Medicare Supplement Center

Replacing Your Group Policy With a Medicare Supplement

Many seniors are reviewing their health care coverage for the 2009 year.  At this time of year, some companies are making changes to their insurance plans for retirees.  Some of these changes make Medicare supplement insurance policies attractive.  The changes companies make usually result in higher monthly premiums, higher deductible, or maybe both.  The companies may even be offering some type of Medicare Advantage plan.  For many seniors, a medicare supplement policy might make more sense due to the cost and the degree of coverage since the out of pocket is so low.  One important thing to take into consideration when leaving group insurance is RX coverage.  If a senior drops the retiree group plan and buys a Medicare supplement, that person should strongly consider buying a Part D policy.  But since Part D plans have the coverage gap, for many seniors it is worth staying on group coverage with inferior health benefits in order to keep great RX coverage because the retiree insurance RX coverage may not have a coverage gap.

Seniors Review Health Insurance

At this time of year, many seniors review their current health insurance to see if a Medicare supplement policy would be a good idea.  Seniors that have retired and have insurance through their previous employer are finding out about changes to their health insurance.  Not all the changes are favorable.  Many include higher premiums and higher deductibles.  When the premiums and/or deductibles get too high, Medicare supplement policies combined with Part D coverage become attractive.  One important factor to consider before leaving group coverage is what you might be gaining or losing in RX benefits.  Many seniors with health insurance through previous employers still have very rich RX coverage that does not have a "hole" in the coverage.  A person should be very careful before giving this benefit up, especially if the individual is taking a lot of RXs.  A Medicare supplement policy also known as Medigap policy can be a very attractive alternative to consider at this time of year.

Time to Shop for a New Medicare Supplement Insurance?

November 15th is coming up and many seniors with Medicare supplement insurance believe that this is the time (November 15th - December 31st) they can change to another medicare supplement policy (medigap policy).  This is true and false.  True, you can look for and apply with another medicare supplement company between November 15th and December 31st.  False, if you thought this was the only time of the year you can change Medicare supplements.  Unlike Medicare Advantage Plans and Part D plans Medicare supplement insurance can be changed at any point during the year.  One of the easiest ways to shop for a new medigap policy is to request quotes online and let someone do the work for you.  This way you can compare Medicare supplement plans and medicare supplement quotes from several different companies and decide which one is the best fit.

2009 Medicare Part B Premium

Good news for Medicare recipients!  For the first time since 2000, the Medicare Part B premium will be the same in 2009 as the previous year for most seniors.  Individuals making $85,000 or less or couples making $170,000 or less will pay $96.40/month.  This is good news for seniors with Medicare supplement insurance since every dollar matters.  Having a Medicare supplemental policy combined with Medicare Part A and Part B is a great way for senior to insure their health.  Like almost everything else, premiums increase a little each year on an individual's Medicare supplemental policy so any cost savings helps.  In a few weeks it will be time to take a look at Part D coverage and hope that there is some savings available there for Medigap policyholders as well as all other seniors.

Mediare Part A and Part B Plus Medicare Supplement Insurance

Seniors may be concerned that once they get on Medicare their insurance coverage will decrease in benefits.  When you combine Medicare Part A and Part B with Medicare Supplement Insurance you will find great insurance coverage for your medical bills. For example, Medicare supplement coverage found on a Plan F covers all the Medicare Part A and Part B deductibles and the 20% of Medicare Part B charges not covered by Medicare (as well as 100% of all excess charges).  What does that leave the insured to pay?  Nothing if all the charges are approved by Medicare and the insured is going to a provider that accepts Medicare.  How can the coverage improve unless you were paid to go to the doctor or hospital!  The only piece missing is a Part D (prescription drug plan) to the Medicare and Medicare supplement coverage.