Medicare Supplement
Medicare, however, does not pay 100% of your expenses.
There are certain Part "A" and Part "B" deductibles which you must pay out
of your own pocket. In addition, Part "B" pays 80% of the "Medicare Allowed
Charge", leaving you to pay the remaining 20%. Medicare Supplement policies
were designed to fill this gap.
Medicare Supplement
plans have become highly regulated. There are, for example, mandated plan
designs. A "Plan F" from one company is supposed to be identical with a
"Plan F" sold by any other company. This makes it much easier for a consumer
to compare prices for equivalent plans sold by different companies.
When you are looking at
Medicare Supplement plans, please keep in mind that the price will increase
as you grow older. Don’t just compare the price between two companies at
your current age. Compare the prices at older ages, too. Also, try to find
out what a company’s rate history has been. Has the company passed along
substantial rate increases to their policyholders? If so, how often? Remember
that you cannot assume that if prices increase that you will simply be able
to move to a different company. Companies are allowed to judge your health
in determining whether they want to insure you or not.
When should you begin looking at Medicare Supplement plans? Regan Insurance,
Inc. suggests that you begin studying the market 3 to 4 months prior to
your 65th birthday. You should purchase your coverage as soon as possible
after your 65th birthday. This is because insurance companies have fewer
options with respect to acceptance right when you turn age 65.