Medicare Supplemental Plans – Which Should You Choose?
By now you have most likely learned what Medicare Part A and Part B cover, and more importantly what they do not. That is because it is your responsibility to pay for any expenses not covered by Medicare. You could only keep original Medicare Part A and B and pay out-of-pocket for deductibles and coinsurance but this can get expensive, very quickly!
So you’ve decided that it’s a great idea to get one of the Medicare Supplemental Plans. But which one is best for you? While price does matter, it’s important to focus on which plan letter best meets your needs first. Then you can choose which company to get your Medicare Supplemental Insurance from. These plans are also knows as “Medigap” plans.
Medicare Supplemental Plans that You May Choose From
There are currently 10 Medicare Supplemental Plans available and each has slightly different benefits to choose from. The letters range from A – L. An important thing to remember is that while Plan A offers the most basic coverage, the benefits do not increase as you go further into the alphabet. For example, a Medigap Plan F is actually the most comprehensive plan offered by Medicare, not Plan L.
Before we see which are the most popular plans there is a very important fact to keep in mind with these plans. Medigap Insurance plans are offered by private insurance carriers and are standardized by Medicare. This means that they all meet the same standards and offer the exact same benefits per plan letter. So, a Plan F for instance from one company has identical coverage as a Plan F from any other company. But each company has different premiums for the exact same coverage! This means you could end up paying a lot more than you should for any of the Medicare Supplemental Plans, so choose wisely.
Medicare Supplemental Plans Chart
Medicare Supplemental Plans – The Two Most Popular
There are two Medigap plans that are the most popular among people on Medicare. They are called Plan F and Plan G. Like all Medicare Supplemental plans both of these are accepted anywhere in the country, as long as the doctor accepts regular Part B Medicare. So there is no network. The reason these plans really stand out is due to their relatively low premiums and the fantastic benefits they provide.
Medicare Supplement Plan F – Offers 100% coverage of any gaps in Medicare. You do not pay any deductibles, copays, or coinsurance if you have this plan. So if you are looking for a plan that leaves you with no out-of-pocket medical expenses or bills than this is it. And as with all of the Medicare Supplemental Plans, you do not have a “network” that you must stay in. Simply go to any doctor that accepts good ole’ regular Part B Medicare and they will take your supplement. This truly is the very best coverage available for those who are turning age 65 and going on Medicare.
Medicare Supplement Plan G – Also a great plan, it too pays 100% of the costs that Medicare does not. You must however first pay the Part B deductible yourself each year. But there is a benefit to you paying this yourself and that is lower monthly premiums. In fact if you compare the premiums of both Plan F and Plan G from the same company it is always a savings to go with Plan G. It may not be enough of a difference to make it worth it for you though, if you just like to not get any medical bills which many people do.
Check with one of our agents to see what the premiums are in your area for Medicare Supplemental Plans F and G. Call today at 888-588-3437.
