Medicare extended health insurance is health insurance taken in addition to Medicare insurance. Supplementary refers to the complementary nature of insurance; it supports Medicare insurance by paying for costs that are not covered by Medicare. These include costs such as deductibles, copayments and coinsurance. Because it helps offset Medicare insurance cost and reimbursement variances, it is also referred to as Medigap insurance. Private health insurers offer supplemental insurance plans; Plan prices vary from one insurer to another even for the same plan. Finding the right plan is important in two ways: getting the right supplemental insurance plan for your needs and getting it cheaply.
Different Medicare Supplemental Insurance Plans
Centers for Medicare and Medicaid Services (CMMS), the federal agency that administers the Medicare program, has standardized supplemental insurance plans into 10 plan types. These standardized plans are offered by private insurers as insurance products. The plans are named from A to N, with the plan names with E, H, I and J abandoned after May 31, 2010. Therefore, we have 10 plans named A, B, C, D, F, G, K , L, M and N. The F plan can be divided into F and F with a high deductible, which gives a total of 11 plans.
The plans differ in the types of benefits they offer. Benefits can be broken down into the following headings: Basic Benefits, Qualified Nursing, Medicare Part A, Part B Deductible, Part B Deductible, Travel Abroad, and Preventive Services. Even the basic benefits offered under different plans differ from one to another. For example, Plan A only offers basic benefits, but is more expensive than Franchise F, which offers basic benefits in addition to other perks. This is possible because Plan A has more basic advantages.
Price comparisons for Medigap insurance plans
Private companies offer different supplemental insurance plans at different costs. Even for the same plan with the exact same features, the monthly premiums can vary by up to a factor of 2x. For example, the Medigap K is available for a monthly premium of $ 85 to $ 165. This shows that among the many companies that offer K, at least one offers it with a monthly premium of just $ 85 per month, while the same standardized plan with the same features is also offered with a premium of $ 165 per month. month.
With so many different plans on offer and the complexity of dozens of insurance companies offering the same plans at different prices, it becomes difficult to find the best add-on plan for your needs. Hence, it becomes all the more important to shop wisely to get the plan that not only meets your requirements, but is also easy on your pocket.