Are All Medicare Supplemental Insurance Plans The Same?
As of January 1, 2006, Medicare began offering supplemental insurance plans called Medigap plans. There are 12 choices, labeled A through L with each offering a different set of benefits to the customer. The A plan has the least number of features built in, and costs less than all of the others. Plan
Different plan types
Beginning January 1, 2006, there are 12 standardized Medicare Supplemental Plans — A through L — also called Medigap plans. Each plan has different benefits. Plan A has the fewest and is the least expensive. Plan J on the other hand has the most and is therefore the most expensive.
Information every consumer should know
For each of the standardized Medicare Supplemental Plans there are 3 items that every potential consumer should be aware of in order to get the best deal. The first is that paying extra for a premium will not afford any more coverage. Companies are required to provide the same set of benefits as well as claim filing requirements. The premiums are adjusted with each new year, so as Medicare rises, so does Medigap. Finally premiums are set up for Medicare Supplemental Plans according to attained age of payer, issue age of policy and geographic. In this way, all clients get a fair deal on their coverage.
How does Medigap differ from Medicare?
Since Medicare Parts A & B are requirements for purchasing a Medigap policy, there will be separate payments for both Part B & the supplemental insurance. Also a married couple must purchase separate policies in order to get full coverage for each individual. These are just a few items that should be evaluated before securing additional insurance. Proper due diligence must be used to get the right plan.
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