Medicare Supplement and Part D Drug Plans Pt 2

Medicare Supplement and Part D Drug Plans Pt 2

The good news is that if you find supplementary plans A through N a bit hard to understand, at least you only need to understand them once, because every letter plan from one insurance company to the next must be exactly the same.

The same applies to Part D Drug Plans. Each vendor offers a choice of three Part D drug plans, sometimes called “good, better and best,” but the federal government also demands that each of these plans be exactly the same from one vendor to another.

How To Choose The Right Medicare Supplement And Drug Plan

Since every specific plan must be exactly the same from one provider to another, your first step is to choose the best Medicare supplement plan (A-N) and the best Medicare Part D drug plan for your specific needs and situation.

While the definition of each plan (A-N) goes beyond the scope of this article, I will make some suggestions as to what to look for. Also keep in mind that although each plan may change from year to year, one constant is that if Plan A comes from one insurance firm, Plan A must be exactly the same from another firm.

For example, last year, I chose Medicare Supplement Plan F and a $ 310.00 deductible plan for medicine. Since you can only change your plans in a small time window, which is this year from November 15 to December 31, it is important to choose the right plans right from the start. So far, so good with both. In fact, my plan F has covered the full 20% and my medication plan looks like it is the right choice, especially after I’ve provided my deductible. But before that, my medication plan gave me discount rates for non-generic prescription drugs.

So, to repeat, if every single plan from one company to another is exactly the same, how do you choose the right insurance company?

First, learn everything you need to know about each individual plan from your independent health insurance agent, which makes choosing the right health insurance agent your first priority. You need a licensed, experienced agent who takes the time to explain the various plans.

Next, customer service will vary from company to company, so word of mouth, good or bad, can help you decide. Since the past is the best predictor of future results, you should consider previous experience with the Claims Department or the Customer Service Department, by either you or someone you know, with one of the major insurance companies.

And finally, now that you know that all the plans from one company to another must be exactly the same, why not go with the company that offers the lowest monthly premiums, assuming, of course, that it is a national brand that you are aware of?

In other words, if company A, which sends you a mailing every other day for three months before you become 65, three months later demands much more than company B for exactly the same coverage, then why not go with company B?


Medicare Supplement and Part D Drug Plans Pt 1

If you’re about to become 65, you’ve undoubtedly already signed up for Medicare, or at least you’ve read the information about the application. So the first question to ask is, should you have a prescription coverage and Medicare supplement plan from Part D or should you go into a Medicare Advantage plan?

For this article, we will assume that you have already set up your Medicare. So the next question is, what now? Medicare was easy, especially because there is only one place to get it, the federal government. However, after the Medicare treatment, you are only one-third complete. Medicare covers 80% of your hospital and medical expenses, but there are two other health insurance plans you need.

Medicare Supplement insurance plans: quoted here

The first is Medicare Supplement insurance, and it does exactly what its name implies. It complements your Medicare plan. What this means in plain English is that your Medicare supplemental insurance pays the difference between what Medicare pays, which is 80% in most cases, and pays the total of your hospital and doctoral bills.

So far everything is pretty easy to understand, right? Medicare pays 80% and your supplementary insurance pays the remaining 20%, provided you choose the right plan. But this is where the big private insurance companies come in and make it hard for the average person to understand. Each year, they have several Medicare supplement plans to choose from, each assigning them one letter of the alphabet so they can probably be differentiated. For example, in 2010, Medicare supplement plans A to N was made available, with the exception of E, H, I, and J, which are no longer available.

Medicare Part D Drug Plans:

The large private insurance companies offer several Part D plans to choose from. The difference here from plan to plan is the amount of your deductible, which can range from no deduction to $ 310. Your deductible, of course, is the total amount you need to spend yourself on prescription drugs before your insurance begin. When your deductible goes low, your monthly premium will go higher. This means that with zero deductible, you will pay the highest monthly premium.

There is also something called gap coverage that you need to understand, because after your coverage starts, either from zero or $ 310, when your total prescription drug costs reach $ 2700 per calendar year, the big insurance companies will stop payment until your entire cost for drugs reach $ 4350. Also, these figures are based on the plans of 2010 and can therefore be changed. My insurance broker has pointed out that this will become very clear when you consider the gap that needs coverage a donut hole, as it is sometimes called.

What the big private insurance companies do not want you to know

The big private insurance companies are unlikely to tell you that the government requires each insurance company to offer the exact same Medicare supplement and Part D plans in each specific state.

What this means in plain English is that Medicare supplement plans A through N, for example in Texas, must have exactly the same features of any insurance company.


Difference in Medicare Plans

You will find Medicare Part A and Medicare Part B will take care of a good portion of your medical needs when you are a senior, but not everything is taken care of. You will still have to pay for various copayments and deductibles that may come up. Medicare Part A and Medicare Part B will only cover 80% of the hospital costs, doctors’ fees and medical procedures you may need in a medical situation. The remaining 20% will be your responsibility and this can have a drain on your budget and savings. Other costs not utilized are vision and hearing tests, prescription drugs a doctor may feel you need and foreign health care if you travel outside the United States. These will all be your medical costs to take care of.

An Aetna Medicare supplement will take care of the additional 20% expenses. These plans are all different and cover various expenses. There are two plans, one being Medicare supplement plans and the other Medicare Advantage Plans, to help a senior. One needs to look carefully to see what benefits they will offer you for your care.

Medicare supplement plans work with your Medicare Part A and Medicare Part B and there are 10 plans to assist in the extra costs. You must have Medicare Part A and Part B to utilize these plans. Also you will need a separate Medicare Part D plan to help with your prescription drugs that may be needed for your health care, which is not included in a Medicare supplement plan.

A Medicare Advantage Plan incorporates Medicare Part A and Part B so you are still covered by Medicare and will have many of the same benefits. To have a Medicare Advantage Plan you will have Medicare Part A and Medicare Part B. The area in which you live will be a determining factor and you must not have end stage renal disease with some exceptions. You may have coverage for vision, hearing and dental care available and also your prescription drugs may also be covered.

Medicare supplement plans, as well as, Medicare Advantage Plans are provided by private insurance agencies. The cost of the monthly premiums for these plans will all depend on the area in which you live and which plan you choose. The plans are standardized, but their monthly premiums will be determined by the insurance company and can vary greatly. One must examine each plan to see what will cover your individual medical needs.

A brief idea about Medicare Supplement Plans

If you want to know about the Medical insurance plans, then you are reading the perfect article only for you. But these Medicare Supplement Plans are slightly different from medical insurance. Normal insurance plans will save you from every problem regarding the disease related. But if you want to remove the problems about others, then you should remove the gaps first of this issue. For this cause, you should try this medigap. Plans for Medicare supplements are known as medigap nowadays.

Coverage of these plans

If you want to know the coverage of those plans, then you should check from their official website. From here you can know a little bit. Before discussing coverage, you should know the divisions of Medicare. Normally there are two main divisions, and these are Medicare A and Medicare B. if you choose Medicare A then you will get hospital care, facilities of nurses, Home care of nurses, Services of home health and hospice.

If you choose Medicare B, then you will get clinical research, services of an ambulance, good medical equipment, before surgery you will get the second option, prescription drugs of limited edition etc. so these are the things which you may get through this Medicare. But there are lots of more things. If you choose Medicare D, then you can save a life from drugs. This is mainly for drug addiction.

What are the things out of Medicare?

Look, if you expect that Medicare will cover everything, then that is wrong imagination. So you should know about it. Otherwise, you may get a negative impression on it. Normally on long-term care, dental care, various exams related to eyes of glasses, dentures, surgeries of cosmetic, acupuncture etc. you will not get the Medicare Supplement Plans.  As these are the out of plans, so you should choose another plan to cover these things.

Who will pay these Medicare plans?

If you ask this question, then you should know that bank will pay everything to the hospital. For this cause, you have to pay little amount of money gradually to bank. After a certain time, bank will pay you that amount of money and you will get the better services through Medicare Supplement Plans.

Reviews of this plan

Before choosing any reviews, you have to read reviews about it. By this way, you can understand almost everything about it. People tell about it in their comments. So if you read it, then you will get some clear idea about these Medicare Supplemental plans.