Types Of Medicare Supplement Plans
There are about ten plans to choose from, they’re labeled from Plan A – Plan N. Plan E, H, I & J are no longer available. Medicare supplement plans vary depending on the type of benefits and coverage you want, but each one of them provides basic standardized options. Each of these plans offer the following basic options:
* Covers Medicare Part A Copayments.
* The first 3 spins of blood are offered for free.
* Medicare Part B co-payments
* Part A hospice care
The Open Enrollment Period
The best time to start your Mutual of Omaha Medicare Supplement is within the OEP (open enrollment period). This is a six month period that starts when you reach the age of 65 and you’re already enrolling in Medicare part B. during this period most companies won’t reject your application, it’s a guaranteed application period no matter what your health condition is. You won’t go all through those long of processes and you will not be charged premium fees. If you enroll outside your OEP, it means you will undergo strict screening and it will cost you more money to enroll.
What’s The Cost Of Joining Medicare Supplement Plans
A lot of providers set high prices for Medicare supplement plans. The price depends on your requirements and the types of services you want to get. But most of these companies follow a rating system:
* There is community rated that charge the same rate for everyone living a particular area no matter what your age is.
* Attained age rated system, which is cheap at the age of 65, but increases as you age.
* There is issue age rated, the rate depends on the person’s age and price doesn’t increase as you get older.
The cost of Medicare supplement plans depends on a lot of factors. The best time to get more value by spending less is during the open enrollment period, during this period you’ll get affordable premiums. Some companies also offer discounts for married couples, women or Non-smokers.
How To Choose The Right Supplement Plan
Before choosing any supplement plan you should consider these factors.
* Your health status
You have to know your medical history so that you can select a plan that will take care of your current and future health care needs.
* Your budget.
You should consider your spending limits. Supplement plans vary in price and the benefits they offer. Don’t enroll in programs that will be hard for you to pay over time.
* Prescription drug coverage.
Prescription drugs are not covered in your supplement plans. You have to buy a separate plan that will cover your drugs. Other things you should consider as well include location and your planned retirement activities.