Medicare and Medicare Supplement Plans are an important consideration for eligible Americans as they ensure not only good health, but affordable good health. However, all the different parts of Medicare and Medicare Supplement Plans can be overwhelming, and it’s difficult to figure out the best option. To help, we’ve compiled a comparison chart of the different types of Medicare Supplement Plans so that you see the benefits and exclusions of each.
If you’re looking for additional help and a private health insurance company to buy a plan, find one who will give you the service you deserve. You want to find a Medigap agent near you who really cares about you and will go the extra mile to help you. One such company is The Modern Medicare Agency in New York State who cares about your coverage, and not just a commission check. In order to provide the most affordable options, this agency includes not only the big names, but also the smaller ones. As independent agents, they have relationships with various carriers and can give you several of options to suit your needs.
What is Medicare?
Medicare is the United States Government’s health insurance for individuals aged 65 or older. You’ll be able to sign up three months before your 65th birthday, however, there are some instances where you can get Medicare sooner. This includes if you have a disability such as End-Stage Renal Disease (ESRD) or Lou Gehrig’s Disease (ALS).
If you’re looking to have Medicare explained, follow the link to find out more about the different parts of Medicare, including when and how you can apply.
Here’s everything you need to know about Medicare Supplement Plans
It’s important to remember that Medicare Supplement Plans aren’t the same as Medicare Advantage Plans. Medicare Advantage Plans are alternatives to Medicare Supplement Plans whereas Medicare Supplement Plans cover benefits which the Medicare original doesn’t.
In order to benefit from Medicare Supplement Plans, you have to have Medicare Part A and Part B, and Medicare Supplement Plans only cover one person. Separate policies will need to be purchased should you wish to cover two people. It’s also essential that you take a good look at the various Medicare Supplement Plans so that you know the benefits and exclusions of each plan, and subsequently choose one that suits your needs the most comprehensively.
Even though you’re able to purchase Medicare Supplement Plans from any licensed insurance company in your state, you should do some research and find one that aligns with your needs and financial requirements. Insurance companies do have the right to charge more than others and the older you get, the more likely this is. As such, find a Medicare Supplement Agent near you who can give you the best price, advice, and service.
However, even though premiums may increase due to factors such as inflation, they will not be raised due to your age. You only get cheaper premiums if you buy a plan when you’re younger, rather than older. Still, there are other factors which could potentially influence your original premium rate and they include not only your age and when you sign up, but also your gender, your location, and whether you’re a smoker or not.
Take note that even if you develop health problems, standardized Medigap policies will be renewed and private insurance companies are legally not allowed to cancel your policy so long as you pay the premium and do not default on your payment. That’s why it’s a good idea to get a Medicare Supplement Plan as soon as you’re able to so that you don’t have to worry about that eventuality, and you can rest assured that you’re covered for whatever your plan includes.
Comparison Chart: Medicare
What are Medicare Supplement Plans?
Medicare Supplement Plans, also known as Medigap, are available to purchase in order to cover what the original Medicare plan doesn’t. These plans vary in their coverage, but mostly include deductibles, copays, and coinsurance. However, they do not cover long-term care, such as the non-skilled care found in nursing homes), vision or dental services as well as hearing aids and glasses, nor does it cover private-duty nursing.
With Medicare Supplement Plans, even though you may have higher premiums, you have fewer out-of-pocket costs. You can also get care in any state, and you don’t have to use a provider network unless you’ve purchased a Medigap Select plan. However, Medicare Part D is not included. This is important to consider as prescription drug plans can become costly to some individuals, and so a Medicare Prescription Drug Plan (Part D) or Medicare Advantage Plan (Part C) could be beneficial to consider.
These are the different Medicare Supplement Plans available:
Depending on where you live, the policy you buy, and who you buy it from, your monthly premiums will vary. You cannot default on your Part B premium payment if you want to continue being covered by a Medicare Supplement Plan, but it does help lower the cost of Part A and Part B services found in the original Medicare.
Medigap Plan A
Medigap Plan A is considered the most basic plan, but you’ll be covered for Part A coinsurance and hospital costs up to an additional 365 days after your Medicare benefits are depleted. You also won’t have to worry about Part B copays/coinsurance and the first three pints of blood, nor Part A hospice.
However, you won’t be covered for skilled nursing facilities, Part A and Part B deductibles, Part B excess charges (the amount a provider is allowed to charge over and above the Medicare-approved amount), and foreign travel emergencies.
Medigap Plan B
Compared to Medigap Plan A, Medigap Plan B only covers the Part A deductible in addition to everything that Plan A covers as well.
Medigap Plan C
Medigap Plan C covers Part A coinsurance and hospital costs, Part B copays/coinsurance, the first three pints of blood, skilled nursing facilities, Part A and Part B deductibles, and 80% of foreign travel emergencies. However, the plan doesn’t cover Part B excess charges.
Medigap Plan D
If you get Medigap Plan D, you’ll be covered for Part A coinsurance and hospital costs, Part B copays/coinsurance, the first three pints of blood, Part A hospice, skilled nursing facilities, Part A deductible, and 80% of any foreign travel emergencies. However, the plan won’t cover the Part B deductible nor Part B excess charges.
Medigap Plan F
Medigap Plan F covers everything, and 80% of foreign travel emergencies. However, this plan is being phased out and is no longer available to anyone who didn’t qualify before January 1, 2020.
Medigap Plan G
After Medigap Plan F, Medigap Plan G is the second favorite. The only things it does not cover compared to Medigap Plan F is the Part B deductible and Part B excess charges. Medigap Plan G has become one of the most popular Medicare Supplement Plans as it tends to cover the most gaps in coverage. The only out-of-pocket expenses for those with Medigap Plan G is the Part B deductible which isn’t a substantial amount.
Medigap Plan K
Medigap Plan K only fully covers Part A coinsurance and hospital costs, but covers 50% of Part B copays/coinsurance, the first three pints of blood, Part A hospice, skilled nursing facilities, and the Part A deductible.
Medigap Plan L
Medigap Plan L also includes full coverage of Part A coinsurance and hospital costs, but covers 75% of Part B copays/coinsurance, the first three pints of blood, Part A hospice, skilled nursing facilities, and the Part A deductible.
Medigap Plan M
Medigap Plan M doesn’t include Part B deductibles and excess charges, but does cover 50% of the Part A deductible and 80% of foreign travel emergencies. However, the plan fully covers Part A coinsurance and hospital costs, Part B copays/coinsurance, the first three pints of blood, Part A hospice, and skilled nursing facilities.
Medigap Plan N
Medigap Plan N also doesn’t include Part B deductibles and excess charges, but covers 80% of foreign travel emergencies. The plan also fully covers Part A coinsurance and hospital costs, Part B copays/coinsurance, the first three pints of blood, Part A hospice, skilled nursing facilities, and the Part A deductible.
Even though Medigap Plan F was the favorite as it gives the most comprehensive coverage, however, seeing as this is no longer available to anyone who didn’t qualify before January 1, 2020, Plan G has become the new Plan with the most coverage. Recently, Plan N has also recently grown in popularity as it has some of the lowest premiums.
In order to prevent a medical problem or emergency from ruining you financially, Medical Supplement Plans should be a consideration as you prepare for your later years. Find out how much your premiums will be with this free plan quote.