For people age 65 and over, when it comes to health insurance Medicare is a great start, but it’s just partial coverage whether you need doctor or hospital care. So, how do you compare different Medicare supplements to be sure you’re getting the best value? You compare Medicare supplements in 2018 to protect your health and your money.
Here’s a few things you need to know.
With a Medicare Supplement, you can get coverage for all of your doctor bills, you can be reimbursed for Medicare deductibles, and it will even cover hospital bills Medicare doesn’t pay for.
Five keys to help you compare Medicare Supplements in 2018
#1- All Medicare Supplement Plans are standardized, but their premiums are not. All plans with the same letter like Plan F have the same benefits, but the premiums vary by company. So you can save hundreds of dollars by comparing multiple companies with the help of an agent.
#2- Make sure you’re getting the right coverage for your financial and health conditions. Look at plans that cover your regular medical bills, and be sure to add protection against unexpected medical expenses. Plans with deductibles in most cases will save you money so don’t be afraid to look at those closely.
#3- Pay attention to “attained-age” rated plans. Medicare Supplement Plans follow different pricing policies. “Community-rated” plans don’t base premiums on your age, and “issue-rated” plans don’t raise premiums as you age. “Attained-age” rates plans, however, can and usually do raise premiums as you age. So, they’re less expensive to start, but they will go up as you age. Therefore you’ll need to have your premiums checked every year to make sure you’re always paying the least amount possible for your coverage.
#4- Take action as needed during open enrollment and guaranteed issue periods. During open enrollment, insurance carriers cannot charge more or deny coverage based on your medical history. You open enrollment period beings three months before the month of your 65th birthday and ends three months after the month of your 65th birthday. There’s also an annual election period from November 15th to December 31st when you can switch plans regardless of your health condition.
#5- Get professional help. Speak with a licensed Medicare Insurance Specialist who can help you examine plans in your area. Work with an independent agent who’s not ‘held captive’ by any one insurance provider, and you should be able to receive guidance from an independent insurance advisor at no cost.
So, once again, here are the five keys to help you compare Medicare Supplements for 2018: Number one, compare prices. Two, get the right coverage. Number three, watch out for “attained age” rated plans. Number four, be sure to take action during open enrollment. And number five, get help from an independent Medicare Insurance Specialist.
Shop and Compare Top Plans Instantly
Enter Zip Code