When it comes to Medicare supplement policies there are a few different plans that are the most popular amongst people over the age of 65 and on Medicare. Of course Medigap plan F is extremely popular due to its outstanding coverage with no out-of-pocket expenses. However there is another plan that is quickly gaining popularity and becoming extremely popular as in many cases a can save you more money than plan F. While several companies offer this plan, a New Era Medicare supplement plan G is an outstanding choice for several reasons.
New era Life Insurance Company is actually a family of three different companies. They are:
• Philadelphia American Life Insurance Company
• New Era Life Insurance of the Midwest
• And New Era Life Insurance Company
Each of these divisions operates in different states, yet all offer the top three choices for Medigap plans. Those choices are Plan F, Plan G, and Plan N. A New Era Medicare supplement plan G is gaining quick popularity due to the fact that they have averaged relatively low rate increases in multiple states over the last several years.
New Era has always seemed to keep their focus on the consumer far more than they do agents or their commissions. By saving money with lower commissions and having moderately strict underwriting guidelines this company has really set itself apart as one of the leaders in the Medicare supplement insurance field.
The Benefits of Plan G
Because Medicare plan F pays 100 percent of the gaps in Medicare part A and B Medigap plan G has often been overlooked in the past. Prior to 2010 plan G was similar to plan F however it only paid 80% of part B excess charges. This was very confusing for the consumer and scared a lot of people off from going with plan G. In June of 2010 and a Medicare modernization act came about which eliminated four different Medicare supplement plan letters. Those letters were E, H, I, and J.
What also occurred during this time was a great change to Plan G. The change stated that plan G would now pay 100% of part B excess charges. This made and the only difference between plan F and plan G who was to pay the annual Part B deductible.
Why You Should Consider Plan G
Because plan F paid the deductible as well as all other expenses it was very easy for agents to tell everybody that it was the best plan. However with this new change in plan G there was now only one small difference. Because the annual Part B deductible averages around $150 per year, and Medigap plan F premiums on average are more per year than the part B deductible, people are actually paying more on plan F then they would on plan G. This varies by state, age, and zip code therefore it’s important to get rates in your area using our websites to see just how much you could save on plan G.
In today’s tough economy where every dollar counts people are looking to save in every way possible. This means not only trying to get the lowest premiums to begin with but also hoping to have low rate increases each year on their Medigap premiums. A New Era Medicare supplement plan G just might be your best option to help pay the gaps in Medicare part A and part B.
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