Compare Medicare Supplements
By filling out the form at the top of the page you can Compare Medicare Supplements in your area.
Before it’s time to retire, it is wise to compare Medicare supplements and make an informed decision when retirement comes. At age 65, all Americans are automatically enrolled in Medicare Part A, which is hospitalization coverage only. If a senior does not have a Medicare supplement for office visits and other medical costs, he or she is going to spend a lot on medical care.
Medicare Part B is for coverage of doctor visits, preventative medicine, medical equipment, physical therapy and other outpatient services like glaucoma testing, diabetes testing and screening for prostate and colon cancer. Although a 65-year-old senior is not required to purchase Part B coverage, it is not cost effective to forgo getting it. A senior needs to compare Medicare supplement Part B with the cost of paying for all of his or her outpatient charges. Another reason why a 65-year-old person should get Part B immediately is because there is a penalty for enrolling late.
The Part B penalty will be 10 percent of the of the premium for each 12-month period the senior delays in getting Part B after age 65. The regular premium payment for most people is $99.90 a month. If a person delayed 6 years in getting Part B, the penalty would be calculated this way: $99.90 x .6 = $59.94. Add $99.90 (the premium) to $59.94 (the penalty) and you get a total benefit payment of $159.84. This will never go down. This also applies to disabled people, but when a disabled person turns 65, the penalty no longer has to accompany the monthly premium. If an insured’s income is over $85,000 or $170,000 for a married couple who file jointly, the premium will be 40 percent higher.
It is important to compare Medicare supplements on Parts C and D, and Medigap insurance. Part C is also known as Medicare Advantage, and it consists of different private medical plans that Medicare administers. Part C usually covers more than Parts A and B, and it should be at least the equivalent of Parts A and B. It may also include coverage for some prescription drugs but not all of them. If a senior has Medigap insurance, he or she should discontinue it because Part C will not pay out if the insured already has Medigap insurance.
Medicare Part D is Medicare’s prescription drug coverage. It is a private policy that a senior buys from a private insurance company. The insured pays a premium each month and an annual deductible that is under $500. Some Part D insurance plans have no deductible. After the deductible has been covered, Part D will pay some or all of the insured’s prescription drug costs up to $2,830 yearly. Once the insured goes over the $2,830 cap, Part B pays nothing. If the annual drug costs for a senior go over $4,550 during a single year, Part D will then pay 95 percent of the additional charges.
Medigap insurance is what its name represents. It is supposed to provide coverage for gaps in insurance. A senior cannot have Medigap in conjunction with Part C because if a senior has both, the Medigap policy will not pay out. If a senior decides to switch to Medicare Advantage (Part C), Medigap coverage should be cancelled.
When a senior turns 65 years old, he or she will be automatically enrolled in Part A. The senior should also be sure to enroll in Part B to avoid paying a monthly penalty on top of the monthly premium. After that, Parts C, D and Medigap should be compared.