Mason Soiza: Is There Any Similarity Among Medicare Supplement Plans?

When you are searching for Medicare, your inbox and your cell phone may be overwhelmed by sales representatives and insurance brokers who hope that you’ll sign up with them. So, you want to stay one step ahead of your game, so go online and try searching through piles of information on Medicare and Medigap plans. Your intentions are excellent, but take the time to browse a web portal that will show you many quotes from varied brokers and agents. You now have control and you can be at the top of your game. Complete the form and hit the submit button.

Your mobile phone rings and you pick it up. The broker at the other end greets you, introduces himself as Agent James. It got to our notice that you’ve browsed online to look at additional Medicare insurance. You have a pleasant conversation with the agent and you start thinking that it will quite straightforward. But that’s not all; another agent calls you and tells you his insurance policy is provided by a trustworthy company and you have to register with them because their rating is quite high and you can depend on it. Well, he appears to be right. Overlook the recent banking crisis and Wall Street investment banks. Yes; forget about Enron, etc. Yes, he may be right. The company is bigger and has a vote of A. But is it really the case?

Mason Soiza

Yes, a good assessment is great; but it is necessary to understand that all plans are similar, regardless of the insurance company. In 1966, all of the plans were standardized by the government and administered by the Social Security Administration. In 1977, the HFCA program of Medicare Health Administration was developed. Part A benefits is made up of 4 parts and offers hospital care, long-term care, home care services, and hospital care for people in the terminal phase. If you go into the social security system and you attain the minimum allowed quota, you will benefit from it. Part B is not compulsory and you as liable to a monthly fee for you to receive this service. It provides health insurance which covers medical expenses, outpatient services, examinations and other medical services.

Part C contains plans on the benefits of Medicare. These plans are financed financially by the federal government and offer additional benefits: dental care and vision; and they are heavily subsidized. Part D meets your needs and, again, is voluntary. Now, what government plan does not address, you can get a supplement to the Medicare plan to fill the gaps in parts A and B. Most web portals give details about this and a brochure will be sent to you by post detailing what is insured and what is covered and what will not come through the Social Security Administration. The conclusion now is; the plans of all my friends are identical. Yes, all plans are identical. It’s like a LED TV sold in different show rooms. Though it’s the same product, it can be cheaper from one shop to another. Therefore, it is necessary to purchase by comparing the prices of different shops first.