If you’re confused about Medicare after trying to read through all the “parts” and “plans” don’t worry, you’re not alone. While it is debated often that the Medicare system itself has many flaws, if you are turning 65 or on Social Security disability for 24 months in this country it is highly likely that whether you like it or not you will be using it for your medical insurance. Chances are highly likely that you will also consider a Medigap Plan F when shopping for the best coverage.
Many people who are still working beyond the age of sixty-five may still take advantage of their employer’s health plan, and often should. In this country the retirement age is expected to only rise, and it’s uncertain what full effect Obamacare will have in regards to companies changing the health care insurance plans that they offer their associates. Time will tell how it affects the millions of seniors who are still using their employer’s health care coverage, but rest assured everyone of them will eventually end up on Medicare, and many will also get a Medigap plan to go along with it as supplemental insurance for Medicare.
Medigap Plans, or Medicare Supplement insurance, is used to cover any “gaps” or expenses in your medical bills that original Part A and Part B Medicare does not cover. These policies are provided by private insurance carriers, although they are part of the Medicare system and are all standardized. This means regardless of which company offers a Medigap Plan F (or any other plan letter), they all must have the exact same coverage. This makes things much easier when shopping for coverage as you know that each company’s plan has the same benefits. Where it gets confusing, is the price. See, every insurance carrier offering Medicare Supplement plans has different rates for the exact same coverage. This makes it extremely important to use a site like this to check rates from multiple carriers at once so you do not end up overpaying for your coverage.
Without a doubt the most popular supplement plan available is a Medicare Supplement Plan F. One of the reasons is that this plan offers 100 percent coverage of those gaps in Part A and Part B. For instance if you visit the hospital and are admitted, this falls under Part A Medicare and there is a deductible of over $1175 for each time you are admitted during even the same year, provided 60 days pass between each visit. This can add up fast if you’re having a bad year health wise, but thankfully many of the supplement plans actually pay this deductible. Medicare Supplement Plan F is one of them, so you won’t have to pay a dime.
Another reason Medigap Plan F is the most popular plan is because most agents simply tell everyone that it’s the best plan because it covers everything 100 percent. Well it’s a no-brainer to realize that if it offers the most coverage, then it also is highly likely that it is the most expensive which is absolutely the case. Working with an experienced, independent agent is your best option when determining if Plan F makes sense from a financial standpoint. For instance if you are very healthy, yet on an extremely limited income paying the higher Plan F premium may not make financial sense for you and your budget. In this case a different plan such as Medigap Plan G, or even Plan N might suit you better. There is even a high-deductible Plan F that offers outstanding coverage after you meet an annual deductible of close to $2000.
With a Plan F there also comes an additional benefit that is often overlooked and that is simply the luxury of not having to pay anything beyond your monthly premium. For people who were used to employer insurance coverage that likely had deductibles, networks, and co-pays a Medicare Plan F is a massive jump in coverage. To visit any doctor in the country that accepts Medicare, and walk out not even writing a $20 co-pay is really oustanding. As with all the Medicare Supplements, there is no Network. And if you need to visit a specialist you do not even need a referral. The only questions you need to ask are if they accept Part B Medicare, and if you can get an appointment.
While shopping for a supplement there are some basic things you need to keep in mind. Every company has the exact same plan letters and coverage, they all have different prices, and they all have rate increases. One of the smartest things you can do is allow an independent agent to help you view all of the choices available from the top carriers so you have a very clear understanding of what is available, and also so you can compare premiums from each. You will want to do this with each rate increase every year as well, and you should keep in mind that you may change your Medigap plan any time throughout the year.
To get FREE quotes now for Medigap Plan F from several of the top carriers simply enter your zip code below. Be sure to shop many carriers and you’re on your way to making an educated decision on your Medicare Supplemental insurance!
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