Friday, October 14, 2011

Medicare Open Enrollment Begins Tomorrow!

What is a Medicare Supplement?

Medicare Supplement, also called "Medigap" and "Medicare Supplemental Insurance", is a form of additional health insurance coverage for Medicare enrollees that pays for out-of-pocket expenses not covered by Original Medicare (provided by the federal government). It is an insurance policy that you would buy on top of the Medicare coverage you already have and it covers the three things that the government doesn’t cover. It covers your deductible, co-payments and co-insurance. All of this can add up very quickly, and this is why supplementary coverage is necessary for most Medicare enrollees. This is where we come in.

Think of it this way:
Original Medicare does an adequate job of covering eligible medical expenses for Medicare enrollees. It provides primary coverage for hospitalizations and doctor services. While Medicare is subsidized, it is not completely free and so you share in the cost of the medical expenses you incur. In most years, Original Medicare will provide adequate coverage if your medical expenditures aren’t over a certain amount, say $10,000 per year (hypothetically, depending on your financial situation). However, say one year you need to go through a surgical procedure, along with an extended outpatient rehab state. And say that the overall bill of for the combined treatments comes to over $100,000. While Medicare will cover most of the bill, your share could still end up being $20,000. A Medicare Supplement plan is a true form of insurance that lessens the risk and financial burden against such situations.

You’ll need to decide for yourself whether or not a Medicare Supplement plan is right for your needs. While you should consult with a licensed agent to evaluate your situation at a deeper level, you’re benefited by having a basic understanding of how Medicare Supplement works.   


Open Enrollment for Medicare begins tomorrow.  If you have loved ones receiving Medicare, make sure they know their choices. Help them make informed decisions. There is a web site which contains the highest rated Medicare plan providers and you can compare them all in one place. Choosing a Medicare health plan can be confusing, most seniors and those needing the medical benefits have a hard time making sense of it. Because I work for a provider I can not tell you which one to choose, but I can show you how to make an informed decision for yourself or your loved ones. The link below is a comparison site for Medicare health plans. Your loved ones can select a Medigap Supplement plan, a Medicare Advantage plan or a Prescription Drug plan.  This is to help you be informed and be a wise consumer.  Go to the link below it will lead you to the website so you can make an educated choice.  I hope this helps.