Navigating Medicare Supplements

A few years ago Medicare was pretty simple and straightforward.  OK, the billing and the claims have long been confusing, but at least the coverage was somewhat understandable.  Things are different now.

With the addition of numerous Medicare Supplement plans things have gotten a lot more confusing – and that’s just for deciding which supplement is the best for your situation.

There are over 50 Medicare Supplements available to cover services and supplies that basic Medicare does not cover.  Some cover co pays for long term care facilities, others cover various treatments, and still others cover prescription medication.  Quite a few cover medication, and they are all different, so it is necessary for individuals to determine which supplement will cover the types of prescription medications that they use.  With over 50 supplemental plans just to cover prescriptions, and with all of them charging different premiums and covering different medications, there is an overwhelming amount of information and confusion trying to sort it all out.

To make matters more difficult, supplements are offered by private insurance companies, each of whom has different premiums.  In addition, these insurers are often downright pushy when trying to sell supplemental policies to seniors.
One thing for seniors to know is that each Medicare Supplement covers specific things.  For instance,  if you decide that part J is the best prescription coverage for you, the coverage is exactly the same no matter what company you purchase it from.  Part J is Part J, and will cover you for certain specific things whether you buy from Insurance Company A or Insurance Company Z.  The confusion occurs because the insurance companies set their own premiums and rates, so you could get Part J from one company for $50 per month, while another company is selling the exact same coverage for $100 per month, twice the other company’s amount.

To help with these issues it would be best to discuss the plans that are available with your family, your financial advisor and/or your insurance agent and check with Medicare.gov or call 1-800-MEDICARE.  They will give you straight answers about coverage and premium.  In addition, check with your local senior center.  Most senior centers have seminars and workshops provided by Medicare and Social Security offices to help people eliminate as much confusion as possible.

Get the information you need to eliminate confusion and make sure you are covered for the things you need.  There is help available so that you can navigate Medicare Supplements successfully.