Balancing what you need with what you can afford when looking at health insurance Medicare supplemental.
Hospital care and related services like hospice care and home health care services are “covered” by Medicare Part A which makes payments for services that the facility has agreed to accept. Doctor’s and other professionals’ care is covered by Part B in the same way. You are responsible for the rest, either by paying directly, or though a separate health insurance Medicare supplement. Without it, payment for prescription drugs is simple: you pay for the drugs. With insurance, drug payment is a little more complex, including co-pays and “approved” and “non-approved” drugs but it’s covered.
A health insurance Medicare supplement helps you pay the part of your costs that Medicare doesn’t cover and, like car insurance, the coverage you choose affects your cost. You might choose an HMO, a Health Maintenance Organization who contracts with you to care for all your health needs. This makes it possible to see their physicians and use their hospitals, and use facilities you are referred to by your primary-care physician–a well-oiled team.
For more flexibility at a somewhat higher cost it’s often better to choose a health insurance Medicare supplement with a point-of-service plan that allows you a wide range of choice in both physicians and facilities.
Another cost-related choice in a health insurance Medicare supplement is the amount of medical payments you will pay before the insurer starts to pick up the entire remaining cost of your care. Weigh a lower out-of-pocket-cost trigger with its higher premium against a saving in premium with the possibility of paying out a higher total before the insurance takes over.
The last choice you need to make regarding a health insurance Medicare supplement is this: Think it through. Then get one.