Medicare Supplement Plans: Can One Size Fit All?

Based on calculations from National Vital Statistics Reports, each day 10,000 baby boomers turn 65 and become Medicare eligible. Americans approaching this key birthday receive a flood of Medicare insurance literature.

However, Medicare coverage isn’t free. Original Medicare has deductibles, copays, and coinsurance, just like private health insurance. Part A covers hospitalization for up to 60 days with a significant deductible. Part B also requires cost-sharing, just like most private health insurance.

A Medicare supplement policy helps reduce your co-pay, deductible, and coinsurance costs. If you’re just turning 65, you don’t want to wait to choose a Medicare supplement policy. Once you sign up for Medicare Part B, you’ll have only six months to choose a plan. However, each year after your first year on Part B, you can change your Medicare supplement during open enrollment, which runs from October 15 to December 7.

As the 2020 election cycle begins, news reports indicate that some politicians are pushing Medicare-for-all as part of their platform. This approach proposes an expansion to cover all US citizens with the single-payer system, which is now in use for Americans over 65 and certain citizens with disabilities.

In one proposed plan, a supplemental private plan would be available. Another proposed plan would allow a choice between private health insurance and buy-in to Medicare.

Confused? Who wouldn’t be? There are many coverage options to understand and various time lines that must be followed. Meet with us so we can help you navigate the maze of plans available and ensure you find the broadest coverage at the best price.