Medicare supplements are one of the more popular ways to reduce the cost of getting medical care through the American system. While there are many ways to reduce costs through various means, Medicare supplements can be a good option for those seniors who would like to gain some benefit from the policy but cannot afford all of the elements of the plan on their own. There is a lot of talks these days about supplemental security income (SSI) plans. What exactly are they and how do they work? It is time to take a closer look at these medical plans and how you can determine if this is the right option for you.
First of all, what are Medicare supplement plans? A supplement is added to a Medicare plan and serves to improve the overall performance of the plan. Some of the most common types of Medicare supplements are the Medigap Select, the Premium Strength Adjustment Insurance Plan (PSASP), and the Master Medicare Advantage Plan (ASAP). Here is a closer look at each of these items.
Medicare Select is a specialty type of coverage that offers five different plans. The five different plans offered by Medicare Select include Blue Shield, Aetna, Delta, Assurant, and Unicare. The Medicare advantage plans that are available through the Medicare Select are the HMOs (Health Maintenance Organizations), PPOs (Preferred Provider Organizations), POSs (Point of Service plans), and the HMOs with Medigap option. So, is this the right option for me? The short answer is yes if you want peace of mind along with quality health care coverage.
The Premium Strength Adjustment Insurance Plan (PSAP) is a Medicare supplement plan that provides catastrophic and stabilizing protection to seniors with moderate income. The five different plans offered by the Medicare Supplement Plans that are offered through the Medicare Select are Premier Plus, Preferred Provider Organization (PPO), Preferred Provider Network (PPN), Scheduled Dental Services (SDS), and Indemnity Plans. So, is this the right option for me? If your goal is to protect against catastrophic medical expenses, then the answer is yes, PSAP is the right option for you.
The last two plans, the Master Medicare Supplement Plan (MBS) and the Guaranteed Medicare Supplement Plan (GFS) are managed care plans. The MBS is a plan that gives you choices regarding what hospital services are covered, as well as what services are not covered.
The GFS is a standardized program that all providers are required to participate in regardless of whether you are enrolled in the Medicare Advantage Plans or the Medicare Part B Medicare Supplement Plan. Both of these plans, along with the Medigap Select, will cost more money than an MBS or a GFS, so if you are not a Medicare survivor and/or do not have catastrophic health insurance, an MBS may be the right choice for you.
So which of the Medigap Supplements Plans is right for me? The best choice for me, and the best choice for my family, would be the Medicare Advantage Plans, including the MBS. This will allow me to choose the type of hospital I want to be treated in and will also give me some peace of mind knowing that I am covered in the event of any catastrophic medical event. If I were not enrolled in any of these plans, I know that my hospital bills would simply go up, not down, the next time I went to the doctor.