The particular registration period for Medicare insurance starts on Oct 15 of every year and usually ends on Dec 7. During this period, an incredible number of senior citizens review the available options and decide to buy Medicare Supplemental Insurance.
If you want to be well acquainted with Medigap insurance coverage, you should visit some online resources and find the best coverage plan that can help insure the huge gap between what the hospital or doctor charges, and what’s insured by Medicare. For example, Medigap Plan F fills the gap when it comes to costs charged by doctors and benefits provided by Medicare.
Related to the information mentioned above, there’s a regrettable fact about Medicare insurance that many senior citizens don’t understand. It doesn’t insure 100% of the hospital bills. Depending on which insurance plan you ultimately choose, you may possibly be responsible for insurance deductibles and copayments – as well as some other costs, if you have severe health issues, or have been in a bad car accident.
In most cases, you can easily find yourself owing thousands of dollars (or even more) in hospital bills that Medicare insurance simply won’t cover. Therefore, if you or your loved one are insured by Medicare insurance, or are going to enroll, then you should avoid paying too much for your Medicare supplement insurance.
Let us discuss the following three secrets your insurance provider never tells you about.
All Medicare Supplemental Insurance Plans Are The Same
This is actually a serious one, and it’s important to comprehend that the U.S. federal government standardized all Medicare Supplemental Insurance plans (as generally there are 10 of them: Plan B, Plan C, Plan A, and so on.).
What this means is the policy insurance providers all offer the same plans- all Plan A insurances are actually the same from every service provider, all Plan B insurances are also identical from every service provider, and so forth – right across the board.
Therefore, an insurance company can’t add extra benefits to Plan B, or decide not to add particular benefits in their Plan D.
Higher Monthly Premiums Cannot Be Expanded
If your agent tells you that a particular company you choose is more costly, as it has extra plans for other companies, don’t go for that particular plan; it is obvious that they are lying. (Most likely to secure their commissions… but that is just my own point of view.) As I said before, all companies should follow the standard for each and every plan.
Considering the fact that the plans are all identical, the higher insurance premium from one company doesn’t necessarily mean you’re getting any extra coverage than you would from another provider charging you a lower premium.
Higher Premium Doesn’t Mean That The Provider Is Financially Stable Or Stronger
So, you may be asking yourself whether the higher monthly premiums on average come from companies who’re financially stable, and stronger. Perhaps you think this is why they are charging you more.
Well, let me tell you that this is not the case. In most cases, I find the opposite is true… The highest monthly premiums are usually offered by the companies who have lower Weiss Safety Ratings.
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