When joining Medicare Part A and Medicare Part B, one will find that Medicare only pays 80% of your medical expenses. The remaining 20% can be covered by a Medicare supplement plan which will be most beneficial. Some plans have high deductibles and low premiums.
There are standard Medicare supplement plans 2018 which have been given the letters A to N. All the states have these plans. The exceptions are Wisconsin, Massachusetts and Minnesota. Plans L and K have low premiums and high deductibles. Plan F is the most common and offers the most wide-ranging coverage. Another consideration is Plan N which deals with many benefits.
When deciding on a Medicare supplement plan, there are many things one needs to look at. First off, one needs to see how much your budget can handle, your current medical issues and family health issues. One can go online to find what plan is best for your medical needs and will also find what insurance companies are in your area, than you can make comparisons between them and what will accommodate your budget.
Whatever plan is appealing to you, you will find the Medicare supplement plans are all standardized across the country. The difference will be the cost of the premiums depending on the area in which you live. It can change from state to state so you should choose wisely.
When To Enroll
Many people will join Medicare Part A and Medicare Part B when they turn the age of 65. From that time until 6 months after, any preexisting medical conditions will not be denied. Second the premiums will be less than if you wait a year or two and can be harder to make the payments on the premiums.
What do They Cover?
Medicare supplement plans do not cover prescriptions, vision, dental, long term care, or hearing aids. There is Medicare Part D one can get to cover prescriptions.
There is another option instead of regular Medicare, Medicare supplement plans and Medicare Part D. This is called Medicare Advantage Plans and they are available through PPOs and HMOs. Going to Medicare.gov to view all the prices for these plans is advisable.
Sometimes people will ask their family or friends what policies they may have. It’s good to hear what they may have to say, but their Medicare supplement plans may not meet medical needs or be good for your financial budget. Look carefully among all the plans to find what will suit your medical or financial needs.