The advantages of Medicare supplement coverage cannot be denied. After all, it is the only way to minimize healthcare costs. But have you wondered about how to get the right Medicare supplemental health insurance plans? If this bothers you, then you’re at the right place.
Read along to find your solution.
Medicare Supplement Coverage
If you’re eligible for Medicare, you can enroll in supplement coverage programs, known as Medigap and Medicare Select. Medicare Select is not offered in all states, and you must use only the in-network services it offers. The only benefit of Medicare Select is that it’s cheaper than its counterpart.
Let’s talk about Medigap. The popular supplement program covers co-insurance, copays, deductibles, or any other extra cost (varies according to plan type). There are over twelve types of Medigap plans, denoted by an alphabet, and each has slight coverage differences. Let’s see how you can get one.
How to Get the Medicare Supplemental Health Insurance Plans
The process is straightforward. However, you should note that Massachusetts, Wisconsin, and Minnesota have standardized supplement programs. Without any further ado, here is a step-by-step guide to enrolling in a supplement health plan.
Step 1: Enroll in Medicare Part A and B
This is a mandatory step since you can get Medigap only if you have Original Medicare. You can enroll in Original Medicare once you turn 65 or are a Social Security recipient. Remember, you cannot get a Medigap with Medicare Advantage plans, i.e., alternative consolidated health plans to Original Medicare.
Moreover, you need a high-deductible health plan (HDHP) if you require Medicare saving accounts. However, you can use your account with a Medicare facility but cannot contribute to the account. Furthermore, Original Medicare or Medigap doesn’t cover Medicare prescription coverage; if it’s essential, you need to get it separately.
Step 2: Find Insurance Companies
Check on Medicare.gov to find companies providing supplement coverage. Similarly, you can even get supplement coverage quotes online from New Medicare.
Step 3: Compare Plans Cost
Once you have plans from different providers, check out the cost of the premium and pick the one which suits you. Insurance companies can set different premiums in the following ways:
- Community-based: The premium is identical regardless of age. It only increases due to inflation.
- Entry-age related: Premiums tend to be cheaper if the policy is purchased at an early age.
- Attained age-related: The premium rises as you age and as per inflation.
In case you’re a social security recipient, you will be protected from high premiums under the Medicare hold harmless coverage ruling.
Step 4: Identify a Suitable Plan
As mentioned above, there are twelve different Medigap plans, which are as follows:
- A-D
- F-G
- K-N
- High deductible F and G
All of them cover the basic Part A hospital coinsurance. After that, the coverages start to vary regarding copays, coinsurance, foreign travel, and limits. Plan C and F are only available to Medicare policyholders who enrolled before January 2020.
If you’re looking for comprehensive coverage, plan G is an excellent option since you only have to worry about the Part B deductible. On the other hand, Plan N is suitable if you want ample coverage at a low cost.
Once decided, you can accept Medicare supplement plan and relieve yourself of extra costs.
Wrap up!
Are you still wondering how to get the right Medicare supplemental health insurance plans? Well, we understand you. To make your life easy, New Medicare offers free online quotes for Medigap plans, allowing you to choose one quickly.
Reach out today!
