What You Need To Know About Medicare Supplement Insurance
Saving More from Square One with Medicare Supplement Insurance
At the age of 65, applying for Medicare has almost become a rite of passage in the U.S. On one hand, there’s a certain comfort in knowing many new members can look forward to having access to expanded Healthcare coverage. On the other, few come of age fully prepare for the costs involved with signing on to their first plan.
Enter Medicare Supplement Insurance Plans
Each one has its own advantages and disadvantages in terms of cost and coverage. Naturally, it stands to reason that the better your health, the easier it is to save money. But, not-so-surprisingly, the magic formula isn’t just dependent on medical history alone. In fact, there are many factors that are within your power to lower your monthly premiums while increasing your return.
For starters, every Medigap plan that carries the same letter designation offers identical coverage, but seldom at the same cost. So, you’ll want to look at switching plans.
Yet, before you do, there are several things you’ll want to consider before putting down the “smart money” on a supplement insurance plan:
Healthcare needs are not created equal
It’s no understatement to say that one-size-does-not-fit-all when it comes to Medigap plans. The highest level of coverage is widely believed to come with Plan F, but United Medicare Advisors suggests that Plan G and Plan can also provide equitable benefits. The wide variations in deductibles correlate directly to what constitutes a comfortable risk in terms of out-of-pocket costs. Tempting as it might be, it’s never a good idea to save your way out of a safety net.
In many states, insurers can mandate extra charges. Only when/if you try to switch more than six months past your original Medicare Part B sign-up date. In other cases, waiting periods may apply or outright rejection can await. Every year, like clockwork, rates often go up across the board. So, regardless if you’re happy or not, it is important to do research before moving on to a new plan.
Your rights can never go down
No doubt it seems that insurers have the upper hand in policy negotiations, but every Medicare customer has a certain number of guaranteed rights that remain in play at all times. You may be eligible for coverage under certain conditions in specific states. For example, according to United Medicare Advisors, Missouri beneficiaries “can switch to another plan of the same plan letter in the month surrounding their policy anniversary date without going through underwriting.”
Free wellness exams to the letter
In the broadest of terms, wellness exams are generally offered free-of-charge on an annual basis, giving Medicare recipients the information they need to make better-informed healthcare decisions. Also, arbitrary discounts can vary widely among insurers. By taking the time to comparison shop, it’s possible to find some low-hanging fruit among the most comprehensive plans.
The more things change, the more they … change?
During the last presidential campaign, many will remember talk of “removing the borders” around the states and repealing/replacing the Affordable Care Act, among other issues. One thing is certain: by 2020, the Part D donut hole will close and will, in turn, eliminate new membership in Plan F policies. For that reason, in addition to many others, being well-informed on the political issues is now nearly as important as being well itself!
If it all seems more confusing than it should be, Benzer Pharmacy feels your pain. We want you to know that we’re here to help you.
Speak to one of our staff members at the Benzer Pharmacy nearest you to begin. Or, log on to www.benzerpharmacy.com for details.
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