Medicare Supplement Plans 2010

What Are Medicare Supplement Plans?

Medicare Supplement Plans, also referred to as 'Medigap', were designed to help pay the costs that Original Medicare does not cover.

Medicare Supplemental Plans are provided by private insurance carriers to cover the gaps in your Medicare Plan. To protect the beneficiaries, supplemental policies are regulated by Federal and State Laws and have to be clearly labeled as 'Medicare Supplement Insurance'. Medicare Supplemental Insurance policies are standardized for each State.

Are You Eligible For A Medicare Supplement Plan?

You can add a Medicare Supplement Plan when you have Medicare Part A and Part B. You can enroll if you are 65 or older and apply within six months of your initial enrollment in Medicare Part B. Under certain circumstances preexisting conditions might be waived. Medicare Supplement policies only cover one person per policy, so you and your spouse must each buy separate policies.

Which Medicare Supplement Plans Are Offered?

Which supplemental plans you can select depends from where you live. In some states, you may be able to select from up to 12 standardized policies: Medigap Plans A through L. Each plan A through L offers a different set of benefits, but the benefits for each plan are the same for every insurance company (The benefits of Plan A of company 1 are the same as the benefits of Plan A of company 2).

However, each insurance company can select which policies they want to sell and set their own prices, so research carefully so you don't overpay!

Important: If you have already a Medicare Prescription Drug Plan (Part D) and add a Medicare Supplement Plan that also covers drugs, you need to tell your Medicare supplement insurance provider to remove the drug coverage from your policy. A lot of times, Medicare Part D coverage is more beneficial than the supplemental plan drug coverage, so you need to compare both carefully.

What do Medigap Plans A through J cover?

Plans A through J have more benefits, higher premiums, and lower out-of-pocket expenses than original Medicare Part A and B. Basic benefits include Medicare Part A and B co-payment or co-insurance, and three pints of blood. Extra benefits may include Skilled Nursing Facility co-insurance, Medicare Part A and B deductibles, Medicare Part B excess charges, foreign travel emergency services, at-home recovery, preventive care, and some may still cover prescription drugs.

What do Medigap Plans K through L cover?

Plans K through L have lower premiums and higher out-of-pocket expenses. Basic benefits include Medicare Part A hospital benefits, Medical Part A and B co-insurance or co-pay, blood, and hospice care. Extra benefits include Skilled Nursing Facility co-insurance and Medicare Part A deductibles.

Attention! Starting June 1, 2010 there will be important changes to Medigap Plans:

Two new Medigap Plans will be offered, Plans M and N. Plans E, H, I, and J will no longer be available to buy.

If you already have, or you buy Plan E, H, I, or J before June 1, 2010, you can keep your plan. Contact your plan for more information.

When you choose a Medicare Supplement plan, carefully compare each plan and compare different insurer quotes. Make sure you have adequate coverage that meets your needs. As the benefits of each plan are the same for every insurance company, make sure to compare the premiums carefully.

What else is important to know about Medicare Supplement Plans in 2010? When can I switch or cancel my plan? Is a Medicare Supplement Plan or a Medicare Advantage Plan better for your individual needs?

For answers to those and other important questions about your Medicare health coverage visit Medicare Made Simple.

Medicare Supplemental Insurance Comparison Done Right

Medicare Supplemental Insurance Plans work in conjunction with the traditional Medicare Plan. You must have Medicare Part A and Part B in order to be eligible for a Medicare Supplemental Insurance Plan. Your application will be accepted if you are 65 or older and apply within six months of your initial enrollment in Plan B of Medicare.

You select a plan when you are first eligible for Medicare. Each year, during the Annual Election Period from November 15 through December 31, you can review your health care and prescription drug needs and switch to a different plan.

Before You Start Your Medicare Supplemental Insurance Comparison, You Need To Be Prepared:

• Gather all of your personal information on your current health care and/or prescription drug coverage
  

• Make a list of the drugs you currently use


• Write down your desired coverage


• Calculate the maximum premium you can afford


• Decide whether a Medicare Supplement Plan or a Medicare Advantage Plan is right for you


• Compare and select different plans


• Select the plan that will best meet your health care needs

Before you do your Medicare Supplemental Insurance Comparison, make sure you learn about the important changes to Medicare Supplemental Insurance plans in 2010!

What can I do when my Medicare Advantage premium goes up?

The primary reason why health care premiums and out-of-pocket cost rise is that medical costs increase at a faster rate than government payment increases to health insurers.

If your Medicare Advantage Plan premium just went up you can compare other Advantage Plans to find a more economic option. However, costs should not be the only issue when selecting a plan, so research the benefits, the provider networks and drug coverage available under Part D of each option before making a final decision.

To compare Medicare Advantage plan premiums, you can visit websites like Medicare Advantage Supplement Info.

Note: For seniors worried about their ability to cover their insurance and medical expenses, your insurance agent should also help determine if you are eligible for federal and state programs and help you apply for these funds.

What Can I Do If My Medicare Advantage plan gets canceled in 2010?

Health insurers withdraw plans for different reasons, e.g. when they introduce a new similar plan or because of their inability to meet CMS enrollment thresholds.

For 2010, many Medicare Advantage Plan providers canceled their private fee-for-service (PFFS) plans in anticipation of the termination of all PFFS plans after December 31, 2010.

When insurers cancel plans, the plan members may be automatically enrolled in a similar plan. This automatic roll-over however does not mean that the insured cannot select other plans that are more suited to their needs, even if that means opting for another carrier.

Contact a local health insurance broker or visit plan comparison sites like Medicare Advantage Supplement Info to obtain information on other Medicare Advantage Plans available to you.

What is the difference between a Medicare Supplemental Insurance (Medigap) and Medicare Advantage?

While Medicare Supplement Plans, also called 'Medigap', and Medicare Advantage plans both provide additional coverage on top of the Medicare Part A and Part B coverage, they offer uniquely different benefits.

While Medicare supplemental insurance plans typically have higher monthly premiums, these plans pay a member's share of the costs of Medicare-covered services thus eliminating or reducing out-of-pocket payments, including coinsurance, deductibles, preventive services and at-home recovery services.

Enrollees would have to purchase a stand-alone Part D drug plan.

Under Medicare Advantage, you typically have lower monthly premiums with a Part D drug plan included, but you will have some out-of-pocket expenses. Usually, you have to use the services of the health insurers' provider networks to be covered.

Advantage Plans offer many value-added benefits, including discounts on gym memberships, health and wellness service and a variety of discount programs, at no additional charge.

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