Bigger Medicare Supplement Insurance Companies Have Better Doctor Networks

There is a myth floating around that bigger Medicare supplement insurance companies have much better doctor networks and take more patients on Medicare. This is a myth.

The truth of the matter is that any doctor that takes Medicare will accept any standard Medicare supplement insurance, no matter the size health insurance company offering it. This of course implies that there is non-standard Medicare coverage, something that needs to be discussed with a local Medicare health insurance agent.

There is a big difference in how health care operates with Medicare as compared to how it operates prior to age 65. When a person is under 65 and on a company or individual health insurance policy, they have to worry about seeing doctors within that particular insurance providers PPO or HMO network.

Once they have Medicare and a Medicare supplement it changes considerably. Because of the standardization of Medicare supplement plans, they no longer have to worry about whether one insurance provider is going to provide better access to a larger group of doctors; or if a doctor will choose to take one Medicare supplement insurance company’s plan versus another.

If the doctor accepts Medicare supplements he or she will accept a Standard Medicare supplement policy from any insurance company – whether it be a very large company everyone’s heard of or a very small regional insurance company providing Medicare supplements.

A lot of this has to do with the standardization of plans and claims processing by Medicare. What’s great about this is that, once a person has determined which plan they prefer, they may shop the market to determine who is going to give the best rate. This gives the peace of mind that the plan will work the same no matter from which company it was purchased.

So, go figure out which plan is the preferred one and find a reputable Medicare supplement insurance agent who brokers several companies to help people determine which company will provide the best rate for this standardized coverage.

To learn more about Medicare, Medicare supplements, or Medicare supplement insurance visit GoMedigap.com.

Medicare Covers Everything – Not!

It's a well-known fact that Medicare covers everything. Actually, that isn't the case at all, and this is a very common misconception.

How many times has an overheard conversation brought up the fact that people think Medicare covers everything, almost and including the kitchen sink? It's interesting that people seem to regard Medicare as the Super Man of the health insurance industry with far reaching powers. To a certain extent this has a nugget of truth in it, however, Medicare is far from being the "be all, end all" of health insurance.

While Medicare does a yeoman's job of covering the general populace, they definitely have drawn some lines in the sand that they won't cross when it comes to coverage. For instance, Medicare does not cover long-term care. This would actually make some sense when the bigger picture is taken into consideration. They could not cover long-term care due to the nature of the enormous expenses involved.

Medicare also only partially covers preventative care, as there is a limit to some things when it comes to what is classified as preventative care. This area of the health care system could be abused with very little effort, and in order to keep a lid on soaring expenses, only some prevention is approved.

Check with your local Medicare health insurance agent for the whys and wherefore on this. Never assume something is the case without specifically checking it, as the Medicare system in the U.S. is in a state of transition right now and things are changing rapidly.

While Medicare is fairly reasonable when it comes to approving treatments for things that are considered medical necessities, there are exceptions to every rule. This is the time to be checking out the exceptions with a highly qualified Medicare health insurance agent. It's one call that will definitely save some hassle and confusion in the long run.

If the overall Medicare system is taken into consideration, it would be obvious that the number of people it must insure would be staggering. They realistically are not able to cover everything for everyone or the cost of Medicare, rather than being fairly reasonable, would be right out of line.

To learn more about Medicare, Medicare supplements, or Medicare supplement insurance visit GoMedigap.com.

Common Misconceptions About Medicare

Misconception one is that you are able to get Medicare and Medicare supplements at the age of 62, just like applying for Social Security.

This is definitely a myth. You cannot get Medicare and Medicare supplements at the age of 62, so don't plan your retirement banking on having those supplements to go along with your Social Security. If you do this, you will find yourself stuck between a rock and a hard place.

The truth of the matter is that you are only able to get Medicare and Medicare supplements when you turn 65 – period, no earlier. The problem is that many people, without checking things out to confirm it, are assuming that because they are able to get Social Security at 62, that the same is true for Medicare and Medicare supplements.

We have seen many cases where people took retirement early, banking on having not only Social Security, but also Medicare to help defray the expenses. Unfortunately, many couples and individuals have found themselves in a pickle having to try and find other insurance to fill in the gap until they reach 65.

While sourcing other insurance isn't necessarily a problem, the price of the insurance an older person is able to find is another matter altogether. In most instances they would need to go with Consolidated Omnibus Budget Reconciliation Act (COBRA) or buy health insurance from a private insurance company.

COBRA offers retirees and some other categories of individuals temporary continuation of health coverage at group rates and typically this type of coverage, while less expensive than private insurance, is still higher than the budget may be able to afford. In the case of sourcing health insurance from a private health insurance company, retirees may be facing up to $300 per person per month for coverage until they turn 65.

If you do the math for a single senior at age 62, the amount of money they would need to fork out to have health insurance would add up to $10,800 for three years or double that for a couple. Living on Social Security benefits and a pension may not allow people to find that kind of extra money.

It's always best to be cautious about applying for the various benefits older people are entitled to, as many of them have certain restrictions or qualifications that those applying don't know. Always check the requirements and never assume anything. When in doubt, contact a local Medicare insurance agent who has the inside scoop.

Richard Cantu is with Medicare supplements resource, GoMedigap.com. To learn more about Medicare, Medicare supplements, or Medicare supplement insurance visit GoMedigap.com.

More Common Misconceptions About Medicare and Medicare Supplements

Many people think they are only able to switch Medicare supplements during the anniversary enrollment period of November 15th to December 31st. This isn't the case.

For some strange reason many people seem to think that they are only allowed to switch their Medicare supplements during the anniversary enrollment period. The actual truth is that they are able to switch at any time during the year so long as they are medically qualified to do so.

Medicare Advantage plan and Part D of the drug supplement are the only plans that can be switched between November 15 and December 31 of each year.

Furthermore, Medicare Advantage plans seem to be losing their luster. Well Care and Coventry, two of the biggest names in the Medicare health insurance business, won't be offering Medicare Advantage in 2010. They will be totally out of business because they can't afford to offer the Medicare Advantage plan. The reason is because the government is reducing the amount paid to companies offering Medicare Advantage.

Coventry handles Medicare Advantage benefits for well over 318 thousand people. It's safe to say that tens of thousands of Medicare Advantage recipients will be wondering what they are going to do with the demise of the Medicare Advantage plan.

Some good news about the death of Medicare Advantage is that you will be guaranteed issue for 63 days once your plan is no longer in effect. Talk to a local health insurance agent now to plan for the future. Choose one that knows their Medicare inside out and will be able to walk you through other alternatives.

Again, it is a common misconception about Medicare that people can only change coverage during the anniversary enrollment. This could easily be put to rest if people needing this kind of information took the time to do a little research on the Internet. In the alternative, they could make a call to their local Medicare health insurance agent and ask some pointed questions about qualifying dates and how those apply to their particular situation.

Richard Cantu is with Medicare supplements resource, GoMedigap.com. To learn more about Medicare, Medicare supplements, or Medicare supplement insurance visit GoMedigap.com.

Medicare Advantage is Going Bye Bye in 2010

Well Care and Coventry, two of the largest companies in the Medicare health insurance business will no longer be offering Medicare Advantage in 2010.

Yes, they will be totally out of business, as they can no longer afford to offer the Medicare Advantage plan. Why is that? This is because the government is reducing the amount of money paid to companies who offer Medicare Advantage.

When things like that happen, it puts companies out of business, as they are no longer able to compete to retain the business. The bad part here is that Medicare Advantage was over funded by the government and thus paid out more to the doctors in various networks. This meant the program would hardly ever run a profit unless it were funded by the government.

To learn more about Medicare, Medicare supplements, or Medicare supplement insurance visit GoMedigap.com.

Government Funding Ceasing for Medicare Advantage

If you think that cutting off government funding isn't a bad idea, think about the tens of thousands of people who will lose their Medicare Advantage when Coventry and Well Care shut their doors in 2010. Medicare Advantage recipients will be wondering what hit them not to mention asking themselves they are going to do for an alternative.

You will be guaranteed issue for 63 days once your Medicare Advantage plan(s) are no longer in effect. In order to get a jump on planning for the future, talk to a local health insurance agent now. Choose one that knows Medicare intimately and is able to walk you through what alternatives you may have left to choose.

To learn more about Medicare, Medicare supplements, or Medicare supplement insurance visit GoMedigap.com.

Read All Health Insurance Policies

This is something people hear every day from their health insurance agents, "Make sure to read your policy." It's quite dismal how many people choose to ignore that piece of advice. They later find themselves in a total flap when they discover their insurance policy does not provide them with the coverage they "thought" it did.

"Not reading polices is so prevalent that unfortunately there are some insurance agents who don't offer this wise piece of advice and instead just tell their customers they're covered," said Richard Cantu, of GOMedigap in Texas. People really need to know what they are getting in their health insurance policies and also need to understand what is "not" provided either.

Take the time to get informed about the policy that seems to be the one that will offer the best coverage. "Read the actual policy, ask other friends about their experiences and policies and get their opinions and last, but not least, go online to the Medicare site and read all the articles to get an even better in-depth knowledge of the various benefits offered for the various plans/supplements," advised Cantu. Make it a point to also verify with the health insurance agent that the policy does provide certain things that are required by a family or individual.

While this might seem like a great deal of work to just buy a health insurance policy, it is work that will pay off later if that same policy needs to be used and it performs as expected. "There is nothing worse than buying a health insurance policy thinking it covers one thing and finding out later it does not and out of pocket expenses need to be paid," added said Richard Cantu, of GOMedigap in Texas.

Consider this as well when reading the fine print on various health insurance policies. Knowing what each one says, offers and doesn't offer is a valuable thing to understand when comparing current health insurance plans with future health insurance policies. Future health insurance policies? In 2010 things in the US health care system are going to get turned upside down, and nothing will be the same as it was. Be an informed health insurance buyer or beware.

To learn more about Medicare, Medicare supplements, or Medicare supplement insurance visit GoMedigap.com.

2010 Will Bring Many Health Insurance Changes

It isn't that just one or two things will be changing in the near future in the health care system, it's a whole bunch of things that will cause a cascade of confusion amongst those who have Medicare supplements, Medicare Advantage and the list continues to grow as more planned changes are announced by the White House.

When change starts, it usually starts rather quietly and slowly. However, in 2010 there are some major changes coming that will impact on millions of Americans when it comes to their health care insurance, and on Medicare in particular. The first change is the old Medicare supplement plans A through G are being phased out and new plans A through G are being phased in.

While these "new" plans are not really new, they tend to create a split in coverage pools, meaning those before the June 2010 cut off date are in one coverage pool, and those who buy health insurance after the cut off date are in another coverage pool. This will mean both pools are closed and the chances are that insurance rates will go up in both pools when the novelty of competing health insurance companies wears off.

The second change is that two of the largest companies in the Medicare health insurance business will no longer be offering Medicare Advantage in 2010. This means that they will be completely out of business. This is because the government is reducing the amount of money paid to companies who offer Medicare Advantage, making it less than profitable for companies who carry it.

Since being in the insurance business means operating at a profit, the loss of government funding will likely put smaller companies out of business as well. It's been confirmed that the big two – Coventry and Well Care – will be defunct in 2010. This will leave hundreds of thousands of people scrambling for alternative health insurance coverage to replace Medicare Advantage.

The best way to handle the coming changes is to start asking pointed questions now about what to do when Medicare Advantage ceases to exist. Make sure to speak with a highly trained and knowledgeable health insurance agent who will offer advice on what other choices may be available to replace Medicare Advantage.

Don't wait until the last minute and find out that the clock is ticking. Knowing the alternatives now will make for a smoother and faster transition later.

To learn more about Medicare, Medicare supplements, or Medicare supplement insurance visit GoMedigap.com.