Medicare Supplement Center

Medicare Supplement Policies Are Easy to Buy

Are you interested in buying a Medicare supplement policy for the first time or replacing your current Medicare supplement plan?  Medicare supplement coverage is easy to purchase.  Rates can be obtained by completing an online quote form like the one found at www.medicaresupplementcenter.com.  Once you receive an email back with a quote comparison and decide with an agent what plan makes the most sense for you, a simple application is then submitted to the insurance company where the medigap policy is usually underwritten in only a few days.

An insurance agent can be very helpful when purchasing Medicare supplement insurance.  Agents can help navigate the underwriting process since they are familiar with each company's guidelines.  They can also help you compare the Medicare supplement rates and benefit of the medigap plans offered by insurance companies.

Medicare supplements are great products providing great protection for seniors covered under Medicare Parts A & B!

Medigap Policies Can Be A Smart Purchase

Being on Medicare is great, right?  Well, yes and no.  Being on Medicare is great because the monthly premiums are affordable.  Medicare Part A has no monthly premium and Medicare Part B has a 2009 premium of $96.40.  This is great compared to what an individual health insurance policy would cost for someone that age and there are no exclusion for pre-existing conditions with Medicare.

Being on Medicare is not so great when you consider that Medicare Part A has a 2009 deductible of $1,068 and Medicare Part B has a $135 deductible in 2009, then pays 80% of the Medicare approved expenses. This is where Medigap insurance (Medicare supplement coverage) comes in and can be so beneficial.  A senior can purchase a Medigap policy, like a Plan F or J, that covers the Medicare Parts A and B deductibles as well as the 20% of Medicare Part B expenses.  When you combine Medicare plus a Medicare supplement plan, your out of pocket can end up being little to nothing.

If you are buying a Medigap policy, hoping to get your money's worth out of it be careful what you wish for. That means you are hoping to have poor enough health to get the insurance company to pay as much or more for your health expenses as you paid in premium.  That does not makes sense.  Do you want your money's worth for auto or homeowner's insurance?  Probably not.  Of all insurance, the one you least want to use is probably your health insurance.  Medigap insurance is bought to protect you from the big expenses and has been a great purchase for many seniors because it has provided peace of mind and financial protection when big needs have unexpectedly and unfortunately arisen.

Medicare and Hospice

Medicare Part A includes Hospice as a benefit.  Medicare Part A beneficiaries are entitled to hospice benefits if they are terminally ill and have less than six months to live.  Hospice benefits include doctor services, medical equipment and supplies, and nursing services among other things.  In 2009, Medicare Part A has a $1068 deductible.  The beneficiary is responsible for this deductible.  Medicare Part B has a $135 deductible and then Medicare pays 80% and the beneficiary pays the remaining 20%.  These costs can be covered by a Medicare supplement policy.  It is easy to get a Medicare supplement quote by talking to a insurance professional who specializes in Medicare supplement insurance. 

Changes to Medicare Supplement Policies

Effective June 1, 2010, there will be 11 new Medicare supplement plans, also know as Medigap plans, to choose from.  These plans will include plans A, B, C, D, F, high-deductible F, G, K, L, M and N (If you already have a Medicare supplement insurance, your coverage will not be affected).  

Plans E, H, I, and J are being eliminated from the Medicare supplement policies.  In addition, the At-home recovery and preventative care benefits will no longer be included on Medigap policies.  Plan G Medicare supplement policies will have 100% coverage for excess charges instead of 80%.  

Medicare has two new creations to add to Medicare supplements insurance plans.  Hospice will be part of the basic benefits.  Therefore, it will be included on all Medicare supplements.  Plans M and N will be offered.  These plans will include higher cost sharing but at lower premiums.

Replacing Your Group Policy With a Medicare Supplement

Many seniors are reviewing their health care coverage for the 2009 year.  At this time of year, some companies are making changes to their insurance plans for retirees.  Some of these changes make Medicare supplement insurance policies attractive.  The changes companies make usually result in higher monthly premiums, higher deductible, or maybe both.  The companies may even be offering some type of Medicare Advantage plan.  For many seniors, a medicare supplement policy might make more sense due to the cost and the degree of coverage since the out of pocket is so low.  One important thing to take into consideration when leaving group insurance is RX coverage.  If a senior drops the retiree group plan and buys a Medicare supplement, that person should strongly consider buying a Part D policy.  But since Part D plans have the coverage gap, for many seniors it is worth staying on group coverage with inferior health benefits in order to keep great RX coverage because the retiree insurance RX coverage may not have a coverage gap.