| Medicare Supplements: Part, Plan, and Coverage Confusion |
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| Written by Richard Cantu |
| Monday, 05 April 2010 17:33 |
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Medicare supplements, in terms of the provisions and coverage provided, are all standardized by the government. Contrastingly, in terms of prices and availability, they are not federally standardized.
Medicare supplements, in terms of the provisions and coverage provided, are all standardized by the government. Contrastingly, in terms of prices and availability, they are not federally standardized. Not all plans are offered by all companies or in all states, and while the plans are federally standardized, the government did not standardize the premium prices. Therefore, the prices will all be different for the same Medicare supplement plans with different providing companies. That's right. You can buy Medicare supplement Plan F in your area from one company that wants $189 a month or from a company that wants $95 a month. There really is that much variation, because there is no cap or standard. Compound that price variation to the already ingrained fear that people have of Medicare supplements, and that equals disaster. Most are in a rush to quickly and efficiently acquire a Medicare supplement policy as they wish to be done with the stress of it all. Ironically, this fear perpetuates these providing companies' ability to charge exorbitant amounts for coverage that should not be that expensive. Plans for supplement insurance ARE the same. Prices for the plans are NOT the same. What about the parts? You hear all about Medicare Part A or Part D, and then you hear about Plan A or Plan D. You are sitting there, staring at the screen, trying to figure out if they are the same thing, or what type of person would name them something like that to create so much confusion. Just so you know, they ARE different. Part A and Part B are included in all Plans. They are both parts of Original Medicare Coverage. Part C acts in place of Original Medicare plans and is known as a Medicare Advantage Plan. Part D is prescription coverage. Plans A-L are the Medicare supplemental plans that you can buy to increase the coverage that you have by supplementing the coverage provided by Original Medicare, hence their name. Each Medicare supplement has varying levels of coverage. Medicare supplements, also known as Medigap, are designed to fit in with Medicare coverage and fill in the gaps where Medicare lacks to provide coverage. Speaking with an agent who has an allegiance to a specific insurance company will not behoove you as that person is most likely going to tell you that the policy and price they offer is the best all around. The simple truth is that they may just want the sale. You should instead find a Medicare lawyer, broker, or other objective source that can help you understand this confusing world of plans, parts, and headaches so that you can obtain the medical coverage you need. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. Looking to find the best deal on a Medicare supplement, then visit www.gomedigap.com to find the best advice on supplemental insurance for you. |