Thursday, July 19, 2012

Medicare Supplement Health Insurance Tips For Seniors

Researching health insurance for you or a loved one can prove to be quite difficult.  This is true with Medicare and supplemental plans as well.  The hard part of choosing coverage is deciphering what each policy actually covers or doesn’t.  The one thing we do know is that having health insurance, no matter the age is important.  Without it you could be leading a path into financial ruin.  This applies to seniors as well.  We don’t financially plan for a disaster to occur when thinking about retirement.  Making sure you have the right medical coverage, including Medicare supplemental insurance is essential.

When you are handling the application details for your Medicare coverage it is important to be on top of the process.  Waiting to enroll can cost you with late enrollment fees.  You should start receiving information the year before you turn sixty-five, the age which Medicare eligible individuals can start participating in the Medicare program. If you have not received information you can check online to find out more.  

With Medicare an important fact to know is that the supplemental plans are all the same no matter what insurance provider you choose to purchase it through.  Medicare supplement plan G is the same plan through any insurance company the difference may come about in the amount you pay to purchase the insurance.  It is odd but yes the coverage is the same although the rate may not be.  Seems odd right?  A great way to find the coverage you want at the price you are willing to pay is online.  

Sites are available online that offer Medicare eligible participants to input some minor information such as age, city, tobacco use and come up with prices on Medicare supplemental insurance as well as providers in their area.  Most sites also offer a side by side comparison of the supplemental plans with a convenient, toll free number to call for assistance.  

One thing to remember when purchasing Medicare supplement insurance as well as any other health insurance plan is that the amount you pay is more than just the monthly premium.  You will want to take into account the monthly amount as well as the co-pay for each visit to the doctor or hospital.  Each supplemental plan covers differently and co-pays and deductibles on all supplemental plans differ.  It is important to research exactly what you will be paying monthly as well as out of pocket if something does happen that requires you to use the Medicare supplement plan.

Another thing to consider is if the doctors you currently use are able to be seen with the Medicare parts and plans you choose.  For instance, with the Medicare Advantage Plan only doctors who contract their services with Medicare can be seen.  These doctors have pre-approved a set dollar amount per services that Medicare has agreed upon as long as you see a certain circle of doctors.  This may not bode well if you have been with your doctor for 30 plus years and are not wanting such a drastic change in health care providers at this point in time. 

Finding the right health insurance does take time, research and patience. The benefits of purchasing the coverage that will most benefit you can mean a world of difference for your future health and financial future.  It is important that you choose reputable sources for information and work with companies that offer assistance via telephone as well as online.  Often times directly speaking with advisor will help clear up any confusion you may have.

Monday, July 2, 2012

Basics You Should Know About Medicare Health Insurance

Health insurance is complicated.  It is no surprise that people are confused by the intricacies.  Medicare and supplemental insurance prove to be no different than ordinary health insurance plans as it also comes with multiple puzzle pieces and supplements that leave little room for error.  Choosing the wrong Medicare supplement and you are leaving yourself wide open for outrageous out of pocket costs.  It is so important for Medicare eligible individuals to really compare the plans and rate available for the coverage they so need to fill in the gaps Medicare leaves.  

Many health insurance plans offer discounts or decreasing premiums when you enroll in preventative maintenance programs.  Medicare does not offer this to its recipients. There is not a discount for going to the gym or for taking nutritional classes.  Medicare Part A and Part B are a one stop shop.  It is defined and that is it.  Part A on the most basic level gives individuals hospital insurance and part B gives participants medical insurance.  The same coverage for every individual within the Medicare program; it is evident that this plans one size fits all attitude is not going to provide for every individuals need.  This is where Medicare Supplement Insurance plans come into play.   

Medicare supplemental insurance, also known as gap insurance, helps participants fill the voids left by Medicare. Unlike Medicare Part A, this gap insurance comes at a cost to the individual.  Medicare supplement insurance is a puzzle in itself.  Be careful when purchasing coverage. 

 Many private insurance companies offer Medicare supplemental insurance plans, before purchasing it is best to compare each of the plans and rates.  Remember no matter where you purchase you supplement coverage the plans coverage does not change from insurance company to insurance company.   Supplemental Plan F will cover the same items no matter where it is purchased and no matter the cost.  The government regulated that.  If you pay extra, you are not getting better plan coverage you may only be paying a premium for the insurance companies services. 

When seeking out a supplemental policy that works best for you before even considering the costs from company to company.  Many sites are available online to help participants compare the different plan options side by side to figure out which will best fit into the need.  For instance, if you travel abroad or out of you state you will want to have coverage with provisions that support care outside of your state or country. 

Health insurance is a maze.  It is often hard to maneuver and completely understand the ins and outs.  With Medicare and available supplemental plans there are many online comparisons available to help individuals select a plan that will work with their situation.  Many times people want information on paper and then seek out assistance from an advisor who is able to help them compare the plans and rates with real life examples and situations.  These advisors have one sole purpose and that is to match the right Medicare supplement policy at the right price with Medicare eligible participants.  To them the company that the individual purchase the policy from is not as big of an issue and they can help you see through the glitz of private insurance companies and keep the focus on coverage and rates.