Medicare supplemental insurance, in terms of the provisions and coverage offered, are made standard by the federal government. However, their prices and availability are not standardized.
Not every plan is offered by every company or in every state, and while the plans are standardized by the federal government, the government did not standardize the premium prices. Hence, the prices may be different for the same Medicare supplement plans with different providing companies. That’s right. You may buy Medicare supplement Plan F in your area from one company that charges $189 a month, or from a company that charges $95 a month. There truly is that much variation, because there is no cap or standard.
Compound that price variation to the already ingrained fear that people have of Medicare supplements, and that equals disaster. Most are in a rush to quickly and efficiently acquire a Medicare supplement policy as they wish to be done with the stress of it all. Ironically, this fear perpetuates these providing companies’ ability to charge exorbitant amounts for coverage that should not be that expensive. Plans for supplement insurance ARE the same. Prices for the plans are NOT the same.
So what’s the deal with parts? You hear about Medicare Part A or Part D, and then you hear about Plan A or Plan D. You are sitting there, staring at the screen, trying to figure out if they’re the same thing, or what type of person would name them something like that to create so much confusion. Just to be clear, they ARE different.
Part A is included in all Plans; Part B is as well. They are parts of Original Medicare Coverage. Part C acts in place of Original Medicare plans and is known as a Medicare Advantage Plan. Part D is prescription coverage. Plans A-L, on the other hand, are the supplemental plans that you can buy to increase the coverage that you have by supplementing the coverage already provided by Original Medicare, hence their name. Each plan has varying levels of coverage.
Medicare supplements, also known as Medigap, are designed to fit in with Medicare coverage and fill in the gaps where Medicare lacks to provide coverage. Speaking with an agent who has an allegiance to a specific insurance company will not behoove you as that person is most likely going to tell you that the policy and price they offer is the best all around. The simple truth is that they may just want the sale.
You should instead find a Medicare attorney, broker, or another objective source that can help you understand this confusing world of plans, parts, and headaches so that you can get the medical coverage you need.
Want to find out more about Medicare supplements, then visit Richard Cantu’s site on how to choose the best plan for your needs.
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