These days there seems to be radical changes in health care and everyone is worried that they will be affected. Never before in history has there been anything like Obamacare, except perhaps since the inception of Medicare itself.
Thankfully for those on original Medicare there are no major changes to Medicare Supplement Plans in 2014. There are however some things you need to consider as you move forward as in this economy every dollar counts. Being a wise consumer and doing just a little research can go a long way in saving you money on your supplemental insurance premiums.
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Is Your Plan Still the Best Option?
One important fact to consider if you are on a Medicare supplement plan already is that you may change your plan at any time throughout the year. We get hundreds of calls per year of people thinking they have to wait until the annual enrollment period (October 15th through December 7th) to change. This is absolutely not the case unless you are coming off a Medicare Advantage plan.
You May Switch Medicare Supplement Plans at Any Time During The Year!
Now many people simply decide to wait until the enrollment period as that is also the time you may change your Part D prescription drug plan. While you obviously may still change during this period, you might have saved hundreds of dollars more if we were able to shop the rates 6 months prior.
As for Medicare Supplement plans in 2014 again there are no changes at all that will be taking place. In our experience the popularity of certain plans is definitely increasing as people are realizing that you can save quite a bit of money if you are willing to pay a few extra out-of-pocket costs.
Medicare Supplement Plan F is the granddaddy plan of them all paying 100 percent of the gaps or expenses in Medicare Parts A and B. But is it the “best”? Perhaps not, depending on your own medical condition as well as the premiums of other plans compared to it.
Likely a Better Option
One plan that many people are moving to from a Plan F is a Medicare Supplement Plan G. This plan is very much like Plan F in that it pays 100 percent of the gaps in Medicare, however you must first pay the annual Part B deductible out-of-pocket. This typically costs around $147 per year and is a once-per-year payment. After you meet this deductible the Plan G pays the gaps 100 percent on all Medicare approved expenses.
Why Not Just Get All of Your Bills Paid With Plan F?
Some people simply never want to ever see a medical bill, regardless of what it costs them. If that is your case then by all means pay the extra money for Plan F. Again the only difference is that Plan F pays the Part B deductible for you and Plan G does not. In reality however you are the one really paying that deductible in the form of a higher monthly premium. In fact in nearly all cases you will actually pay more than the Part B deductible per year to have a Plan F.
In other words you are paying them an extra “fee” so to speak so they can write a check with your money. You can easily write the Part B deductible check yourself and save the extra money instead.
Along with Plan G there is another plan that is gaining popularity quickly. That is a Medicare Supplement plan N. With this plan you must still pay the Part B deductible as with G, however after that is met you will have up to a $20 co-pay per doctor’s visit. Also if you visit the emergency room and you do not get admitted you will have to pay a $50 co-payment, and Part B excess charges are not covered.
Plan N is a great choice for people who are healthy or want something comparable in premiums to a Medicare Advantage plan. With every plan you can still visit any doctor or specialist in the country that accepts Medicare and you don’t even need a referral.
So for those interested in seeing which Medicare Supplement Plans in 2014 might be best for them it’s a great idea to get quotes on Plans F, G, and N and compare the coverage to see what’s best to meet your needs.
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