Learn how a Medicare supplement plans comparison can help keep out of pocket medical costs as low as possible.
Medicare supplement plans are services and extra coverage policies over and above the coverage in original Medicare Parts A, B, and D. These plans are provided by insurance companies working with Medicare participating doctors and dentists. To enroll in supplemental plans, a person must already be a participant in Medicare Parts A and B. Premiums for Medicare supplement plans are paid directly to the covering insurance companies and are in addition to any applicable fees for Part A and fees for Parts B and D.
Basic Medicare Part A is for limited hospital visits and services. Part B is also for limited medical office visits, tests and procedures. These plans do not have prescriptions, dental, eye, hearing exams or aids, or routine foot care coverage. Depending on someone’s need for these services, enrollment in a supplement plan can be beneficial and cost saving. Unless someone is prepared to pay all out-of-pocket costs, it is advantageous to look at a Medicare supplement plans comparison against the full costs of non-covered services.
No one method will meet everyone’s individual concerns. The best method for a comparison is to begin with a list of services, dental care, procedures, drugs, and medical devises desired but not covered by Medicare Parts A & B. Then calculate the annual cost for those items. Compare this total with the cost of a supplemental plan and any co-pays. If a plan with a private insurance company, which works with participating Medicare doctors and pharmacies, is less than anticipated annual out-of-pocket costs, a supplemental plan may be a positive alternative.
A list of physicians and healthcare professionals, by geographical location, can be found on the official Medicare website: https://questions.medicare.gov/find-a-doctor . This is an easy and convenient method to find participants in local areas. Every year there is an open season when individuals have the opportunity to make a Medicare supplement plans comparison to ensure both providers and services will continue. As with the original Medicare Parts A and B, the monthly fees for Medicare supplement plans are reviewed and adjusted on an annual basis. The Medicare monthly costs for Parts A, B, and D can be found at www.medicare.gov/costs/ . Supplemental insurance carriers will notify participants of any changes in annual fees or altered services during the November to December timeframe. Anyone who wants to change or drop a current insurance carrier can do so during the annual open season, January through March. Comparing costs today will lower individual expenses tomorrow.