Similar to other types of insurance, such as life insurance or health insurance, there are many different Medicare Supplement Insurance plans. While it is often talked about as a single entity, Medicare Supplement Insurance actually consists of ten different plans. The differences can be insignificant for some, but there are also some larger differences that should be considered when deciding what policy is best for you.
Here are some discrepancies between different policies:
Foreign Travel
For seniors looking to cover themselves while traveling, Medicare Supplement Insurance is a great choice, but not all policies include the foreign travel exchanges. This is a major reason for many seniors deciding to get supplement insurance, so don’t overlook the fine details and assume all plans offer the travel exchange.
Skilled Nursing Facility (SNF) Care
Certain conditions must be met for SNF care to be covered, but if it is, some Medicare Supplement Insurance policies can help cover prolonged stays with coinsurance. If SNF care is a major factor in getting supplemental coverage, be sure to look at each policy carefully to make sure it is included in the policy you choose.
Deductibles
When it comes to deductibles, the different Medicare Supplement plans vary in what they cover. Some plans cover Part A deductibles, but don’t cover Part B deductibles or excess charges, while others only cover a portion of some and not others. As far as discrepancies go, this is the area where there are the most differences, which makes it very important to understand what you are looking for in a Medicare Supplement Insurance plan before you buy one.
Getting a supplemental insurance plan can be a great source of additional coverage for seniors. Combined with Original Medicare, it provides a wide-reaching net to make sure there are no surprise charges for your health care. Being covered for something you don’t need or not being covered for something you do need is a real concern though.
Choosing the correct Medicare Supplement Insurance plan is a big decision and one you shouldn’t make without some research. To find out which plan could benefit you, give us a call at Bankers Fidelity. Our team of experts can help you choose the right plan for you to make sure you are covered when you need it.
