ways to compare the various Medicare Supplement Plans available is to check out their coinsurance rates. A chart showing the coinsurance percentages is usually found on or near the application form. Most plans have a default range of 80% to sometimes even higher. Some plans also have additional percentages available.
How much will your deductibles cost: The higher the monthly premiums, the higher your monthly out-of-pocket expenses will be. Try to get the lowest possible deductible. The higher you choose your deductible the lower your monthly out-of-pocket expenses will be. Some people believe that choosing a high deductible Medicare Supplement plans increases the chance of developing expensive medical problems later in life. This is untrue and has been proven false by researchers.
Compare all four coverage options: Many seniors choose one or two of the four basic coverage options available to them. While these options will offer some of the same benefits as Medicare Part A and Part B, they are not as well rounded. If you do not have any pre-existing medical conditions, then these basic supplement plans may be the best choice for you. If you have a family history of heart attacks, strokes, diabetes or other costly medical problems, it would be wise to select plans that cover all four major coverage areas.
