Most persons above the age of 65 have enrolled for original Medicare to cover the bulk of their health care expenses. It consists of Parts A and B.
However, Medicare does not cover for 100% of your Medicare approved expenses; it also does not cover for most prescription drugs. It is designed to cover most of the approved inpatient health care costs (Part A) and about 80% of approved outpatient costs (Part B) while leaving you to pay the balance.
Essentially, these are only two options available to cover for these expenses. The first option is to enroll for a Prescription Drug Plan and a Medicare Supplement policy. The second option is to sign up for a Medicare Advantage (Medicare Part C) Plan.
In addition to plans A, B, C, and D, there are currently 7 additional 2019 Medicare Supplement plans which you can choose from (F through N). The benefits of each plan differ in one way or the other. An exception is the fact that all the plans are required to have basic benefits coverage.
In 1990, the different Medicare plans were standardized in order to minimize the amount of confusion that consumers experienced when they compare different coverage offered by different healthcare insurance providers.
As a result of this standardization, it is now much easier for the consumer to compare the different benefits and the associated cost comparisons between insurance providers. Hence, the terms “Medicare supplement plans” and “MediGap plans” basically mean the same thing and can be used interchangeably. Since there are very many Medicare plans available, it is important to research each one so you can decide which will be best for your personal situation and needs.
When searching for supplement plans and comparing the ones you find, one of the first things to know is that many websites who advertise these plans are only there to collect your personal information. Most times, instead of actually doing what they advertise, insurance providers will develop lead generators or purchase leads to accomplish this. These companies basically do not know the proper ways to develop new businesses so they resort to these shortcut methods.
Most companies will make it look as though they actually sell Medicare supplement plans but the truth is that they are just out there to collect your personal information and sell it to different insurance agents.
There are two ways in which you can tell whether they are legitimate Medicare supplement plan and healthcare insurance providers. Firstly, they will provide a toll-free number to call, and secondly, they will make a statement with a promise that they will never sell your personal information to anyone else.
Do price comparisons when searching through the different companies that offer these different Medicare plans. Credible insurance brokers operating in your local area will be able to provide you with these comparisons. In most cases despite the fact that the supplement plans they offer are identical, the prices will differ. Remember, it is helpful to do lots of research so as to make a well-informed decision when purchasing the right Medicare supplement plan for you