By now, a lot of people are aware of the pros and cons of having Medicare Supplement Plans. Nowadays, medical emergencies and illnesses come without a warning. You need to be prepared for these unforeseen situations. Your General Mediclaim will pay up to 80% of your hospitalization expenses.
Role of Medicare Supplement Plans
These plans have been designed to cover the gaps left by your general mediclaim insurance policy. There are different plans to suit your needs and budget. There are ten different plans to choose from. They will cover co-payments, coinsurance and deductibles. Please remember, these supplementary plans do not cover dental or cosmetic consultations and treatments.
Categorisation of Medicare Supplement Plans
The insurance companies have set amounts of premium based on certain factors. The pricing is based on the following:
- Age at purchase
- Floating Age
The average premiums for the various plans are listed below:
Plan A is priced at $360 on an average. It is one of the most basic plans. It is the base level plan which meets the minimum needs. Then comes Plan B, which costs around $449. Plan C comes around $347 approximately. Then there are two types of F plans, one having high deductible and one normal. The high deductible variety costs $68 and the normal plan costs $326. The remaining plans G, K, L, M and N cost in the range of $100 to $360.
The best plan amongst these Medicare Supplement Plans found here https://www.medisupps.com/mutual-of-omaha-medicare-supplement-plans-2019/ It covers more or less everything, that you could ask for. It covers Part A hospital costs, Part B coinsurance, Blood transfusion, Part A hospice care, Skilled nursing facility, Part A and Part B deductible, Part B excess charges and foreign travel emergency, as well.
You can always take the help of an agent, for comparing cost of these plans from different insurance companies. You can get a fair idea of the various plans and their features. Plans F and G cost more than the other plans. If you plan to go for a plan with lower premium and partial cost-sharing with the insurance company, you can opt for Plan K and N.
I will give you an example based on demographics, here. If you are a non-smoking female aged 65 years, you will pay lower premium than a male of the same age. If the female is married, she might have to pay an even lower premium. Your zip code also plays an important part in determining your premium.
So, choose your plan wisely and enjoy the benefits.