The Benefits of Medicare Supplemental Insurance

It may appear a bit confusing when you see or hear two names mentioned, but Medicare supplemental insurance and Medigap insurance are the exact same thing. Both are actual insurance policies that help take care of the shortcomings of any co pays, deductibles or coinsurance gaps that original Medicare Plans A & B do not address. But when an annuitant of Medicare starts browsing for supplements they'll be happy to know that only those companies approved by the government can be providers. That's a good thing.

There are several key things to know about Medicare supplemental insurance before you start shopping for a policy.
#1) You must have Medicare Parts A & B.
#2) You will have to pay a monthly premium to the chosen insurance company for your policy.
#3) Your supplement or gap policy will only cover you, not your spouse. He or she will need to purchase their own.
#4) You will be required to purchase a supplement policy through a company approved in your state and on the government approval list.
#5) Typical supplement/gap policies will not cover drug benefits.
#6) You will be required to pay your Medicare Part B premium unless your state Medicaid pays it for you.

Because the insurance company approval list is a mile long, be wise in your selections and options. Various options have various costs. In other words, it is beneficial to shop around and keep an eye out for the best dollar rate for the coverage you choose. Your computer is the best way to find which company has the plan you need. You can talk to each company for valuable information or read the forms online. Additionally, you can deal directly with the chosen company and not through an agent.

On the other hand, if you are so inclined, try tossing your shopping list troubles to one agent and let him or her do the research. They may be able to find companies on the list you overlooked that could provide your medical needs for a lower cost. For additional help and to find answers to questions visit: this website. They also provide updates on 2011 policy changes.

Hannah has a background in journalism and writes about Medicare Supplemental Insurance and Medigap

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The Benefits Of Owning A Medicare Supplement Insurance Plan

The annual changes in the benefit structure in some Medicare Advantage plans can wreck havoc on your health care budget. Many have found their out of pocket expenses climbing while their benefits go downhill. On the other hand. Medicare Supplement Plans assist you in meeting your health care costs. Your Supplement Plan will automatically adapt to the changes in Medicare deductible and co-insurance from year to year.

Choose Your Doctors and Hospitals

You have complete freedom of choice for your doctors and hospitals when you have original Medicare along with a Medigap Insurance Plan. You do not have to deal with provider networks or get a referral if you need to see a specialist. Your are free to go to any provider, any time.

Other health plans may have local networks. Providers can leave and join the network. This could prevent you from receiving care from the people you've grown to know and trust.

Coverage is Guaranteed Renewable

MA Plans may revise their contract with the government every year. Every year plans are discontinued totally. Displaced members now must go through the process of finding another plan. Medicare Supplement Insurance Plans are guaranteed renewable. The only way that you can loose your plan is if you fail to pay the premium.

Any Provider or Hospital that Accepts Medicare Will Accept Your Medicare Supplement

All providers and hospitals that accept Medicare will also accept your Medicare Supplement Plan. This is not true with MA plans. A provider may choose not to participate in an MA Plan and even participating providers may choose not to accept new patients. Make sure to consult with your providers when you are considering a health plan.

Totally Portable Coverage

Original Medicare covers you anywhere in the country. Your supplements cover you anywhere that Medicare does. In fact there are even some plans that will cover emergency medical expenses abroad. You can enjoy peace of mind while traveling and a change of venue does not require a change in insurance.

What About Guaranteed Issue?

There are circumstances that can afford you with guaranteed issue rights in regards to securing Medicare Supplement Coverage. This means that you can apply for any Medicare Supplement plan you wish and no health questions will be asked. You have this right when you are in your Open Enrollment Period, when you are first eligible for Medicare. There are other times as well,for instance, If you move out of your plan's coverage area or if the plan stops offering coverage in your area, if you are on a group retiree health plan and coverage is discontinued, and if you currently are enrolled in a Medicare Advantage Plan and it is your first time in an MA Plan and you choose to return to original Medicare. As long as you were in the MA Plan for less than a year. These are a few examples.

These are just a few of the advantages of choosing original Medicare along a Medicare Supplement Policy. Even if you have pre-existing health conditions, you may be able to qualify for a Medicare Supplement.

Get the info you need about any Medicare Supplement Insurance Plan Visit our website medicarequote4u.com for your free quote and up to date information about Medicare that you'll want to know.

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Why Is One Medicare Supplement Plan More Than Another? - Part 1

With prices having the ability to vary by 100% between Medicare Supplement Companies the question is why? What factors are involved in determining the prices for standardized plans where the benefits have to by law be identical. Well here are some major factors.

In what region does a company decide to sell within?

Because every states regulations differ by so much you would imagine that it would be more expensive to sell in a certain state vs. another state. If a Company decides to sell in a state where regulations are very strict this could mean that higher rates will be passed onto consumers. In contrast if a Company decides to sell in a state where the regulations are lax than rates will dictate that.

Remember that just because a provider does not sell in a certain state does not mean that you would not have coverage in that state. You will have coverage at every provider in the country that accepts Medicare. This means that if you happen to be in a state that does not have very strict regulations you might find yourself getting a much better premium.

If a Company chooses to accept more Guaranteed Issue clients they risk having higher health claims dues to more of there clients not going through a formal underwriting process. So Supplement Companies that offer coverage to large Groups would have a detrimental effect on rates for there clients.

When a Medigap provider offers their Plans to a Retiring Group, covering all retirees, they increase their risk due to the fact that they are required to offer Guaranteed Issue status to a larger group of people. This will inevitably increase the prices for all policy owners within that Company because of the added cost of not underwriting as many customers as possible under that company's umbrella.

Learn more about Medicare Supplements. Stop by Andrew Coutavas's site where you can find out all about medigap plans and what it can do for you.

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Senior Health Plan - 50,397 Reasons You Need One

You have just turned 65 and signed up for Medicare or you already have Medicare and all your health care expenses are taken care of right? WRONG! Original Medicare has gaps in the coverage, thus the term "Medigap" which is used to refer to senior health plans. Medicare has deductibles, coinsurances and a set amount of lifetime reserve days. There are two different types of senior plans. One is a Medicare Supplement plan. These plans are standardized by the Federal Government. The other senior plan is called a Medicare Advantage Plan. In this article I will discuss the senior health plans called Arkansas Medicare Supplement Plans, Med Sups, or Medigap plans. They all refer to the same type of Medicare plans.

Just for fun let's add up all the deductibles or gaps in your Medicare policy. Part B has a deductible of $155.00. Part A for, for 2011, has a hospital deductible of $1100.00 for each 60 day hospital stay. It is possible to have almost six 60 day periods per year. There is also a skilled nursing facility deductible that must be met. Just those gaps alone come to $50,397 annually!

That figure does not reflect the 20% coinsurance for Part B that you would owe your doctor. So, you can see that without some type of senior plan your gold just got taken out of your golden years. Medicare plans also come in 11 different varieties. Not all plans are available in all areas. There is variety between the plans which enables almost every member to invest in a senior health plan, regardless of budget. So, how to figure which senior plan is the right one for you? Take a good look at your budget.

Once you figure out what would be affordable, the services of a licensed agent would probably be a great benefit in helping you to select the best senior health plan for you.

Do you want to find quotes on a high deductible health plan, senior health plan or an individual family plan? Click here: Health Insurance Premiums

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What Does Medicare Supplement Plan F Cost?

Once people turn 65 and qualify for Medicare, they begin to consider Medicare supplement insurance plans or medigap plans, and the services these plans offers, and its cost. Medigap covers and pays for a portion of the total healthcare expenses that the actual Medicare plan doesn't. Like any other insurance plans and policies, deciding on which plan best suits your needs and situation can be difficult. There are several factors which have an effect on the supplement's monthly or yearly premium. Based on Weiss ratings, a reliable and independent strength ratings provider for banks and insurance companies, the most common medigap plan for 65 year old individuals and retirees which is Plan F, approximately costs $1,813.00 per year. For North Carolina Medicare plans, rates can be as low as $1,090 per year. That breaks down to about $90 per month. But you may ask what affects the rates for Plan F?

Medigap Insurance Policies: Ratings

Medigap insurance policies are rated in three different ways, issue-age rating, community rating and attained-age rating respectively.

Issue-age rating means that the Medigap cost is dependent on the age at the start insurance. The rate won't increase as the policy holder ages but it can possibly go up depending on factors like inflation and the economy. Community rating doesn't consider age but the insurance company still holds the right to make any adjustments on the cost due to claims over a period of time. Attained-age rating the cost of the policy is based on the age and start date of the senior.

Medigap Insurance Policies - Comparing Prices
Prices may vary depending on the insurance company selling the Medigap policy. When choosing the right policy there's two important things to consider. First is the coverage included in the quote comparison. The second important factor is rating structure; this is where monthly premiums are based. The medigap policy rate is better in non-smokers compared to smokers. It is also better for females and married individuals (due to partner discounts). In some instances, allowing bank drafts can offer additional savings.

Medigap Insurance Policies - Cost sharing with High Deductible Plan F
Some companies now offer the high deductible plan F. This cost sharing option makes a significant difference in the over-all insurance premium. These plans offer lower premium in exchange for the client taking more risk in potential out of pocket costs (high deductible). With high deductible plans, deductibles reset each year.

Medigap Insurance Policies - Medicare Open Enrollment Period When applying for a Medigap insurance policy for the first time, it should be done during the open-enrollment period which is the first 3 months before, the month of, and 3 months after your 65th birthday. The open-enrollment period guarantees the enrollment regardless of medical condition and health status. During this period your premium will not be affected by any health issues.

About the Author

Still unsure if a Medicare Supplement Plan F is best for you and what type of rating works? To learn more about what type of Plan F would be best for you, Heather B Williams recommends visiting http://www.mymedigapconsultant.com/.

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Overview Of Medicare Supplemental Insurance

The health of an individual is almost like the primary source of everything that he or she has. When your body is not functioning properly and you are suffering from various debilitating conditions, chances are you will not be able to carry out your work properly which will greatly affect your daily living. Because of this, it is a big must for you to get a partner which will be able to help you secure your health conditions. And one of these is the Medicare supplemental insurance (aka Medigap insurance).

A Quick Glimpse

Medicare supplemental insurance (aka Medigap insurance) is a kind of private insurance for health which is designed as a supplement for Original Medicare. It is the one which is responsible for the payment of the costs of healthcare which is not being covered by Medicare such as the deductibles and copayments. Medigap plans are also going to cover some of the services which are not being covered by the Original Medicare insurance. In case that you have decided to enroll in Medicare while having the Medigap policy, Medicare will still be paying its share of the amount that they have approved for the costs of the healthcare that they cover. For the meantime, your policy is in Medigap will also be paying its share.

Every Medicare supplement insurance plan (aka Medigap insurance) is also expected to adhere to both Federal and State laws that are designed to protect the holders like you and it should be evidently identified as the "Medicare Supplement Insurance." Insurance companies are only allowed to sell a plan that is standardized and identified with letters A to N. Every standardized and regulated policy must offer similar basic benefits, regardless of the insurance company selling it. Service and cost is the sole difference between the policies being sold by various insurance companies.

Buying Medicare Supplemental Insurance (aka Medigap Insurance)

As a whole, whenever you buy your Medigap policy, there is a minimum of two components in the policy, Medicare Part A, which is Hospital Insurance and the Medicare Part B, which is the Medical Insurance. If you decide to buy a medigap plan, you have to directly pay Medicare Part B's monthly premium to Medicare. Also, you have to pay another insurance premium to the corresponding company of private insurance which provides the Medicare supplemental insurance (aka Medigap insurance).

To clear some issues, Medigap policy does not have anything to do with the coverage that you can claim from your employer for this is not Medicare Part B, Medicare Advantage Plan and is not way connected to Medicaid. What is primarily does is to help you in closing the gaps with your deductibles in Medicare. There are also policies that are providing extra benefits not being within the bounds of Medicare like at home recovery, prescription drugs and routine checkups.

Getting your own Medicare supplemental insurance (aka Medigap insurance) is a good way of assuring that you will be able to properly look into your health for you to be assured that you will have no difficulties in the near future.

Learn more about medigap insurance and to find out how to get the lowest rates for the plan best suited for you take a look at http://www.mostmedicare.com/ and know your options. Check out mostmedicare's extended guide and obtain the plan befitting to your needs.

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Medigap Plan G - The Better Choice

When a person first looks at the Medicare Supplement plans available they immediately zero in on plan F. This plan is the plan with all the boxes checked meaning it has the most complete coverage. Plan F is also the most popular plan available, but most popular does not always equate to the best deal.

If you take a look at the next plan down from F, plan G, you will see that it has almost the exact same coverage with the exception that G does not pay the Medicare part B deductible. The Medicare part B deductible for the year 2011 was $162. This is how much you will pay one time per year for out-of-pocket doctor's office charges.

So let's do some math. Once you have your Medigap quotes you will see that plan G's monthly premium is less expensive than plan F's. So subtract plan G's monthly premium from plan F's. Now multiply the answer that you get by twelve (the number of months you pay your premium per year). The answer that you get is how much more plan F costs to have than plan G per year. Now subtract the Medicare Part B yearly deductible from how much more it will cost to have plan F. This is how much you will save by having plan G.

For 2011, if the premium difference between plans F and G is greater than $13.50 per month, then Medigap plan G makes the most sense. Many people can save $100 - $300 per year even after having to pay out that $162 per year Medicare Part B deductible! Now if the savings is not that much and you simply don't want to fool with having to pay the part B deductible, then maybe Medigap plan G is not the best choice for you. But it is defiantly worth taking a look at.

Often insurance agents are reluctant to point out the possible savings available by purchasing a Medicare supplement plan G in lieu of plan F. This is because insurance agents make a little more when a person purchases plan F. A trustworthy independent insurance agent is always a huge asset when it comes to getting the best deal with Medicare Supplement Insurance. An independent agent does not work for a single company. An independent agent licensed by your state and can sell you insurance from any insurance company in that state. This gives you the best opportunity to save.

Joel Moyer is an owner and independent agent for Centaur Medicare Solutions. Prior to being licensed as an insurance agent, Joel served in the US Army for over twenty years. His service included many places around the United States and countries including Iraq, Saudi Arabia, Egypt, and South Korea.

To learn more about Medicare, Medigap, Term life, or to purchase insurance please visit us at http://centaurmedicaresolutions.com/
To request Medigap quotes please visit http://centaurmedicaresolutions.com/get-quotes/medicare_supplement_quotes/

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