Often many of the people who visit this website as the question “What are the Best Medicare Supplement plans?” Unfortunately, there is no correct answer for this. We realize that Medicare is very confusing and this isn’t to confuse you more. What this will do is help you become more educated so you make a very well informed decision when purchasing a Medigap policy. In other words by reading the information on this website you will have all the information you need to decide which insurance is best, for you. Because after all, everyone is different and has different needs.
While there are several different supplemental plans for Medicare to choose from, there are only a certain number of Medigap plans that most people age 65 and over enroll in. For people who are under the age of 65 and qualify for Medicare Part A and Part B due to a disability, their options will vary based on the state. Some states only allow people to enroll in a Plan A supplement, while many others allow people under the age of 65 to obtain any plan available. Check with your agent to determine what plans you are eligible for if this is your situation.
Medicare Supplement Plan F
This plan is by far one of the most popular due to its outstanding coverage that it offers. Plan F pays all of the gaps or expenses in Original Medicare, and leaves the beneficiary with no medical bills on Medicare approved expenses. This means you simply visit any doctor, hospital, or even specialist that accepts Medicare and show your Plan F card upon arrival. After your visit (provided it was for a Medicare approved expense) you simply go home and you will be sent a statement in the mail detailing your services, how much Medicare paid, and how much your supplement Paid.
- No Deductibles to pay
- No Co-pays
- No Co-insurance
Does Plan F sound like one of the best Medicare Supplement plans? Well in terms of coverage it certainly is. Along with that great coverage however, comes a price tag. Plan F is more expensive than other plan letters, and you need to know the difference of each of the popular plans to see if the extra you’re paying for this plan is really worth it. That brings us to…..
Medicare Supplement Plan G
Plan G is identical to Plan F in that it pays 100 percent of those gaps mentioned that Medicare doesn’t cover. This includes the Hospital Part A deductible (Almost $1200 if you’re admitted) and the 20 percent of your medical bills. The one thing Plan G does not cover that Plan F does is the annual Part B deductible. This is a once-per-year deductible that someone must pay prior to Medicare paying the 80 percent of all approved medical expenses. With a Medigap Plan G, you are responsible for paying this deductible as the plan doesn’t pay it for you like Plan F. The premiums for this plan however, are always less than Plan F. The question is how much less, and is it worth the extra cost for Plan F for them to simply write a check with your money?
Take the following example….
Company “A” is offering a Medigap Plan F for $150 per month. Again, with Plan F this will be your only expense as the plan pays everything, including that Part B deductible which is $147 in 2013.
Company “A” also offers a Medigap Plan G, however the premiums are much less at $115 per month. The difference in premiums is $35 per month, or $420 less per year for Plan G.
Considering the only difference on Plan G is that you must pay the $147 deductible out-of-pocket, it makes great sense to seriously consider Plan G when you look at the math:
Plan G Yearly savings over Plan F: $420
$420 minus the Part B deductible of $147 equals a savings of $273 by paying your own deductible!
Depending on your age, state, and circumstances these savings could be less or far greater. We have several clients who have saved over $800 by switching from their Plan F with one company to a Plan G with another, and this is after they paid the deductible! Don’t you think it’s worth it to check the premiums from every company to see if you could get these savings as well?
And..You Can Change Your Medicare Supplement Plan Anytime Throughout the Year!
You do not need to wait until the enrollment period in October to change your Medigap Plan.
So whether you are new to Medicare and wondering what the best Medicare Supplement plans are, or you’re now shopping for a better rate be sure to check the difference in premiums for each plan to determine which is the best for you!
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