Top 3 Myths About Medicare Supplemental Insurance, Reports Insurance Medics
FORT LAUDERDALE, Fla., Aug. 15, 2012 (GLOBE NEWSWIRE) -- The most common myths of Medicare range from how Medicare Advantage plans work to how much Medicare Supplemental Insurance plans cost. Here are the most common myths:
- Group employer plans are cheaper and more comprehensive compared to Medicare. This is not entirely true. Employer plans have deductibles and coinsurance, leaving you with a lot of out of pocket costs. Employer plans also have a hefty monthly premium as well, while Plan F, which is Medicare Supplemental insurance, has no deductible and no coinsurance. Also Medicare supplemental insurance premiums are quite affordable compared to an employer group plan.
- Part A and B is all I need! Part A and Part B will cover roughly 80% of medical costs, meaning you are responsible for 20% of medical costs incurred. 20% can be anything; you can be responsible for $2,000, $10,000 or even $1,000,000. When having a Medicare supplemental insurance plan or a Medicare Advantage plan it will cover the majority or all of the 20% Medicare doesn't cover.
- Medicare Advantage plans are free, so they must not be good. This is absolutely incorrect. Most Medicare Advantage plans are free because the government is passing on the risk to a private carrier and in return is paying the carrier a certain amount for doing so. Medicare Advantage plans include prescription coverage (Medicare Part D), doctor copays and extra benefits such as dental, vision, and hearing.
"Most seniors have a hard time understanding Medicare and which plans are best for them. Medicare can be very confusing and intimidating," says Insurance Medics Vice President Hass Mohammed. It is recommended to work with a broker for assistance on finding the best plan available. Another popular and resourceful way is to visit sites like www.MedicareMedics.com which can provide all the information needed to make the best choice and understand how Medicare works.
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