Medicare Supplement Plans in Cape Coral FLorida. 3 Important Tips.
Choosing the right Medicare Supplement coverage for your health insurance needs can be a daunting task. Choosing the right Medicare supplement plan is perhaps one of the most important decisions you can make when it comes to ensuring a stable financial future - a future that won't be impacted by unexpected, devastating medical costs.
So in making such an important decision, where should you begin?
Several questions immediately come to mind:
How should you begin? 3 Important tips.
1. Start learning about your options sooner rather than later.
The sooner you can begin researching your options, the better. You will want to begin by first determining when you will be eligible to apply for Medicare. Keep in mind, you will not be eligible to purchase a Medicare Supplement Plan until you are actually covered by Medicare. In addition, you will need to be enrolled in both Part A and Part B of government Medicare. Once you become eligible, there is an initial enrollment period of seven months that begins 3 months before your 65th birthday. This enrollment period is the ideal time to get your Medigap plan in place.
2. Thoroughly review your options.
When it comes to Medicare supplement plans, there are plenty of options to choose from. Generally, all Medigap plans are categorized by letters of the alphabet (A through N). Each Medigap option covers medical expenses that are not covered by Medicare. The amount of coverage that is provided, determines the category of the Medigap plan. The federal government requires all Medicare Supplement plans to provide standardized benefits. In other words, no matter which insurance company you buy your plan from, all plan benefits will basically be the same, based on the letter of the alphabet that the plan is designated by. (E.g. An A plan purchased from Humana Insurance will basically provide the same benefit coverage as an A plan purchased from Mutual of Omaha Insurance.)
The most important differences in plans are:
|Benefits||Medicare Supplement Plans|
|Medicare Part A Deductible||No||100%||100%||100%||100%||100%||50%||75%||50%||100%|
|Medicare Part B Deductible||No||No||100%||No||100%||No||No||No||No||No|
|Medicare Part A coinsurance and hospital costs up to an additional 365 days after Medicare benefits are exhausted||100%||100%||100%||100%||100%||100%||100%||100%||100%||100%|
|Medicare Part B coinsurance or copayment||100%||100%||100%||100%||100%||100%||50%||75%||100%||100%**|
|First three pints of blood||100%||100%||100%||100%||100%||100%||50%||75%||100%||100%|
|Medicare Part A hospice coinsurance or copayment||100%||100%||100%||100%||100%||100%||50%||75%||100%||100%|
|Skilled Nursing Facility (SNF) coinsurance||No||No||100%||100%||100%||100%||50%||75%||100%||100%|
|Medicare Part B Excess Charges||No||No||No||No||100%||100%||No||No||No||No|
|Foreign Travel Emergency (Up to Plan Limits)||No||No||80%||80%||80%||80%||No||No||80%||80%|
*Plan F is also has a high-deductible option. The F high deductible plan pays for all Medicare-covered expenses after you meet a $2240 annual deductible.
**Office copay exceptions: Some office visits may require a copayment of up to $20. Emergency room visits may require a copayment of up to $50.
***Plan pays 100% of covered Medicare costs for the remainder of the calendar year once the out-of-Pocket limit is reached.