Many Medicare recipients and agents view the Medicare Supplement Plan F as the “Cadillac of Medicare Supplement plans” when it comes to buying a Medicare Supplement insurance.
Now before we delve into the Medicare Supplement, let us take a moment to be sure that you have an understanding of some basic information about the insurance product. Medicare is a health program run by the government whose purpose is to provide health insurance coverage for individuals who are 65 years and older and also some who are disabled and below the age of 65.
On its own, Medicare does not provide adequate health insurance coverage. Lots of gaps exist in the coverage where a recipient would be liable for the payments. A Medicare Supplement is a health insurance plan with the purpose of helping to fill in the areas where Medicare does not cover, which is the reason why it is also known as Medigap Insurance.
The three main factors to consider are health history, financial situation, and personal opinions on health care.
“A Medicare Supplement is suitable for people of all health situations and currently has a medical condition that is going to require frequent trips to their specialist, doctor, or hospital, or anyone who has a family history of poor health.” The reason for this is that if you select a Medicare Advantage plan and you have poor health (we never know what the condition of our health will be in the future) your regular trips to seek Medicare services will add up with all the co-pays you have to pay. There is usually a maximum out of pocket cost of typically around $4000-$6,000 per year with a Medicare Advantage plan. In general, a supplement is a predictable cost plan.
Clients need to be certain they are able to afford the cost of a Medicare Supplement. For a standard Plan F, the cost of Plan F usually begins at $95 and goes up from there. The monthly premium for a Supplement Plan will differ depending on your age, the area you live in, the insurance company you select, underwriting guidelines, and whether or not you smoke. You need to also plan to enroll on a Medicare Prescription Drug plan (the avg. cost is around $40 – $70 per month and continue paying your Medicare Part B premium). Over time, the cost of the plan will go up. You should buy one now if you are able to sign up for a Supplement plan preferably when first of all you qualify for Medicare and you do not have any other health coverage plan. When you first qualify for a Medicare S you are not expected to go through underwriting, your acceptance is guaranteed and the cost is lower.
Your Personal Choice:
When you look at your freedom to choose, a Medicare Supplement comes out on top. It is important that you have the ability to visit any hospital or doctor you choose for any procedure.