Medicare Supplement Insurance Plan – How to Select Quote Medigap Plans

If you are thinking of applying for Medicare or Medicaid, one of the questions you may have is “Do I need to buy Medigap Insurance?” The answer to this question depends on a variety of factors including your age, health and current income.

As people grow older, their Medicare coverage tends to increase in value, which can add up quickly. That said, most adults can receive family benefits of up to twelve percent in annual savings by enrolling in Medicare Part A and B. That said, spouses can obtain significant family discounts of up to twenty percent with several carriers.

Many people do not realize that Medicare Part A and B both offer an Earned Income Tax Credit (EITC) as well as tax-free benefits for qualifying senior citizens and certain non-covered employees. In addition to EITC and the earned benefits, Medicare Part A and B also provide coverage for certain types of hospitals, nursing homes, home healthcare agencies, privately operated homes and assistance for nursing home costs.

Medicare Part A is the government’s primary program for covering long-term hospital stays, which can amount to as much as five hundred thousand dollars per year for seniors. Medicare Part B covers some aspects of the nursing home experience, with premiums increasing as the amount of coverage increases. There are also discount plans available for individuals who purchase both Medicare Parts A and B.

For seniors that are already covered by an existing health insurance plan, Medicare does not provide any assistance with the cost of Medicare supplemental plans. This means that if you choose not to enroll in Medicare, you will have to pay the entire amount of the monthly premium on your own.

Although you may be encouraged by health insurance agents and others to sign up for medicare supplemental plans, it is usually not worth the risk because the premiums can quickly rack up into the thousands of dollars range. Most individuals that are covered by a health plan from their employer have at least access to a supplemental plan of some sort, so they have at least some degree of choice when deciding whether or not to enroll in the additional programs.

Seniors that are not covered by an existing HMO or PPO plan type can apply for either or both Medicare advantage options. Unlike the original programs, medigap insurance plans offer several different benefits depending upon the type of plan.

The more common of the two plans is the Medicare advantage plans 2022 type. This type of plan allows senior citizens to purchase two different Medicare supplements at a discount. Two of the most popular Medicare advantage plan types are called Medigap bronze and platinum.

Several types of insurers offer medigap insurance plans. Two of the most common insurers are United Healthcare, Inc. and insurer America’s Health Insurance Program, or Aetna. In order to be considered as a participant in a medigap insurance plans, you must belong to an HMO or a PPO. These two providers provide coverage only to patients within their HMO or PPO network.