How to Choose A Medicare Advantage Plan?

In many cases, Medicare does not offer sufficient health insurance coverage. Medicare Advantage plans are introduced to fill in the gap left by Medicare. This is the reason why the Medicare advantage plan is also known as Medigap Insurance. There are three biggest factors you need to consider before getting a Medicare advantage plan. These factors are described below:

Factors To Consider Before Getting A Medicare Advantage Plan

  • Financial Situation

First of all, you need to make sure that you can afford a Medicare Advantage. The cost of Plan F starts from $95. For a standard Plan F, the cost goes even higher. The monthly premium advantage plans vary depending upon your area, your age, your smoking habits and the insurance company you have selected. It also important for you to choose a Medicare Prescription Drug plan that suits your financial situation. The average cost of this plan is around $40-70/month. You also need to continue paying your Medicare Part B premium. The cost of this advantage plan goes up with time. If you think you can afford a Advantage plan and you are eligible for it, it’s high time that gets it now.

This is because when you first apply for Medicare you don’t have any other creditable health coverage.  At this point, you don’t even need to go through underwriting. Moreover, the cost of the plan is lower at this time and your acceptance is guaranteed as well. The longer you wait, the harder it gets for you to qualify for one.  Although the price of Medicare advantage plan is higher than a Medicare Advantage plan, the health insurance coverage offered is far greater if you get Medicare Advantage Plan F.

  • Health History

Medicare Advantage is an ideal plan for those who are suffering from some health situation. This plan is perfect for those people who have an underlying family history of poor health. You should get this insurance plan if you have a medical condition that requires you to frequently visit your doctor, specialist, or hospital. When you choose a Medicare Advantage plan, your regular visits to seek Medicare services would add up to the co-pays you are required to pay. The maximum out of pocket cost with a Medicare Advantage plan makes around $4000-$6,000 per year. In general words, a Advantage is a predictable cost plan.

  • Your Personal Choice

With a Medicare Advantage, you have the freedom to seek medical assistance from any hospital or doctor you want. This feature makes this plan an attractive option for the majority of the recipients. Most of the times your Medicare Advantage plan oblige you to get services from an in-network provider. In many cases, you need to get a referral from your Primary Care Physician in order to see an in-network specialist. Being the “Cadillac” of Medicare health plans, Medicare Advantage provides exceptional health coverage, predictable expenditures, and the liberty to select almost any doctor, specialist, and hospital that you find suitable for you.

Are you a citizen of the world? These Medicare advantage plans offer national coverage!

US Citizens know that with Medicare Part A or B, many of the health care expenses necessary inside the United States aren´t covered. These costs would be long-term care, dental care, eye exams required due to prescribing glasses, acupuncture, cosmetic surgery, hearing aids, routine foot care and more. Additionally, there are many services that aren´t fully covered by Medicare, such as, in an emergency, the three pints of blood. There are copayments to pay, deductibles, coinsurance and excess charges. If health care is required often throughout the year, it can get very expensive very fast. Especially, if you need to have surgery and are admitted into hospital. For people who are restless worrying where to find the money to pay for all these additional costs, advantage plans are the best available option out there. Advantage plans are offered by health insurance companies to help fill out and cover for all possible expenses, that Medicare won´t cover. This gains you financial security and control, as you know that if anything should happen, you have already been paying for it monthly by paying your advantage plan premium rate.

Those, who are planning to leave the country for any reason, need to get informed about the costs that are covered when they are not in the US. Health emergencies can happen anytime and anywhere, which is why it is most important to be covered at all times. While there are many travelers who take the risk on their holiday trip and stay uninsured, believing and hoping nothing would happen, others simply can´t imagine finding themselves in the situation of needing medical health care abroad and having to pay for it out of their own pocket. It is better to be safe than sorry. There are some limited cases, in which Medicare original does cover for expenses, even when you´re not in the U.S. These cases are: Get a 2019 advantage plan here https://www.medicareadvantage2019.org/

  • Emergencies in Canada, traveling a direct route to Alaska or another state, that can be treated in Canada only due to the closeness to the hospital
  • Being on a cruise ship, that is on US waters, which translates to six hours away from U.S. port
  • When while living near a boarder, such as Mexico and Canada, the closest hospital is found in the neighbor country

As these cases are all very limited, their coverage won´t be enough for most people. These advantage plans will cover for 80% of your emergency expenses abroad: Plan C, Plan D, Plan F, Plan G, Plan M and Plan N.  These plans cover different other benefits and you can choose between them by looking at what other benefits they cover and which ones you would additionally need as well. Some of these plans are less expensive than others, and it is up to the individual and one’s unique needs to decide with of these benefits are important. Plan F is a plan that is known to be the most expensive, but also the only one that covers all expenses.

Are Medicare Supplement Plans Available to All?

As Medicare original part A and B cover only limited expenses when it comes to health care services, patients are often left having to pay a share out of their own pockets. How much depends all on the service that you might require, as well as the health care provider you visit. For those, who are trying to limit their expenses for healthcare services, Medicare supplement plans might seem like a good idea. They cover benefits that would otherwise need to be paid for by the patient himself. However, will you be eligible for enrollment to one of these plans?

Eligibility for Medicare Supplement Plans

There are certain criteria that would first need to be fulfilled, in order to be able to purchase and enroll to one of the Medicare supplement plans. The first, main criterion is that these plans will only be available, after already being enrolled to Medicare part A or B. Without an original Medicare, supplement plans won´t be available. Health insurance companies are not allowed to sell these plans to those, who cannot prove their enrollment into one of the Medicare parts. To be able to enroll to a Medicare original part, you would need to be a citizen of the United States, or be a legal resident for at least five years in a row. Enroll in a plan at https://www.bestmedicaresupplementplans2019.com/medicare-supplement-plans-2019-tips-compare-options/

The Age-Factor

One major, additional criterion is also age. In general, Medicare supplement plans are available for those who are 65 and older. Once you turn 65, there is an enrollment period that lasts for 6 months after the day you have turned 65. During this period, you can stay assured that you can enroll to a Medicare supplement plan of your choice, without being denied. Also, at this point, your health condition and previous conditions won´t play a role to your premium rate.

For those who are under 65 and are looking into Medicare supplement plans, this might be different. Health insurance companies are only obliged to provide their plans to those 65 and older, however can freely choose and turn down anyone younger than that. In some states, however, law required the health insurance companies to provide at least one type of plan for those who are younger than 65. In these cases, the health insurance company is allowed to charge you a rate of their choice and in the process of setting this rate, they will take closer look at your health condition. If you have a condition already, especially a chronic one, the premium rates will probably be higher than for those who are healthy. Even after enrollment, any health condition you might get with time can result to an increase of the premium rate.

It is always recommended to check different kinds of health insurance companies, as they all have different rates that they offer. While the health insurance companies are not allowed to set the type of benefits a certain plan includes, the price of the rate is up to them, which is why different companies will charge different rates for the same plan.

Are Co-Sharing Medicare Supplement Plans the Best Option for You?

Out of all the Medicare supplement plans available, two of these plans offer only partial coverage, as they are co-sharing plans. With co-sharing plans, your health insurance company will cover a part of your bill, while you will have to pay for the rest of your bill by yourself. In 47 states, Medicare supplement plans are standardized and offer the same benefits. In these 47 states there are two co-sharing Medicare supplement plans available: the Medicare supplement plan K and the Medicare supplement plan L.

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Medicare supplement plan K

This Medicare supplement plan will cover for 50% of your health care bills. However, not all benefits are included. These are the benefits, which Medicare supplement plan K will cover up to a 50%:

  • Expenses for Medicare Part B co-insurance and co-payment
  • Expenses for Medicare part A co-insurance and co-payment due to hospice care
  • Expenses for so-insurance due to skilled nursing facility
  • Expenses for the Medicare part A deductible

There is one expense Medicare supplement plan K covers to a 100%, which is the expenses for Medicare part A co-insurance. The Medicare supplement plan K has a limit, to make sure that the out-of-pocket costs don´t become too high. If you´ve paid an amount of 5,240$ for the year, Medicare supplement plan K will start covering all the benefits that were covered up to 50%, to a full amount of 100%.

 

Medicare supplement plan L

This Medicare supplement plan will cover for 75% of your health care bills. Similarly, to plan K, not all benefits are included, but here are the ones that are:

  • Expenses for Medicare part B co-insurance and co-payment
  • Expenses for the first three pints of blood
  • Expenses for Medicare part A co-insurance and co-payment due to hospice care
  • Expenses for Medicare co-insurance for skilled nursing facility
  • Expenses for Medicare part A deductibles

One expense that is covered up to 100% is the expense for Medicare part A, just as it is covered by the supplement plan K. The difference to supplement plan K is, apart from the fact that is covers 75%, is that its annual limit is lower. With supplement plan L, 100% coverage starts once you´ve reached an out-of-pocket limit of $2,620.

Enrollment of Medicare supplement plan K and L

medicare supplement plan gMedicare supplement plan K has a number of 1% members enrolled, in comparison to the other available Medicare supplement plans. This makes this Medicare supplement plan a not so popular one. The Medicare supplement plan L has even fewer members, with a number of 0,5% of enrolled members. Although, since these measurements were taken, both enrollment plans have been starting to grow in popularity.

If you´re able to set aside the amount required for the annual limit, choosing one of these plans might be the right financial move for you- giving you a peace of mind, allowing to control your expenses. Don´t forget to compare prices, as the premium rate for Medicare supplement plans may be different from company to company.

10 Medicare Supplement Plans Compared: Which one covers what?

As there are 10 different supplement plans to choose from, it gets hard to decide which one works best for you. The important thing to remember is that you need to inform yourself on the benefits that these supplement plans cover. After knowing what it being covered by Medicare supplement plans, it will be easier for you to adjust and find the one matching to your personal needs.

1) Medicare supplement plan A is the first type available. It is purchased at a smaller premium rate, therefore also covers only some of the benefits possible. Medicare supplement plan A will cover for: coinsurance due to part A hospital expenses, 365 additional days for hospice stay, three first pints of blood, the coinsurance expenses due to part B Medicare, the hospice co-insurance expenses, as well as preventive care.

2) Medicare supplement plan B is very similar to the Medicare supplement plan A. It covers for all the same benefits as the plan A does, with an additional benefit. Plan B will also cover for the Medicare supplement part A deductibles.

3) Medicare supplement plan C offers three more benefits than the supplement plan A. It will additionally cover for the Medicare supplement part A deductibles, the Medicare part B deductibles, expenses for a skilled nursing facility and for travel insurance.

4) Medicare supplement plan D covers for the same expenses that the supplement plan C does, apart from the Medicare part B deductible. This deductible would need to be paid out of one´s pocket. It therefore, even if after C, covers less benefits than the prior supplement plan. For anyone who is willing to pay the Medicare part B deductible themselves, this is a better choice than the plan C.

5) Medicare supplement plan F is known to be the most expensive one, but also the one that covers the most. In fact, it covers all of the benefits available!

6) The Medicare supplement plan G covers for all expenses, apart for the Medicare part B deductible.

7) Medicare supplement plan K will cover for part A hospital coinsurance, 365 additional days in the hospital and the preventive care co-insurance. These benefits will only be covered to 50%: part B coinsurance, deductibles of part A, hospice coinsurance, three pints of bloods and skilled nursing facility.

8) Medicare supplement plan L also has a co-sharing plan and covers the benefits that plan K covers only up to 50% at up to 75%. If 50% co-sharing is too much for you, switching to plan L might turn out to be a better financial move.

9) The Medicare supplement plan M covers for all expenses, except for the part B deductible and excess charges.

10) The Medicare supplement plan N is similar to the plan M, except that it covers for the part B co-insurance up to a certain point. You would still need to pay an amount for this one out of your own pocket.

10 Expenses Medicare Supplement Plans Cover

 

Choosing from ten different kinds of supplement plans can be a difficult task. They are known in the letters A to N and all have different features and benefits that they cover. Surely, you want to make sure that the costs you need to pay the most for are getting covered by your supplement plan. Once you have gotten an overall view on the plans and which benefits they cover, it will become a lot easier to find out which one definitely doesn´t work for you and which ones might. There are 10 main expenses, that patients usually need to pay out of their own pockets because they´re not covered by the original Medicare Plan. Here is a list of all these 10 expenses and which supplement plan covers them:

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  1. Medicare Part A costs for coinsurance, in addition to hospital costs for up to 365 days

These expenses are covered by all supplement plans, from A to N.

  1. Medicare Part B coinsurance or copayment
  2. First three pints of blood
  3. Medicare Part A hospice coinsurance or copayment

These are covered by the following supplement plans: A, B, C, D, F, G, M and N. The supplement plan K covers only 50% of them, while the supplement plan L only 75%.

  1. Skilled Nursing Facility (SNF) coinsurance

Coinsurance for skilled nursing facilities are only covered only by the following plans: C, D, F, G, M, N. The supplement plan K covers only 50% in this case as well, while the supplement plan L only 75%.

  1. Medicare Part A Deductible

The deductible for members of Medicare Part A is covered by the supplement plans: B, C, D, F, G and N. The supplement plan K and M cover only 50% of these expenses, while the supplement plan L only 75%.

 

  1. Medicare Part B Deductible

The deductible for members of Medicare Part B Is only covered by the supplement plans C and F.

  1. Medicare Part B Excess Charges

Any excess charges that members of Medicare Part B may need to face, are covered by the supplement plans F and G only.

  1. Foreign Travel Emergency (Up to Plan Limits)

Original Medicare Part A or B covers expenses one might face outside of the United States in very limited cases, one of them being, for example, on a cruise ship six hours away from a US port. In general, in all cases where you already know that you will be staying outside of the US for longer than a couple of hours, you would need a supplement plan. Emergencies that may occur abroad are covered up to 80% by the following supplement plans: C, D, F, G, M and N.

  1. Out of pocket limit

Almost all of these supplement plans don´t have a limit that needs to be reached for them to start covering costs, however when choosing plan K, you would need to reach a limit of $5,240 before the plan starts covering for all the costs, and a limit of $2,620 with supplement plan L.

8 Facts About Medicare Supplement Plan D

  1. What is it?

Medicare supplement plan D is a health insurance plan, that is offered to cover for expenses, which aren´t covered by Medicare original part A or B. Without a supplement plan, patients would need to pay for these expenses out of their own pocket.

 

  1. Where to get it?

Medicare supplement plan D is offered by private health insurance companies. Not all companies have a license to sell these plans and before buying it from a certain company, you should check whether the license has been given to them.

  1. What does it cover?

The benefits, that this supplement plan offers, are:

  • Coverage of health insurance while travelling outside of the United States
  • Coverage of the Medicare part A deductible
  • Coverage for hospice care coinsurance and copayments (when enrolled to Medicare part A)
  • Coverage of the costs for the first three pints of blood
  • Coverage for the copayments and coinsurance of Medicare part B
  • Coverage of hospital costs and copayments of Medicate part A

Get a plan quote and enroll here https://www.medisupps.com/mutual-of-omaha-medicare-supplement-plans-2019/

  1. What isn´t covered?

The Medicare plan D won´t cover for the Medicare part B deductible. This is an annual amount that would need to be paid out of the members own pocket and is currently at 183$. This amount tends to slightly increase over the years.

Plan D will also not cover for any excess charges of Medicare part B. These excess charges cannot be predicted, as they depend on the individual and what kind of health services they require. However, excess charges can be controlled and avoided. If you visit a doctor who has Medicare assignment, you can be assured that there won´t be any excess charges and the health care provider will only charge you as much as is covered by your health insurance.

  1. Prescription Drugs Rule

As of 2006, Medicare supplement plans aren´t allowed to cover for prescription drugs. Therefore, Plan D will not cover for these expenses either. Only Medicare original Plans can offer coverage of prescription medication. One of these plans is the Medicare Advantage Plan

  1. What will it cost?

The price of the premium rate depends on the company you get it from. Health insurance companies are able to set their own prizes for premium rates. The best rate possible will be offered to those who enroll to a plan during their initial enrollment period. It is a seven-month period that starts three months before you turn 65 and ends three months after the month of your birthday.

  1. Will it cover for my spouse?

The answer is no. A Medicare supplement plan will cover only the expenses of the person who enrolled to it. Family members would need to enroll to their own plans.

  1. How can I pay for it?

There are premium rates that can be paid monthly, quarterly or annually. It all depends on the            health insurance company. In general, monthly payment is known to be cheaper, as it is what             the health insurance companies prefer.

7 Facts You Need to Know About Medicare Supplement Plans

  1. Who is eligible?

In all 50 states, a Medicare supplement plan will only be available to you, when you are already enrolled to Medicare part A or B. Without enrolling to basic Medicare, offered by Social Security, you won´t be eligible to purchase any additional health insurance.

  1. Who offers it?

If you have been wondering, where to get these supplement plans from, the answer is private health insurance companies. Supplement plans are not offered directly from Social Security, like what the case is with Medicare pans.

  1. Same, yet different

The Medicare supplement plans have been standardized and law orders that a benefit plan A, for example, offers the same benefits throughout the United States. And in fact, in 47 states you can move freely, known that your Medicare supplement plan will remain the same and will offer you the same benefits. Unless, you move to these three states: Wisconsin, Massachusetts and Minnesota. In these three states Medicare supplement plans have similarities, but are standardized differently

  1. The older you are, the higher the price

Health insurance companies have the right to set the price for your premium rate individually. One factor that affects the premium rate is age. Some health insurance companies base the premium rate on the age you are in at the time of your enrollment, while others increase the premium rate the older you get. It all depends on the health insurance company, really. Other factors that affect the premium rate cost are: zip code, gender and tobacco use. Those who use tobacco are known to pay up to 10% more per month for their premium rates, compared to those who don´t use this substance.

  1. Visit any doctor-Get a plan at https://www.medisupps.com/

When only enrolled to a Medicare part A or B, you need to watch out which doctor you are visiting. In these cases, you can only visit doctors who are part of the provider network. When enrolled to Medicare supplement plans, you can visit any doctor, as long as they accept Medicare. You won´t need to look at provider networks.

 

  1. Decide whenever you feel like it

You can decide to get a Medicare supplement plan whenever you feel like it, basically. Unlike Medicare part A and B, which have an annual enrollment period, you can decide to get that additional health insurance whenever you want. The only problem with this is, that the premium rates may and usually do change within a year, upwards.

  1. Timing saves you money

Medicare supplement plans are all about timing. Although you can enroll whenever you want, the best possible timing is to do so during your open enrollment period. This is a time that starts on the day of your 65th birthday and lasts for six months. The premium rate costs will be so low during this period, because the health insurance company is not allowed to base it on your health state. Also, you are guaranteed enrollment, as the health insurance company is not allowed to deny you either.