FirstCommunity Health News
Wed, Aug 9, 2017
What You Need To Know About Medicare Supplement Insurance Plans
We understand that Medicare can be confusing. Let’s break it down to easy to understand terms that will be helpful as you begin to learn more about your Medicare options.
Medicare Part A (Hospital coverage) and Part B (Physician coverage) work together to provide basic medical coverage, but they don’t cover everything. Expenses such as deductibles and coinsurance are still your responsibility.
Medicare supplement insurance plans are designed to help cover the out-of-pocket eligible costs that Medicare Parts A and B don’t cover. Medicare supplement insurance plans are offered by private insurance companies and work with the coverage provided through Medicare Parts A and B. A variety of standardized plans are available to meet your budget, and each offer the same basic benefit structure. Benefits and costs vary depending on which plan you choose.
Because there are no physician network restrictions, a Medicare Supplement insurance plan may also help you control your health care. This means you can visit any doctor who accepts Medicare patients, and you can see a specialist with virtually no referrals needed. Some Medicare Supplement Plans may offer hospital networks in your service area to help reduce premium costs. Medicare Supplements enable you to better predict the actual month-to-month costs of your healthcare coverage.
Costs for Medicare Supplement Insurance Plans
In all states, Medicare supplement plans have the same basic benefits. So when shopping for a plan, you can compare one company’s “plan F” to another company’s “plan F.”
Depending on the plan you choose, Medicare supplement insurance pays:
- Part A coinsurance, and most plans pay the hospital deductible
- Some of the out-of-pocket costs not paid by Part B (Physician). Some plans also cover the Part B deductible
- Cost of blood transfusions (first 3 pints)
- Cost of 365 extra hospital days after you’ve used up your Part A (Hospital) benefits
- Skilled nursing facility coinsurance
- Hospice - Part A coinsurance
- Respite care
Depending on the plan you choose, you pay:
- Monthly premium
- Limited out-of-pocket costs
Remember when comparing Medicare Supplements:
- Prices for the same standardized plan will be different from different insurers.
- You should review the following 5 factors during the comparison process: benefits, plan type, insurance company, age-related pricing structure, and price.
- Comparison shopping for Medicare Supplement insurance is important to ensure that you get the benefits you need at the best price available.
- Even though Medicare Supplement plans are standardized, prices vary from insurer to insurer. You need to first decide which benefits you want and which particular plan options provide those benefits. After receiving several quotes from different insurers, you can compare plans based on price and eventually buy a policy.
- Why Choose FirstCommunity Senior Select Medicare Supplement Insurance?
AFFORDABILITY: Because FirstCommunity was designed by doctors and hospitals right here in North Alabama for North Alabamians, we are able to offer more affordable premiums by using our leading network of 14 Alabama hospitals.
FLEXIBILITY: You have a choice of plans to meet your needs and budget now and in the future.
CHOICE: Choose any doctor or network hospital that accepts Medicare patients.
CONTROL: You may visit any specialist who accepts Medicare patients with virtually no need for referrals.
VALUE: You get help paying out-of-pocket expenses such as copays and deductibles. Help with these expenses makes it easier to manage your health care costs.
FirstCommunity Senior Select provides coverage to nearly 4,000 North Alabama seniors in nine North Alabama counties. FirstCommunity understands how important it is to have affordable health coverage. Having a Medicare Supplement, like FirstCommunity Senior Select, is the best way to avoid thousands of dollars in out-of-pocket expenses that Medicare doesn’t cover. You can be confident of the quality of care you’ll receive at FirstCommunity’s network of leading hospitals. You can choose your own doctor or specialist and there are no restrictions on physician services. However, since your lower cost is based on a select number of hospitals, you should try to choose a physician who can admit patients to one of those participating hospitals.
FirstCommunity’s rates are very competitive and they make it easy to compare with Blue Cross Blue Shield C+ just by visiting the website at www.firstcomm.org.
For more information, call FirstCommunity Senior Select Medicare Supplement at 256-532-2783 or toll free at 1-800-734-7826. Like our FirstCommunity Facebook page too, where you’ll find lots of helpful tips and health information specifically for seniors.
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