What To Look For When Comparing Medicare Insurance Companies

By Author: Chris Brines
Total Articles: 4762
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Medicare federally provides hospitalization and medical service health care coverage for people over the age of 65 and for certain people with medical disabilities, including end stage renal failure. Medicare covers a portion of medical expenses but does not provide 100 percent payment of covered charges. This is where an additional Medicare insurance policy, known as a supplemental policy, can be beneficial.

If you or someone you know is looking for supplemental Medicare insurance, the task of comparing plans can seem quite daunting indeed. There are many plans available from a variety of providers-some well known and others less branded. While they all provide some form of additional medical insurance coverage, the price and benefits can vary considerably. There are several factors to consider when comparing supplemental Medicare insurance companies, including current health conditions, budget, and needed coverage.

Part of what makes comparison shopping for Medicare insurance difficult is the constant changing landscape of Medicare policies. Each year, the benefits offered under Medicare change to meet the changing ...
... needs of the growing senior population. By having a Medicare supplement, seniors are able to reduce their out-of-pocket expenses by having insurance that covers expenses Medicare does not pay for. Medicare pays 80 percent of the contracted amount for medical services. A supplemental policy will typically pick up the additional 20 percent but may also provide other benefits as well. These additional benefits are what you should compare to get the best value for the money.

Some supplemental insurance policies will pay additional benefits beyond the 20 percent gap in covered charges. Medicare has a deductible, payable each year before Medicare payments are made. The current deductible for 2010 is $155 but some supplemental Medicare policies will pay that deductible for you. To determine the actual value of the benefits you receive, you need to consider the frequency with which you visit the doctor, receive medical care, and your current health condition. In some cases, the premiums you pay may exceed your projected co-pays and deductible for the year. However, most of the time supplemental policies reduce your actual out-of-pocket expense.

Before choosing a Medicare insurance policy, you should also compare the doctors and hospitals that accept the plan. Determine whether or not you can keep your current doctor or if the policy will require you to change doctors and decide if this is acceptable or not. Some companies may offer policies that provide coverage for prescription drug costs. Prescription drugs are covered under Medicare Part D and some Medicare insurance policies may include some drug benefit.

Keep in mind that if you are married, you and your spouse must each purchase your own supplemental Medicare insurance. The policy that is best for you may not be best for your spouse, so make sure you evaluate plans keeping both of your needs in mind.

The easiest way to compare Medicare insurance companies is to ask for cost and plan benefit comparisons from several different companies. If you are comparing a plan from an insurance company that is unknown to you, you can check their ratings and should call to get an idea of customer service quality. There are several places that can provide you with cost and benefit comparisons for plans offered in your area so that you can do side-by-side comparisons.

As Medicare insurance becomes more and more complicated, it can be difficult for seniors to discern good information from bad. A thorough understanding of Medicare and how it works is necessary to understand the benefit of an additional policy and the potential out-of-pocket savings. Many localities offer Medicare seminars to help seniors understand more about Medicare and supplemental insurance. Numerous sources, including the federal government, also offer informational booklets and guides to explain Medicare.

There are several benefits to gaining an understanding of Medicare and the supplemental insurance policies that support it. As difficult as it may seem to do the research, reducing out-of-pocket expenses, planning for the unexpected, and providing yourself with additional peace of mind are often worth the effort. Check all available resources, most of which are available for free, and look for free comparisons of all the plans offered in your area before you decide.
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Our medicare supplement experts make the process of selecting a good Medicare supplement very easy by offering free advice about the Medicare Supplement plans offered in your area. We compare all Medicare Supplement Plans and prices to make sure you save as much money as possible while still receiving excellent coverage!