How Do I Supplement Medicare When A Cost Is Not Covered?
If you are on Medicare or know somebody who is, you are probably aware of the fact that it does not cover all of your medical expenses. In fact, it only covers about half of the costs associated with health care. Fortunately, there is a way to supplement Medicare so that you don't have to deal with these costs on your own.
How to Supplement Medicare
Realizing that Medicare doesn't cover everything, the US government created a series of plans called Medicare supplemental insurance, also known as medigap. There are several plans available, and you can choose the one with the coverage that you feel is right for you. You have plans A through L to choose from. These plans are not provided by the government, however, they are provided by private insurance companies.
How to Choose a Carrier
Obviously, you will want to choose a carrier that offers the specific plan to supplement Medicare that you are looking for. Other than that, it doesn't really matter which carrier you choose in terms of coverage. The Plan L offered by one carrier is the same Plan L offered by a different carrier. This is mandated by the government. This makes pricing your primary concern.
Supplemental Insurance Pricing
The carriers offer one of three basic pricing schemes. The premiums will vary depending on the carrier. The prices might be based off of your age as you continue to grow older. This will have a low price up front, but it will get more expensive as you age. This is not necessarily a good choice given that your later years are often when you need money the most. Another option is to choose one based on your age when you sign up. If you are young when you sign up, this is probably the best option. It will not increase as you age. The third option is community based pricing. This is not based on your age at all, and is probably the best choice in your later years.