Medicare Supplement

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medicare supplement

Right before you turn 65 years old, you will start being inundated with fliers regarding medicare supplement insurance. The reason is most of us will become eligible for Medicare when we turn 65. When we become eligible, we have six months of guaranteed insurability for any Medicare supplement plan.

The Medicare supplement plans can be confusing. Do not confuse the Medicare Parts A through D with the Medicare supplement plans lettered A through N.

The following is a description of the Parts: Part A refers to your in-hospital expenses. Part B refers to your out-patient expenses. Part C refers to an option to the Medicare supplements called Medicare Advantage plans. Part D refers to stand alone prescription plans.

Medicare Parts A and B are pretty good coverage on their own. The Medicare supplement plans enhance your coverage by paying for deductibles and co-pays. The most commonly purchased Medicare supplement plan is plan F.  The plan G and high deductible plan F are popular.

You begin by deciding which type of plan you want. If you like co-pay style plans then a Part C Medicare Advantage Plan should be considered. If you like first dollar coverage then a Medicare supplement plan might be your choice.

Our top two Medicare tips are: Know your out of pocket maximums and closely compare the premiums of the insurance companies. Do not check just the price at age 65. Ask what the cost of the plan would be if you were age 80.  You do not want to be with a company that entices you with a low premium at age 65 to later experience abnormally high premium increases in the future. You want a stable plan.

Medicare Supplement Insurance Alvin TX

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