Five Top Medicare Supplement Myths Dispelled
Five Top Medicare Supplement Myths Dispelled
SARASOTA-BRADENTON, Fla. — There are new enrollees for Medicare every day as they age or qualify into the system. Understanding and researching Medicare supplements can be overwhelming at times and there is seemingly contradictory information in circulation. We at Health Life Retirement in the Sarasota-Bradenton area want to eliminate some of the myths and misunderstandings surrounding Medicare supplements. Let’s explore the five top Medicare myths and furnish you with reality. And don’t worry, if you’re still confused, give us a call and we’ll explain it to you in person.
Myth – Medicare Supplement policies cover long-term care and the associated expenses.
Truth – In fact, Medigap plans do not cover long-term nursing home care or other long-term care expenses.
Myth – All insurance companies in your state offer the same plans at the same price.
Truth – Not all insurance companies offer the same range of Medicare supplement plans and a plan Plan F or Plan G can cost a measurable difference for the exact same coverage. If you’re not shopping around or speaking to an industry insider, you might be surprised with a rate hike or a company pulling out of your state. Stay informed!
Myth – Medicare supplement plans provide members without upfront costs, otherwise known as first-dollar coverage.
Truth – Sorry, but most Medigap plans require out-of-pocket expenses and/or deductibles to be met. Sure, Medicare supplements typically reduce the amount of out-of-pocket expenses but how much you pay depends on which federally regulated Medigap policy you subscribe to. Even the Medicare Supplement Plan F, often referred to as the gold standard, doesn’t cover prescription drugs which means you’re potential on the hook for large sums of money with a proper drug plan.
Myth – Supplemental coverage varies per insurance company.
Truth – All Medicare supplement plans are standardized by the federal government. Not every company will offer the same number of plans, but your doctor and hospital deliver the same coverage no matter where your Plan F, Plan G, Plan N, or other plan comes from. So, an insurance company may not offer all of the same Medigap plans or the same pricing, the healthcare system sees them as the same commodity product. This is an excellent reason you want to compare Medicare Supplement plans among insurance companies to find the best rate. Not receiving Medicare yet or it’s your parents on Medicare? Schedule an appointment with a non-captive insurance agent who can offer you plans from more than one company and perform a comparison for yourself or a loved one.
Myth – Medigap plans are only provided to those is perfect health.
Truth – According to “America’s Health Insurance Plans” in 2012, there is a “higher incidence of one or more health care conditions” among Medigap recipients over what we find on the Medicare population when measured as a whole.
Thank you for taking time out of your day to read and learn about your Medicare coverage. Still have questions? Contact Health Life Retirement in Sarasota-Bradenton and schedule a free consult. A better informed consumer benefits all of us.
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