Medicare is a great resource for many people, but it only covers so much. It’s great that Medicare will help you pay for your doctor visits, prescription drugs and hospital stays, but there are some expenses that it won’t cover at all. If you want to be prepared for these uncovered costs, one of the best ways to do so is by choosing a Medicare supplement plan. Here’s how to pick the right kind of plan for your needs:
Choosing Between Supplement Plans
There are two main types of best Medicare Supplement Plans 2023 that you can choose from: Medigap plans and Medicare Advantage plans. The main difference between them is that a Medigap plan provides coverage for what Medicare doesn’t provide while an Advantage plan does both (most often also including other services such as vision). But there are many different variations within each category as well!
Scope Of Coverage
It is important for you to know the scope of coverage under your plan. You need to find out what is covered and what is not covered. The following are some of the things that are usually covered:
- Dental, vision, and hearing services
- Some prescription drugs (although there are some exceptions)
- Plans that cover FQHCs (family planning centers) or MQHCs (mental health centers)
Cost Of Premium
The cost of monthly premiums are usually based on the plan you choose. The average premium for a Medicare Supplement plans 2023Plan G is $30 per month, but this can vary depending on where you live and your specific health conditions.
Premiums can be paid monthly, quarterly or annually. If you pay annually, you will get a discount on your premium because of the spreading out over 12 months instead of just one month. It’s important to know that even if you pay quarterly, some companies may still require an annual payment at some point during the year so they have enough money set aside in case something happens during that time period like someone getting hurt or needing surgery that wasn’t included in their original plan.
Quality And Reliability
You need to make sure that the company you choose has a good reputation and is reliable. You can check out their history, how many years they have been in business, how many complaints they have had and how many customers they have. It’s also a good idea to find out if they have been accredited by any organization.
Deductibles And Co-Pays: What Are They?
Deductibles are the amount you pay before your insurance company starts paying for your medical bills. Co-payments are the amount you pay for each service or prescription, such as a doctor’s visit or emergency room visit. For example, if you have a $5,000 deductible and need to go to the hospital for surgery, your plan will not start paying until after this deductible has been met. After that point, it will cover 80% of your costs while leaving 20% up to you to cover via co-pays or coinsurance (a percentage of the total cost).
Some plans allow members to use their HRA or HSA funds before meeting their deductible if they choose; this can be beneficial if a member knows they will spend more than $5k on healthcare services during a year but also want coverage sooner rather than later in case something happens unexpectedly.