When it comes to buying Medicare Supplement insurance, many agents and Medicare recipients view the Medicare Supplement Plan F as the "Cadillac of Medicare Supplement plans in Maine."
Now before we examine the Medicare Supplement let's make sure that you understand some basic information about the insurance product. Medicare, a government run health program helps provide health insurance coverage for people 65 and older as well as some who are under 65 and disabled. Medicare by itself does not provide adequate health insurance coverage; there are many gaps in coverage where a recipient would be responsible for payment. A Medicare Supplement is a health insurance plan that helps fill in the gaps where Medicare doesn't cover, which is why it is also called Medigap Insurance.
The three biggest factors to look at are their financial situation, health history, and their personal opinions on health care."
Financial Situation
We first make sure our client is able to afford a Medicare Supplement. Plan F costs usually start at $95 and goes up from there for a standard Plan F. The monthly premium for a Supplement Plans will vary by the area you live in, the insurance company you select, your age, whether or not you smoke, and sometimes by underwriting guidelines.
The cost of the plan will go up over time. If you are able to afford a Supplement plan you should buy one now, preferably when you first are eligible for Medicare and you no longer have any other creditable health coverage. You will also receive a card that would be the mode of proof for your Medicare card. Question might arise in your mind. Can I laminate my Medicare card? Then the answer is Yes you can for further safety.
When you are first eligible for a Medicare S you are not required to go through underwriting, the cost is lower, and your acceptance is guaranteed. The longer you wait the more you risk the chance of not being able to afford a plan or qualify for one. Although higher in price than a Medicare Advantage plan, the health insurance coverage provided by the Medicare Supplement is superior if you get Medicare Supplement Plan F.
Health History
"A Medicare Supplement is a good fit for people of all health situations or for anyone who has a family history of poor health, or currently has a medical condition that is going to require frequent trips to their doctor, specialist, or hospital." Why?
Well, if you choose a Medicare Advantage plan and you have poor health (and let's face it we never know what our health will be in the future) your frequent trips to seek Medicare services are going to add up with all the co-pays you must pay. Granted there is usually a maximum out of pocket cost with a Medicare Advantage plan which is typically around $4000-$6,000 per year. Generally speaking, a Supplement is a predictable cost plan.
Your Personal Choice
Again a Medicare Supplement comes out on top when you look at your freedom to choose. Is it important to you to have the ability to go to any hospital or doctor you wanted for any procedure, or would it be acceptable to you to pay significantly less on your health care and have a large network to choose your hospital and doctor from?"
A Medicare Supplement, for the most part, gives you the freedom to use any hospital or doctor you wish which is attractive to many recipients. Most Medicare Advantage plans require you to receive services from an in-network provider and may require a referral from your Primary Care Physician before you may see an in-network specialist.