What is a Medicare Supplement?
A Medicare Supplement is health insurance sold by private insurance companies. It pays what Medicare does not pay. Typically, it pays the Part B annual deductible and the twenty percent co-pay of the agreed amount of the medical claim paid by Medicare.
The Different Parts of Medicare
Medicare Part A
Medicare Part A pays the Inpatient care in the hospital. It also pays the skilled nursing facility care, hospice and home health care for recovery after a procedure for a limited period. Part A was paid by you during your employment years through your Social Security.
Medicare Part B
Medicare Part B pays for services from doctors and other health care providers, hospital outpatient care, durable medical equipment, and home health care for recovery from a procedure for a limited time. Part B is an annual deductible paid either by you or your Medicare Supplement plans, depending upon the plan you choose.
Medicare Part C
Medicare Part C is separate from Medicare. These are health plans provided from Medicare approved private insurance companies. It provides hospital and health care providers. It also includes prescription drug coverage. Most require large annual deductibles and co-pays. Most are PPO plans.
Don’t confuse Medicare Plans with Medicare Parts. Medicare Parts are the options under Medicare. Medicare Plans are the eleven options under the Part B with a Medicare supplement. There are nine benefits that are covered. The benefits covered vary upon the Plan selected.
Medicare Supplement Safety Features
With a Medicare Supplement plan your medical claims are covered. Actual coverage will depend upon which Plan you choose, however if you choose the F plan, all claims approved by Medicare are paid. You avoid the thousands of dollars in deductibles that conventional insurance require.
Medicare Prescription Drug Plans
The number of Medicare prescription drug plans in South Carolina varies from year to year. For this year, there are about 38 plans. Each plan is offered by different insurance companies. All are designed the same, except one item: the deductible. Some plans require a deductible and some do not. The remaining similarities include a monthly premium and a co-pay for each medication. The co-pays can vary depending upon the pharmacy. When comparing which plan fits your needs best, consider the premium, the deductible, and the co-pay. The bottom line is which one will cost you the least for the year.
You can change your prescription plan once each year during the Medicare Open Enrollment season. This typically runs from October through December 7.
To run a comparison, Daniel Wesley Financial uses the Medicare program located on the Medicare website. It gives the most accurate comparison of all plans available in South Carolina. You can use the same program to run your own comparison or call us to do it for you. Call Jessica at 864-248-4733. Jessica is our Medicare Drug Plan expert.
Medicare Supplement Plans and the Insurance Companies
The Medicare supplement plans are designed, created, and offered to the private insurance companies through Medicare. This is a protection for all of us. It is what we call the Baby Ruth candy bar. In South Carolina, all Medicare Supplement Insurance companies can only provide the plans designed by Medicare. The only difference is the price you pay. A good example is if you have a plan F with Blue Cross Blue Shield, it is the exact same coverage with AARP or Mutual of Omaha. The only difference is the premium you pay.
When Can You Change Your Plan or Your Insurance Company
If you have a Medicare Supplement plan, you can change your plan any time you want and as often as you want.
The Best Medicare Supplement Insurance Companies.
All Medicare supplement insurance companies must follow the same rules. Unlike traditional health insurance, the insurance companies are required to pay all Medicare approved claims. The hospitals and health providers throughout the United States which accept Medicare will accept all or any Medicare Supplement insurance companies. In other words, with a supplement, the health providers accept because they know they will be paid in a reasonable period. All claims must be paid within thirty days after notified by Medicare. No claim can be denied when approved by Medicare.
When to Change Your Medicare Supplement Insurance Company
The only time to change your insurance company is when your premium is too high. Since all the insurance companies offer the same coverage and must follow the same rule, then price is the only difference.
Paying Too Much
The best way to determine if your current premium is too high, call Daniel Wesley Financial at 864-248-4733. We can find the lowest possible premium available in South Carolina. We will provide a quote over the phone or schedule a time for an agent to visit you at your home, office, or anywhere you request.