Purchasing Medicare Supplement Insurance
This is insurance that covers part or all of the different Medicare deductibles, coinsurance, or co-payments. There are many companies that offer Medicare Supplement Insurance, and they have different prices for different plans.
When you are nearing the age of 65,
it is time to start thinking about purchasing Medicare Supplement Insurance. This is insurance that covers part or all of the different Medicare deductibles, coinsurance, or co-payments. There are many companies that offer Medicare Supplement Insurance, and they have different prices for different plans. The great thing about researching Medicare Supplement policies is that Medicare Supplement plans are standardized, and named according to letter. Every insurance company that offers a Medicare Supplement Plan A, for example, offers the same Medicare Supplement Plan A. This makes choosing a company based on price and service easier than ever.
There are many different items to consider when purchasing Medicare Supplement Insurance. Depending on your choices, the potential for network restrictions exists. Some policies, like Select policies, require you to use specific facilities for inpatient services - or outpatient services performed at an inpatient facility. These networks vary from region to region, and company to company. If you need a service performed, and the only facility or doctor within a reasonable distance from your home that can perform the procedure is out of network, you will need to contact your insurance provider and request a precertification or preauthorization. If you opt for a Standard Medicare Supplement plan, then you will not have to worry about facility network restrictions, but you may also pay a higher premium.
Another factor to consider is which parts of Medicare you use the most, and how much you are willing to pay out of pocket for your deductibles, coinsurance, and co-payments. In 2011, the Medicare Part A (inpatient services) deductible is $1,132, and the Medicare Part B (outpatient services and durable medical equipment) deductible is $162. This is the amount you (or your insurance provider) will be required to pay before Medicare or your insurance provider begins to pick up their portion. Some plans cover a percentage of the deductible, other plans cover all of the deductible, and still others cover none of the deducible.
The next most important item to think about is the claim filing process. Will your primary or most used provider file claims with Medicare? Will those claims be transferred automatically from Medicare to your insurance company? Will you have to file your own claims? The claims process is often complicated and confusing, and can leave you feeling frustrated and overwhelmed. Researching a company with a highly rated claims processing department is definitely worth spending the extra time and effort to find.
Remember, if you are interested in purchasing Medicare Supplement Insurance, taking just a few details into consideration while researching potential providers will save you considerable time and effort - and could save you some money.
