Looking for the best Medicare Supplement Insurance Cost? Like the song says, “You better shop around.”
Medicare plans will not cover every medical condition; ergo, it is incumbent upon you who may have already signed up for Medicare Part A and B to do your research in locating the correct Medicare Supplemental or Medigap Insurance plan that fits your needs, and budget. First, though, check the approved list of companies to verify your choice is on the list. Medicare.gov has the list.
Two things stand out. First, don’t be confused if you hear the word “supplement” and “medigap” used together in your insurance jargon. They mean the same thing. They “bridge” the gap for medical coverage not offered in Medicare Part A and B. In this case, you’ll be dealing with insurance companies, so be mindful when shopping around, that insurance companies may charge different premiums for the same exact policy you need. Think grocery shopping.
That’s a good question. When you originally signed up for Medicare at age 65, Plan A was a given, and if your health requirements needed additional coverage, you could add Plan B. However, if you can pay the necessary minor medical expenses out-of-pocket that usually occur in seniors, you can ignore any additional Medicare supplement insurance coverage altogether.
Once you decide on your Medicare Supplement Insurance choice, seek assurance if you later wish to make a policy switch, does the policy allow you to stay with your current medical team, or not. And you’ll also need to inquire with your company about any negative requirements concerning pre-existing exclusions they have.