To select a Medicare Supplement plan, you must know a little about Medicare. What kinds of plans exist? Part A, Part B, or Part C; what do each of them mean, and how can they all work together and with Medicare? And what about Medicare Supplement Insurance, which is a special kind of Medicare coverage, also known as Medigap insurance?
These are only a few of the questions that people who are considering Medicare coverage ask, and these questions are usually answered by insurance agents and consultants. However, by doing your homework and knowing a little about Medicare itself, you can make a more informed choice when choosing Medicare Supplement Plans. In addition, by understanding a little about Medicare plans and Medicare Supplement Insurance, you will have a better understanding of what kinds of topics are commonly discussed in the Medicare forums, and you can use this information to better understand how Medicare and its supplemental plans relate to your unique situation.
One of the biggest questions about medicare that most people ask is what is the best plan or the maximum out-of-pocket maximum that they can be prescribed. The law says that the maximum out-of-pocket maximum that you can be prescribed is the lowest percentage of the monthly income that you would receive if you did not receive the Medicare Supplement Insurance premium for the maximum benefit amount that you would require. That percentage is 9%. If you are diagnosed with a chronic condition or you are elderly, you may qualify for lower out-of-pocket maximums.
Another frequently asked question is what is the Medicare Advantage, or Part B. Part A of Medicare is standardized, and it provides major medical benefits; Part B is voluntary, and it provides additional coverage such as prescription drug coverage and additional health benefits that are not available through a traditional Medicare plan. Part A plans are standardized, but depending on your age, gender, income, and where you are employed, you may qualify for additional benefits through your employer.
Medicare Supplement Insurance helps to fill in the gaps left by Medicare when you do not have insurance through an employer. This is often called Medicare Advantage or Part C. Depending on your specific circumstances, there are a variety of options that you may be able to choose from.
For instance, if you are between jobs and you are not eligible for Medicare Parts A or B, you may be able to enroll in Medicare Part D which helps to provide health care coverage for all Medicare beneficiaries who qualify. You may also be able to enroll in Medicare Part E if you are working at least part time and are older than 65. You can also save money by enrolling in Medicare Part K if you are self-employed or if you have a dependent who is not covered under Medicare.