In our first installment we answered some basic questions to give enrollees some basic knowledge on how things worked and what they should know about Medicare even before talking with a Medicare Agent. In this installment we will continue covering the basics to further help bring a better understanding to the topic of Medicare, Medicare Advantage, and Medigap Supplemental Insurance.
Original Medigap vs Medicare Advantage
As previously mentioned, there are two options to choose from when initially enrolling in Medicare, Original Medicare Part A and Part B with Medigap and Medicare Advantage. A basic understanding to this is that Original Medicare offers basic coverage and Medigap plans are used to supplement the basics. Medicare Advantage however takes the place of Medicare and is run privately.
Most often Medicare Advantage plans offer lower premiums for more restrictions such as networks, annual plan changes, and having to receive pre-approvals for services. It is important of participants are going to choose Original Medicare with Medigap Supplementing their choice that they enroll right away. Waiting can lead to higher premiums and having to qualify for a Medigap plan. Guaranteed enrollment in a Medigap plan only occurs during the initial enrollment period.
Medigap Plan D, Prescription Drug Coverage
Although you do not need to enroll in Medigap Plan D when you enroll in Original Medicare, it is the only Medigap plan that offers prescription drug coverage. If you change your mind after the open enrollment period, you will be subjected to a late enrollment penalty. Coverage in most markets starts around $15 to $25 a month. It makes sense to enroll when you first can because the late enrollment penalty adds up quickly and can have you quickly paying 60% more for the same coverage as someone else.
When is comes to choosing a Medigap plan it is important to talk with a Medicare Agent to compare coverage and costs of each plan. Available coverage is the same no matter where you live. Medigap Plan F in Michigan offers the same coverage as it does in Texas. The difference from state to state and even county to county is the price you will pay. The price is set by the private insurance company that is offering you the coverage thus the changes in costs from company to company. The best company will be the company that offers you the coverage that you need at a price that is acceptable for your budget with unparalleled customer service.
The experts at eMedicare Supplemental Insurance, powered by Omega, have all the answers you are looking for when it comes to your Medicare Supplemental Insurance needs. More information can be found at http://emedicare-supplemental-insurance.com/.