The moment you reach the age of 65 there is a need to make good decision when choosing programs that will cover your health care needs. Your options are either to choose the traditional Medicare or Medicare advantage plan. If you choose the first option you may need to enroll in Medicare supplement plans.
Medicare supplement plans come in 10 standard plans that are developed by Medicare. That is to say you’re getting the same benefit from any provider you choose as long as it is the same type of plan. But still there is difference of price because premiums may differ from one company to another. You should take time and compare the prices from different companies in your state before you enroll in any program.
Why Choose Medicare Supplement Plans?
Any plan you choose has certain benefits it offers, plans start from Plan A to Plan N. Plan G and C provide almost the same benefits, while the remaining plans have their own unique advantage. Medicare supplement plans will help you to cover your hospital expenses, Medicare Part B costs and nursing home costs. You can find the list of benefits each plan offer from the official Medicare website.
Do Medicare supplement plans cover everything?
Medigap Plans don’t pay drug prescriptions, in order to take care of your drug coverage you need Plan D which is designed specifically for the purpose. Long term care costs are not included, but if you’re in a nursing home there is coverage for 100 days. Medicare supplement won’t pay dental care and vision costs.
Is Everyone Qualified For Medicare Supplement?
If you apply immediately after enrolling into Medicare, normally within the first 6 months called the open enrollment period then you almost have a guaranteed approval. But after those six months there is not guarantee, your application might turn down or you have to pay more than you would pay within the open enrollment period.
How Much Does It Cost?
Companies set their premium prices using different categories. Community rated plans are one of the cheapest and they even decrease as you become older. Issue age rated plans depend on your age by the time you join and the price remains the same even when you get older. While attained age plans will increase in price as you get older?
Things Are Changing In The Near Future
The government has declared that it will stop plan F from Jan 1, 2020, but anyone who has already enrolled will remain with their plan. It’s just that new applicants will no longer be accepted. Even those enrolling in plan F, by 2020 they should expect premium to rise.