Are you looking for some way to supplement the medical coverage you are already receiving? If you are like thousands of other Americans struggling with your medical bills, then supplemental insurance could be the answer you’ve been looking for. The only problem is that there are a lot of different plans out there. How do you determine the best Medicare supplemental plans for you?
The following is a guide to the plans, which ones work for various situations and a way to help you determine which plan will suit you.
About the Plans
The plans are named for letters of the alphabet. The most commonly-used plans are F, G, and N because of their high coverage. All of them come with different features, so it is a good idea to know which each one offers before choosing one.
Medicare Supplemental Plan F
Plan F is the most comprehensive plan, but it also costs more than the other plans. This is a clear case of getting what you pay for. If you want all of the coverage and can afford to pay it, then Plan F may be for you. But if you are in relatively good health, you’ll probably want something with less coverage and a lower premium. Plan F is especially helpful for people traveling abroad for their medical care. Medicare won’t usually covers those expenses for you, which is where supplemental medical insurance comes in.
Medicare Supplemental Plan G
Plan G is just like Plan F except for only one small difference. That difference is who pays the annual Part B deductible. Prior to Medicare paying any of your medical bills (the 80%), you are responsible for meeting a one-time annual deductible. This amount is around $147 per year, and Plan F pays this for you. In reality you are paying higher premiums which in turn the plan then simply pays Medicare the $147.
With Plan G you must pay this deductible out-of-pocket yourself. After you meet this amount the plan pays 100% of the gaps in Medicare just like Plan F. The bonus is that Plan G costs less than Plan F. In fact you will likely always pay more than $147 to have Plan F, meaning you are paying the insurance carrier extra to write a check with your money.
So which is best? Well that depends on you. If you never want to see a medical bill than Plan F might be worth it to you. However if you like saving money (and who doesn’t?!) then Plan G will do just that for you.
Medicare Supplemental Plan N
Plan N has slightly less coverage than Plan G, but it also costs a bit less. It is great for people who have to make recurring hospital visits, yet don’t want to pay for expensive premiums. Plan N also comes with a small deductible.
With Plan N you must still pay the Part B annual deductible yourself. After this is met you might have a small co-pay per doctor’s visit. You may have no co-pay, or just a few dollars, however it will never be more than $20 per visit. This includes specialists.
As well on Plan N if you visit the emergency room yet you are not admitted, they will charge you a $50 co-pay. However if you are not admitted to the emergency room and you go home, that’s a good thing! Pay the $50 and move on. In exchange for these additional out-of-pocket costs that you might have with Plan N you will receive even lower monthly premiums than Plan F or G.
So is this plan the best? For people who do not visit the doctor’s office very often and can’t afford the high premium of Plan F this just might be your best option. Many people who leave a Medicare Advantage plan often enroll in a Plan N as well as they are used to various co-payments, yet they want the flexibility of no network to adhere to.
Cost of Plans
Of the three plans you will find that Plan N is the least expensive. It really only provides slightly less coverage than the other two plans, but the premiums are cheaper. When you go with a plan that doesn’t cover quite as much, you do increase the chance for higher out-of-pocket costs.
A very important thing to consider is that regardless of which insurance carrier offers a plan letter, they all have identical coverage. That means a Plan G or N from a company like Mutual of Omaha has identical coverage and benefits to a Plan G or N from Aetna.
Don’t get caught paying too much and be sure to use our website to instant quotes from Multiple companies!
So as far as the best Medicare supplemental plans for most people, the plans above are at least the ones that are the most popular. Knowing which one is right for you will take a little research and matching up with your current health and financial situation. After all, your health is a very important issue, and how you pay for it should be a top priority as well.
So Which are the Best Medicare Supplemental Plans?
When it comes to supplemental medical plans, there really is no one best plan. Each plan has its own advantages and weaknesses. The one that might work best for you will be a different plan from the one that will work best for someone else.
To determine which plan you should choose, you have to look at your medical and financial situation. Can you afford full coverage and will you actually be able to use it? Then Plan F is probably your best option. Many people prefer it because of its total coverage. They never have to worry about unexpected expenses or fees when they become ill.
On the other hand, if your health is in relatively good shape, then you will be wasting your money with Plan F. The best plan for you is not necessarily the one that will be best for someone else.
Plans are Standardized
Medicare Supplemental plans come from private companies, not the US government. The government only regulates them to ensure that every plan is the same across each provider. For example, if you are buying plan F from a local insurance provider, you will get the exact same coverage under that plan as someone else on the same plan would receive all the way across the country.
And while all the plans of the same kind are standardized, the premiums for them are not. While you will pay more for Plan F than you would for Plan G, the actual amount you will pay varies by provider. The rates are based on the location of the provider, your age, your medical history and other factors.
So when you are choosing a plan, you should compare providers as well as plans. First determine which plan is right for you, then choose a provider that gives you reasonable rates and good customer service.
While you can change plans or providers at a later date if you are not happy with the one you are using, you will likely have to go through medical underwriting and disclose any pre-existing conditions.
That is why it is important to do your research and make the right decision the first time. Choosing the best Medicare supplemental plans doesn’t have to be hard. Let us help!