Do You Know What You’re Covered For?

Medicare is confusing to too many people.  There is basic Medicare coverage.  Then there are various supplements that cover various things.  On top of all that, there is Medicare Advantage.  If you’re not confused enough by now, consider this: Medicare Supplements, also called Medigap, are sold by numerous insurance companies, and these companies come up with their own premiums.  This means that you can get the same supplement that has the same exact coverage from two different companies but it can cost different amounts – vastly different amounts – from those different companies.

It is important to determine what your needs are and what coverage is available.  When you are considering these things, it is critical to list your health conditions and the medications that you take for each, along with the cost for each of your prescriptions and how often each prescription you have gets filled.  Also write down how often you go to the doctor and how much each visit costs. 

Those are your basic medical expenses, and they will help you to determine how much coverage you need for each category – medication and doctor visits – then the total.  In addition, you will need to look at the potential costs of any tests you might have to have done both on a regular basis and possible emergency tests, hospital stays or surgery.  There is no way to be accurate about this, but you can discuss the immediate future with your doctor to get an idea.  It’s not a real fun bit of research; however, it is something that could save you thousands of dollars over time.  

Once you have done this research, it is time to look at the available Medicare and Medicare Supplement coverage available.  There are some legitimate places to get accurate information.  The Center for Medicare Services (CMS) and Medicare itself both have web sites that can give you the information you need regarding plans, rates and coverage.  You can also call 1-800-MEDICARE, however, the websites are better from the standpoint that you are able to spend as much time as you need looking through the information.  In addition, when calling the 1-800 number, the information you receive often depends upon how busy the call center is, how new the person is that you speak to, as well as how well you take notes.

Regardless of how you choose to research, once you have determined the basics that we have discussed above, it couldn’t hurt to call a couple of insurance companies to see what they suggest you need, based on your medical information that you have gathered and the information you have received from Medicare.  That way, you will know that the rates they quote are not inflated.

To do your research on the official Medicare sites, go to www.medicare.gov or www.cms.gov.   No matter which you choose – or if you choose, wisely, to explore both sites – it will help you in the long run to do your research well.