Medicare supplement insurance or Medigap best medicare supplement plan pays for some of the health care costs that Original Medicare Parts A and B does not cover, such as co-payments, coinsurance, deductibles, and medical care when traveling abroad. What is the best Medicare Supplement Plan? There are several Medigap plans to choose from, with “plan F”, “plan G”, and “plan N” being the most popular. Let us consider some of the differences.
Plan F is the most comprehensive of the 3 plans and it is the most popular. Plan F is very convenient because it has no co-pay, no deductible, and no out-of-pocket expenses. Plan F has basic benefits, Part A and Part B deductibles, skilled nursing facility co-insurance, and Part B excess.
Plan G is very close to Plan F in benefits but lower in price. Plan G is exactly like Plan F with the exception that you pay the Part B deductible.
Plan N offers less coverage that Plans F and G, yet rates are significantly lower. However, you pay co-pays (up to $20 per office visit and $50 for emergency room visits) and a deductible. It does not cover Part B deductible or Part B excess.
Now that you know the differences in coverage which can help you choose a Medicare Supplement plan the question is when should you enroll? The best time to enroll is during during open enrollment because during that time you can buy any policy the company sells even if you have health problems without paying a higher rate. If you wait until after open enrollment there are no guarantees that an insurance carrier will sell you a policy if you have any preexisting conditions.
Every individual has different circumstances, needs, and income therefore there is no one best Medicare Supplement plan to pay deductibles and coinsurance. Some are healthy and may not need the most expensive plan. Others may need the most complete coverage available. No matter which plan you choose, it is nice to know that all plans are designed and regulated by Medicare no matter which company sells it so the coverage is the same through all companies. The only difference is in price.
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