Medicare supplemental plans and Medicare Advantage can give additional coverage that isn’t offered through Original Medicare. It’s the best ways to ensure that you aren’t left with massive hospital bills that you are responsible for paying for out-of-pocket.
One of the most popular insurance providers of supplemental Medicare insurance policies is Blue Cross Blue Shield, which offers different policies to Medicare enrollees across the nation. They have years of experiencing providing quality and affordable insurance policies to help fill in the holes that are left behind by Original Medicare Parts A and B.
Blue Cross Blue Shield has more supplemental insurance options than just about any other provider on the market. The state that you live in is going to impact the number of options that available to you. Each state in the U.S. has a specific Blue Cross Blue Shield website that you can visit to see which of the policies you can choose from to get supplemental coverage that fits your needs.
Blue Cross Blue Shield offers both Medicare Advantage and Medigap policies that you can apply for to get supplemental coverage. There are a few differences between the two types of coverage. There are different Medicare Advantage plans that they have, these plans have benefits like chiropractic care, vision coverage, fitness memberships, prescription coverage, and much more. Their Advantage plans have dozens of benefits that you can use to supplement your Original Medicare plan. They have a Medicare Plus Blue PPO Essential, which is one of their most popular options and it allows you to visit providers that are both in and out of their networks. They also have a PPO Vitality, which has higher copays. Their other options have a variety of different benefits like lower copays or lower premiums depending on the plan that you choose.
Two of the biggest disadvantages of a Medicare Advantage plan are that they are expensive, and they only operate inside of their network of facilities. That means that if your doctor or hospital isn’t inside of their network, they aren’t going to pay for your services, which could leave you paying for those bills out-of-pocket or forced to find a new physician.
You can avoid both of these pitfalls by choosing a Medigap plan, which is more affordable and can be used at any organization that accepts Medicare reimbursement. You won’t have to worry about finding a provider that is inside of a network. Because each state is different, there is no way to know which Medigap plans are available to you, but because these plans are regulated. Meaning plans from Blue Cross Blue Shield is going to be identical to the same plan offered by any other provider.
The Importance of Supplemental Insurance Policies
While Medicare is a great plan, there are plenty of expenses that the program doesn’t pay for, and if you’re looking to fill in those holes, a Medigap plan is an excellent way to do that. It’s vital that you get the healthcare insurance coverage that you need. Hospital bills and medical bills can easily drain a bank account and turn your retirement dream into a retirement nightmare. You’ve worked hard to reach this stage of life, don’t let those medical bills ruin it.
It’s vital that you weigh the advantages of each of these plans and decide which one is going to fit your needs the best. To do this, you need to review several areas.
The first is your health. If you have health problems, you’ll want to consider getting a more comprehensive policy that covers more of the expenses left behind by Original Medicare. If you aren’t in the best of health, more than likely you’ll spend much more time at the doctors or require more services, which means more hospital bills. Without a Medigap plan, you would be responsible for paying for the majority of these bills yourself. On the other hand, if you’re in fantastic health, with a clean family history, you could consider purchasing a policy that leaves more holes in the coverage, but saves you money on your monthly premiums.
Another factor that you’ll need to consider is your finances. Everyone would like to have the most comprehensive supplemental coverage, Medigap Plan F, but not everyone can afford to pay for that type of additional coverage. Before you apply for any Medigap coverage, make sure that you spend time looking at your budget and understanding what you can afford. One of the worst things that you can do is purchase a policy that is going to stretch your budget too thin, which can wreak havoc on your savings. The goal of supplemental insurance is to help protect your savings, it shouldn’t break your bank.
When to Apply for Supplemental Coverage
It’s vital that you get the additional insurance that you need, and there is a critical window that you should be aware of, and that’ your Medigap Open Enrollment period. This is the period that lasts six-months around your Medicare Part B enrollment, and during this time, insurance companies can’t decline your application, regardless of your health or any pre-existing conditions. For many applicants, this could be the only opportunity to get the supplemental coverage that you need.
Additional, not only can they not decline your application, but they can’t charge you any more for your policy because of your health. If you’re looking to save money, you need to buy during open enrollment period. Even if you’ve already missed the window, you should still apply for the policy that fits your needs. In most cases, these policies are more affordable than applicants assume.
Blue Cross Blue Shield
Having quality health insurance is one of the most important decisions that you can make for yourself and your family. Without it, you or your loved ones could be responsible for massive hospital bills that you have no way to pay for.
We have other reviews, like our Mutual of Omaha review. It’s vital you understand the pros and cons of each company.
Do you still have questions? Want to know more about Blue Cross Blue Shield or any of their plans or questions about Medigap policies, please contact one of our agents today.