Medicare supplement plans come in a variety of flavors, and are sold by private insurance companies. Here are just some of your options.
Current plans are identified by letters, and include plans A, B, C, D, F, Select F, G, K, L, M, and N. An important note is that supplement plans work together WITH original medicare. Basically, these plans help cover some or all of the costs that Medicare does not cover, such as deductibles, Coinsurance, and co pays. Your deductible is the amount of medical cost you are responsible for before the insurance kicks in. For instance, for 2012, in the event of a hospitalization, there is a Part A deductible of $1,132 which Medicare does NOT pay for. There are also certain co pays you may be responsible for in the event of an extended hospital stay. There is also a Part B deductible of $162 which you are responsible for before Medicare will pay anything towards your doctor or outpatient costs. Additionally, your share of Part B cost is 20% for any covered procedure. As you can see, your shared cost under Medicare alone can add up considerably.
A supplement plan can offer you some relief from these costs. Using Blue Cross Blue Shield's plans as examples, the following applies:
1) Plans B, C, D, F, G, and N will cover that Part A deductible entirely. 2) Plans K, L, and M will cover a portion of the Part A deductible. 3) Plans C and F will cover the Part B deductible entirely. 4) Plans A, B, C, D, F, G and M will cover the Part B coinsurance entirely. 5) Plans K, L and N may have some limitations on Part B coinsurance. Are you confused yet?
Just remember that only a licensed insurance agent can clearly explain your choices.
Questions you should ask your agent:
1) Do I really need a supplement plan? 2) How much will it cost me? 3) Is there a network of doctors or hospitals I am restricted to? 4) If I move to another state, can I keep my supplement plan? 5) Are there any forms to fill out at time of service? 6) What if my doctor does not accept Medicare, am I still covered? 7) Am I covered out of the country? 8) When can I join a plan? 9) Can I change to a different plan at any time? 10) Does my supplement plan cover prescription medications?
When looking for answers to these questions, make sure that the advise comes from a medicare approved aent. Also look for a Company that has a well established record with Medicare.
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