Finding the right health insurance for your needs can be a daunting and time consuming task. However, a helpful guide such as this never goes astray in leading you on the right path. Today we are focused on finding a Medicare supplement plan that ticks all the boxes.
What are Medicare Supplement Plans?
Firstly, let's delve into what a Medicare supplement plan is and how they provide benefits to their customers. Generally, these plans tie into your Medicare Part A and Part B. They come in particularly handy for your out-of-pocket costs. Different plans will cover different amounts of costs depending on the needs of the customer. Some common costs include co-insurance, co-payments, and deductibles. Out in field is where it becomes a little trickier, as doctors have to agree to Medicare assignments in order to cover these upfront costs. These doctors are normally ones you can choose yourself. But you roll the dice as the fees increase if the doctor chooses not to accept the Medicare assignment.
Range of Coverage
Medicare supplement plan providers vary from state to state in the US. Some states have what is called Medicare SELECT. This is often a collection of doctors and/or hospitals that all work together under the same umbrella. This means that when you are part of a plan like this, you will have to stick to the network outlined in the plan. Outside of the network and the bills will come pouring in during and after the treatment.
Currently, the market offers 10 plans that have an alphabetic letter to represent them. These include A, B, C, D, F, G, K, L, M, and N and are available across most states, with a small handful having their own set of plans.
We have covered what is covered, however, let's focus on what is not. This may include, glasses, hearing, aids, dental, nursing, and prescription drugs to name the major areas.
Now that we know the ins and outs of what Medicare supplement plans involve, let's look at how the market presents these plans to customers. The good news for the consumer is that it's a competitor market out there and the prices are kept low in the process. Some of the leading brands in this industry are:
- Mutual of Omaha Medicare Supplement Plans
- Aetna Medicare Supplement Plans
- Cigna Medicare Supplement Plans
- United American Medicare Supplement Plans
- Bankers Fidelity Medicare Supplement Plans
At the top of the list there is Mutual of Omaha Insurance Company. These guys are the heavyweights in the industry and offer consumers substantive coverage. They've been around since the turn of the 20th century and have an in depth experience of the medical industry. Their plans generally offer flexible choice in doctor, coverage you can take with you, reduced fees and a Guaranteed renewable. Mutual of Omaha are our pick of the bunch as their stable rates combined with superior customer service give them the edge over the competition. Their claims are processed quickly and have a track record of happy customers.
Tell us about your experiences with Medicare supplement plans and what to look at or stay away from when choosing a provider. It's a complex field, but we hope this short guide has helped you navigate the industry.