Medicare Supplements: Part, Plan, and Coverage Confusion
Medicare supplements, in terms of the provisions and coverage offered, are all standardized by the federal government. However, in terms of prices and availability, they are not created so equally.
Not all plans are offered by all providing companies or in all states. Also, while the plans are standardized by the federal government, the government did not standardize the premium prices. Therefore, the prices may be different for the same Medicare supplement plans with different insurance companies. That is correct. You can buy Medicare supplement Plan F in your area from one insurance company that wants $189 a month, or from another insurance company that wants $95 a month. There really can be that much variation, because there is no cap or standard.
Add that price variation to the fear that people already have of Medicare supplements, and that equals disaster. People are in a rush to quickly and efficiently obtain a Medicare supplement policy as they wish to be done with the stress. Ironically, this fear and rush to purchase a policy perpetuates these companies' ability to charge so much for coverage that should not be that expensive. Plans for supplement insurance ARE the same. Prices for the plans are NOT.
So what's the deal with parts? You hear about Medicare Part A or Part D, and then you hear about Plan A or Plan D. You are sitting there, staring at the screen, trying to figure out if they're the same thing, or what type of person would name them something like that to create so much confusion. Just to be clear, they ARE different.
Part A is included in all Plans, as is Part B. They are parts of Original Medicare Coverage. Part C acts in place of traditional Medicare plans and is known as a Medicare Advantage Plan, and Part D is prescription coverage. Plans A-L are the supplemental plans that you can buy to increase the coverage that you have by supplementing the coverage already provided by Original Medicare, hence their name. Each plan has varying levels of coverage.
Medicare supplements, commonly known as Medigap, are designed to fit in with Medicare coverage. They fill in the gaps where Medicare lacks to provide coverage. Speaking with an agent who has an allegiance to a specific insurance company will not be in your best interest as that person will most likely tell you that the policy and price they offer is the best all around. The truth is that they may just want the sale.
You should instead find a Medicare lawyer, broker, or other objective source that can help you understand this confusing world of plans, parts, and headaches so that you can obtain the medical coverage you need.
Looking to find the best deal on a Medicare supplement, then visit www.gomedigap.com to find the best advice on supplemental insurance for you.
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