One of the first questions anyone who is considering purchasing a Medicare Supplement plan asks is “How much does Medicare Supplement Plans cost?” The most common Medigap policies are essentially the same throughout the country. But, regardless of where you live, the absolute best Medicare Supplement plan available is the one that provides you the most value for your dollar. For this reason, you need to make sure that you are getting the very best plan available, rather than just a good deal or price.
The first step in understanding Medicare supplement plans cost is to understand how they work. Essentially, they are a contract with a private insurance company. You pay a monthly premium and then must meet the deductibles. If you don’t, then the insurance company kicks the cost of your coverage into the next year. With that money in your pocket, you can buy any of the number of medicare insurance policies. This process is called “queriting.”
In order to understand how Medicare supplement plans cost, it is important to understand how they work. Basically, the company that issues the policy – either Aetna Medicaid or Medicare – pays the premiums, and then pays the deductibles. Any expenses after those two are absorbed by the insurance carrier. They have to cover their costs, and you don’t get anything. But when you purchase policies from these companies, you will get more bang for your buck.
Medicare Supplement plans cover a wide range of items. If you don’t think that you need the policy, it’s not a bad idea to start with those two basic plans and add riders as you become more ill or visit the hospital. Some plans pay for the doctor visits and some pay for a hospital stay. You may even be able to add prescription coverage if you meet the criteria.
Once you have the basic coverages in place, there are other types of additional Medicare supplement plans which may be available. In fact, the rules are so varied, that there are actually separate plans for vegetarians. If you want a vegetarian plan, be sure and look up exactly what is covered. In order to be truly covered, you should be enrolled in the Medicare Part A plan. If you choose not to be insured under Part A, there are plans that cover you exclusively.
Medicare supplement plans cost more than traditional policies because they cover a broader range of services and are designed to cover emergencies more quickly. It is important to remember that just because a policy costs more doesn’t mean that it’s the best policy. You should compare plans side-by-side and consider both coverage and premiums. Make sure you understand what you’re paying for and find out if the coverage matches what you need. All policies are not created equal, so don’t settle for coverage at the cost of cheapest.