Alright, when you are seeking for Medicare, it is likely that your mailbox and phone will be flooded with eager sales agents and insurers who want you to enroll with them. So, you want to be one step ahead of them game, so you go online and try to search through miles of information about Medicare Medigap plans.
You have noble intentions, but give in and visit a website that promises several quotes from different carriers and agents. Now you are in control and you are on top of your game. You fill in the form and press the magic button. Yes, you did it.
Well, the phone rings, you pick up, and the agent says hello, my name is Agent Barry Agent, I see you went online to inquire about 2019 Medicare Supplemental plan at www.medisupps.com/ You and the agent have a wonderful conversation and you begin to think that this will be easy. But hold on, another agent calls and says his coverage is with a national company and you should go with them because they have a very good rating and you can count on it. Hmm, it seems he’s right. Yes, forget the recent bank meltdown and the rolling investment banks on Wall Street. Yes, and forget the Enron’s, etc. Big is better. He’s right, the company is bigger and has an A rating. But is it true?
Yes, a good rating is great, but you must understand that all plans are the same regardless of the insurer. They were standardized by the government in 1966 and administered by the Social Security Administration.
In 1977, the Medicare Program for Health Care Financing Administration-HFCA was created. Part A benefits consist of four parts and cover hospital and impatient hospital care, long-term care, home health services and hospice care for those who are terminally ill. If you enter the social security system and reach the minimum quota, then this will be good for you. Part B is voluntary and you must pay a monthly fee to receive this service. It covers health insurance for medical fees, outpatient services, as well as tests and other medical services. Part C is the Medicare benefit plans and these plans are monetarily backed by the government and provide additional benefits-Vision and Dental. They are heavily subsidized. Part D covers your prescriptions and again, it is voluntary.
Now, what the government plan is not addressing, you can get a Medicare supplement plan to fill in the gaps in Parts A and B. There are many websites that explain this and you will get a booklet in the mail explaining what is covered and what is not from the Social Security Administration.
Now, the bottom line, all my friend’s plans are the same. Did you hear that, are all plans the same? It’s like a flat screen T.V. which is sold by several stores. It’s the same product, but it can be less expensive with one store against another. So, you should buy by comparing the prices, prices and more prices. This is how you win the game. Do not let the agent fool you when they tell you that their product or value is better. This is not possible. Your price may be lower, and that’s something you can hang your hat on.