How Do I Choose a Medicare Supplement Plan?

When you’re shopping around for a new car, what kind of features do you look for? A moon roof? Power doors and locks? Are you more concerned with gas mileage or with safety features? Does the look of the car matter more, or is it all about how it drives? Do you need a touch screen center console, or will a more classic set-up work for you?

Well, believe it or not, you have the same level of control when it comes to your Medicare supplement plan!

Every day, roughly 10,000 Americans turn 65, making them eligible for Medicare. When this day comes, it’s important to remember that you have options.

Everyone out there is going on a unique personal journey, and everyone has different wants and needs. Health insurance doesn’t have to be cookie cutter!

“What Is Medicare Supplement Coverage?”

First and foremost, it’s important to remember that traditional Medicare isn’t the end-all, be-all for coverage once you’ve turned 65. There are other options, which can help you maximize your coverage while making the most of your budget.

One of the most important options to know about is Medicare supplement coverage.

Medicare supplement insurance — also called Medigap — is private health insurance designed to help you cover some of the health care costs that original Medicare doesn’t cover, such as copayments, coinsurance, and deductibles.

One way to think of Medicare supplement insurance is to look at it as a way to “fill in the gaps” in your coverage left by original Medicare. Over time, the expenses created by out-of-pocket medical fees can significantly add up, and can easily cause you to spend thousands of dollars a year.

Medigap coverage can help provide a sense of security about both the predictable and unexpected costs of your medical care. And beyond peace of mind, these plans can help keep more money in your pocket, giving you greater freedom to:

  • Keep your lifestyle intact
  • Protect your family’s financial future
  • Go out and pursue your life goals in retirement

“What Are My Medicare Supplement Options?”

Because of its major benefits, countless healthcare professionals and Medicare beneficiaries describe Medigap as the “gold standard” in health insurance for older adults. But even within supplemental coverage, there are still different plans and levels of coverage that you can choose between.

Broadly speaking, Medicare supplement plans are standardized according to state and federal laws, and are identifiable by letters (Medicare Plans A–N). All of these policies, by and large, offer the same basic benefits. But it’s important to review them all carefully because some will offer additional benefits above and beyond the standards; others will offer more or less coverage for certain healthcare needs; and others come with different deductibles or out-of-pocket limits.

So, for instance, insurance companies that offer any kind of Medigap policy must offer Plan A as an option. This plan covers:

  • Medicare Part A coinsurance and hospital costs up to an additional 365 days after Medicare benefits are used up
  • Part B coinsurance or copayment
  • the full cost of up to three pints of blood
  • Part A hospice care coinsurance or copayment

Now, other Medigap plans offer benefits above and beyond what Plan A covers, while others offer slightly less. For example, Plan C offers all of the benefits of Plan A, but it also helps cover the cost of skilled nursing care facility coinsurance, deductibles for Part A and Part B, and foreign travel emergencies. Plans K and L, meanwhile, pay for less than 100 percent of most covered benefits, until a yearly out-of-pocket limit is reached, but may offer better premiums.

We could go on, but the bottom line is this: When it comes to Medigap, there are a lot of options out there, with choices for every lifestyle and budget!

“How Do I Get Coverage?”

It’s important for you to know that not all insurers will offer every type of Medigap plan, and some state laws may affect which plans different insurance companies will choose to offer.

With all of these options on the table, it can be hard to know which Medicare supplement plan will be the right fit for you. To make matters worse, health insurance laws and regulations are always changing, and lot of the information that you’ll find online is out of date, confusing, and sometimes flat-out wrong.

With all of this in mind, one of the best ways to find the right Medicare supplement plan is to work with an experienced health insurance consultant. That’s where the Enrollment Specialists come in!

Led by our owner and principal consultant, Matt Peebles, the Enrollment Specialists can help you find the right Medicare supplemental plan to suit your one-of-a-kind needs.

When you work with the Enrollment Specialists, Matt will sit down with you and get to know what makes your case unique. From there, he can help you customize the insurance policy that will work best for your needs. He’ll make sure that your costs are always minimized while your coverage is at its peak.

Matt will use every tool at his disposal to make sure that you’re satisfied with your policy, at every step of the way. He’ll be the one to go over the fine print and sweat the small stuff, so that you can rest easy.

And unlike other insurance brokers out there, Matt won’t disappear after he’s helped you find your Medigap plan. Instead, he’ll always be ready to serve as your advocate and main point of contact, whenever you have any questions or concerns about your coverage for the entire life of your policy.

With Matt on your side, you won’t need to deal with the hassles of call centers, online chat rooms, or robotic automated messages! You’ll always be able to get hold of a real person, and receive stellar customer service, right when you need it most.

Bottom line? With Matt and the Enrollment Specialists, you will always be able to confidently say, “I Got A Guy!” for all things health and life insurance!

Ready to talk through your Medigap options with Matt and the rest of the team? Drop us a line today to get the conversation started!

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