What To Look For When Selecting A Medicare Supplement Plan
It's the time of year when open enrollment has started for Medicare supplement insurance plans, which means that you have the option to switch to a new provider to change up your benefits. However, it can be quite confusing trying to compare all these plans on your own. That's why it will help to know what to look for when selecting a Medicare supplement plan.
Hospital Costs
One of the biggest expenses you can have as you get older is medical bills, especially emergency trips to the hospital. Look at what each plan is offering in terms of coverage for hospital visits. The best possible option is 100% coverage, meaning that you do not have to pay anything out of pocket after you've reached your deductible.
Coinsurance And Copayment
A copayment is the amount that you pay upfront to use the services of a doctor, and the copayment is the percentage of the bill that you pay until you reach your out-of-pocket maximum. Both of these will be the initial expenses that you end up paying for until you hit your plan's limits. Having 100% coinsurance means that the plan does not require you to pay anything beyond the deductible. When you see a lower percentage like 80%, this means that the insurance pays for 80% of the cost and you pay for the remaining 20%.
Blood Transfusions
Normal Medicare may not cover the initial blood that you need for a blood transfusion, which can be quite expensive. A Medicare supplement plan will provide coverage for the initial pints of blood used for a transfusion, which can be as high as 100% coverage. A lower percentage means that you are splitting the cost with the insurance provider.
Skilled Nursing Coverage
Need the help of a skilled nurse, either at home or at a facility? Some plans cover these expenses at 100% coverage, while others do not cover them at all. This benefit can be worth having if you see yourself needing help in the future with the care of a nurse.
Deductibles
Your deductible is how much you must pay out of pocket until insurance kicks in and pays for the rest. Low deductible plans tend to cost more, but can save you money if you need to use insurance. High deductible plans are cheaper in terms of the monthly premium, but can quickly become more expensive if you have large expenses and pay the entire deductible.
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