By DENNIS REICH
Perhaps you remember my recent article on Medicare, the article focused on how you can become an informed consumer by selecting a broker that represents both Advantage Plans and Supplements, as well as representing a large variety of the plans available in your county. There is a plan that only allows agents that work directly for them to represent them, you may wish to investigate them but brokers like myself cannot provide you with complete information. Today let’s discuss one of these types of plans.
Let’s start with Supplements, first let’s break it down. “A Supplement covers what Medicare does not cover for Medicare approved procedures.” Pig Latin? Ok, let’s break that down. Medicare has reviewed every medical procedure and selected what it feels is necessary to sustain life. Cosmetic surgery for larger “assets” is not considered necessary to sustain life and therefore not covered. But if you need to have a colonoscopy you are covered! Medicare will pay 80%, but not to just anybody, only doctors that have a contract with Medicare and accept Medicare’s approved rate. Good news for you is that rate is usually less than the going rate and your 20% will be based on that rate. Then the Supplement steps in and says we will pay that 20%, good deal huh! Sounds like it to me. But with all good things there comes a price and Supplements charge a monthly premium to help cover those eventual costs. How much you ask, well it depends on the insurance company backing the Supplement and where you live. Don’t worry I have all that information at my fingertips.
There are a variety of supplements available as well, and every company has to cover all the elements of each supplement, but they can charge different prices for the same coverage. Again don’t worry I have all that information. There is even one company that throws in a gym membership with their “F” plan. Navigating these waters is not as daunting as it may seem if you have a good map and we do!
LOOK FOR OUR NEXT ARTICLE, ADVANTAGE PLANS AND ARE THEY TRULY AN ADVANTAGE TO YOU?
You can get in touch with Mr. Reich at (352) 587-2178
Accent Insurance is located at:
4098 Commercial Way
Spring Hill, Florida 34606