Choosing a Medicare Supplement can be very confusing.
Here are the top ten things that you should consider when choosing your supplement policy.
1.
What coverage do you want or need? There are several Medicare supplement plans available.
Medicare supplements start with Basic coverage and go to Comprehensive coverage, with many variations in between.
2.
Do you want to pay the Part B Deductible? The part B Deductible (for the doctor) is a once a year deductible ($155.
00 in 2010).
Of course, plans that do not cover this are less expensive than those that cover it.
3.
Does your doctor accept Medicare "Assignment"? If your doctor accepts Assignment, this means that they will accept the Medicare Approved Amount for the given service.
If the doctor does not accept Assignment, they are allowed to charge up to 15% more than the Medicare approved charge.
This extra charge is the Part B Excess.
If your doctor does accept Assignment, you don't need a plan that covers the Part B Excess charges.
4.
What is the financial strength of the company that you are considering? You want a company that has the financial strength to be able to pay claims now and in the future.
All insurance companies are rated by outside companies such as AM Best.
5.
If you travel outside the country, does the plan cover Foreign Travel Emergencies? 6.
Price.
Medicare Supplements are standardized by the Federal Government.
They are lettered A, B, C, D, F, G, K, L, M & N.
Each standardized Medigap policy must offer the same basic benefits no matter which insurance company sells it.
Cost is usually the only difference between Medigap policies with the same letter sold by different insurance companies.
7.
Service.
How is the customer service.
Do they respond to their customers needs and questions.
If so, how long does it take? 8.
Do they offer any "Value Added" benefits.
Some companies offer additional discounts on some services.
You need to ask.
9.
Does the plan cover At Home Recovery? Do you need this? Is the benefit worthwhile? 10.
Do you have somebody to explain all this to you in detail? Do you have somebody that you can contact if you have a question or problem? You should find an "independent" agent that specializes in Medicare Products.
He can guide you and answer all your questions.
He can be there when you have a question, now or in the future.
He can find the right plan and company for your particular situation.