Do you get your health care through an employer? If so, do you know you can switch to a Medicare Supplement plan recommended reading if you’re already on Medicare? If you don’t, this article can help. Even if you’ve been on Medicare for a while and just getting some additional medical coverage, it’s still possible to switch from traditional to Medicare supplement plans.
One of the most popular Medicare supplement plans is Part A & Part B. Do you get routine doctor visits? If so, you might already know that Medicare Parts A and B come with two out-of-pocket costs – you must pay a monthly premium for coverage and you must pay a portion of your Medicare coinsurance. You may be eligible to save money on these two plans by getting them through a managed care plan. For more information on these specific plans, go to Medicare Part A & Part B Insurance Premiums.
Most people are familiar with Medicare part A and/or B. They’re the “standard” plans that all seniors are on. But did you know there are other options out there? In particular, there are several standardized Medicare supplement insurance plans – especially if you’re in the “medigap” group. Not all private insurance companies offer these plans, but a large percentage of them do.
Medicare Supplement Plans has several differences from the original Medicare, part of a program. Some are better than others. These supplemental plans cover items that Medicare doesn’t cover. They’re not required as part of receiving the original Medicare, part of a program. Some companies offer vision and dental coverage for free. They also offer a private insurance company option to help bridge the gap if you’ve exhausted all of the original Medicare coverage.
Private insurance companies have the ability to create unique supplemental plans to meet the needs of their customers. There are some major differences between the two programs. First, there is no Medicare Part D program. Private insurance plans offer prescription drug coverage as well as some standard Medicare benefits.
When choosing a Medicare supplement plan, it’s important to understand how everything works. You must choose a plan that offers the same basic benefits and at least covers what Medicare does not cover. You must also select plans that will allow you to participate in the Medicare Shared Savings program, if you’re also participating in Medicare part A or B. If all of these are satisfied, then you’re eligible to take part in the Medicare supplement open enrollment period.