Here is some information regarding Medicare Supplemental policies. It is excerpted from a blog from another insurance agent, R. Daniel Williams Jr. He’s an agent from PA. Good info to have expecially since we are in an open enrollment period for 2011-12 medical year.
Using Medicare is an excellent way to be able to afford your medical expenses, but there is still going to be some out-of-pocket expenses that are going to be incurred. If you are currently enrolled in Medicare part A and part B, you also qualify in order to receive any Medicare supplement policy. This policy is referred to as Medigap, as it helps to fill in the gaps that are left, financially, whenever you are using Medicare. For example, it will cover out-of-pocket expenses that come from deductibles and co-pays.
This type of Medicare supplement policy is going to be offered by independent insurance agencies and it is not going to be offered through the federal Medicare program. It will be necessary for you to pay a premium to the insurance agent, along with paying a premium for your Medicare policy. You should also understand that if you are part of Medicare part C, which is called the Medicare advantage program, you will not need, nor will you be able to use this type of Medicare supplement policy. Since the Medicare advantage program is administered by private companies that are under contract with the federal government, Medigap will be useless.
The various types of policies that are available through Medigap are lettered in order to make it easy for you to see which one you will choose. At this particular time, there are policies available from letter A through letter N. These policies are standardized and it is regulated on a statewide level. If you choose one particular policy with one insurance company, you’re going to receive the exact same coverage with another company. There is not going to be a variation in coverage.
What will vary, and certainly deserves some attention, is the amount of money that you’re going to pay for your Medicare supplement policy. This is not regulated by the state and it is in no way standardized. Paying more for your Medigap policy is not going to get you any more benefits, and it may make it difficult to keep up on your monthly premiums. It is a good idea for you to do a little bit of comparison shopping whenever you are choosing a Medicare supplement policy in order to make sure that you are not paying too much. This can help to make sure that you’re out of pocket expenses are covered and it does not cost you too much on a monthly basis.
Star-Schein Insurance Agency is offering medicare/medigap policies for the 2011-12 season. If you have questions about YOUR situation, please don’t hesitate to contact us directly.