Supplemental Insurance – The 411 On AFLAC – Is This Supplemental Insurance Right For You?
Post date: April 22nd, 2011 |
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As the health care crisis and health care debates struggle on, many consumers are looking into supplemental insurance policies to cover the gaps in traditional insurance plans. Having health insurance can offer a great peace of mind but most traditional plans leave gaps that can just about swallow a family’s budget whole in a medical crisis.
What services does AFLAC offer?
Accident Indemnity
Disability Income Protection
Cancer Indemnity
Hospital Protection
Life Insurance
Dental
Long Term Care
Current Supplement policy holders will be permitted to keep existing Insurance policies, however as of June, 2010 enrollment will cease into ALL current plans. Existing Medigap policies (Policy holders) will be partitioned into one group and all plans purchased after June will be segregated into new policy groups. It is not necessary to purchase one plan over another (purchase the one that fits) because all plans purchased after June 1st will be in the “New” plan policy design. However, it is uncertain which Supplement providers will offer the new plans N and M. Since most insurance carriers offer several plans it is important to shop around for the best price. (For more help go to Medicare Advisor)
The right time to opt for your Medigap insurance coverage is the first six months after you turn 65. This is because open enrollment period remains active during this period. Your enrollment in Medicare Part B is a prerequisite. During this period none of the insurance companies can decline to offer you a Medigap policy on any grounds. Further you can choose those Medigap policies which cover the expenditure of prescription drugs. There are 12 standard Medigap coverage from Plan A to Plan L, whose healthcare coverage increase as we go up the alphabet.
New Medigap Design
Medicare Supplement N will have similar benefits to Medicare Supplemental Insurance plan D, (not F as others have suggested) but there will be a $20 co-payment for doctor visits and a $50 co-payment for emergency room visits. It is believed that this co-pay will apply after the $135 deductible is paid, however there is some uncertainty as to how the deductible and co-pay will be coordinated. The good news — these plans are expected to have premiums around 70% of the cost of Plan F or about 77% of current Medigap plan D. Medigap Plan M will also offer similar benefits to Medicare Supplement “D”, but will only cover 50% of the part A deducible, none of the part B deductible, but no co-pays. The cost of plan M is expected to price at approximately 85% of Medigap Plan F (or 92% of current plan D).
In short, Medigap insurance coverage offers customized benefits to the aged senior citizens and all it takes is prudence and patience to choose the right Medigap coverages which cater to their long term care needs
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