Medicare supplemental insurance (also known as Medigap) can be confusing for some people.There are a lot of plans out there and plenty of providers trying to offer those plans to them. Medicare supplemental plans are in place to help people who already have Medicare take care of a portion or all of their remaining medical expenses. Let’s take a look at the different plans and their various benefits.
About the Plans
Medicare supplemental plans are all labeled after letters of the alphabet. The most commonly-purchased plans are Plan F, Hi-deductible Plan F, Plan G, and Plan N. each one comes with differing amounts of coverage, but the long and short of it is that the higher the premium charged, the more coverage you will receive.
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Medicare Plan F
Plan F covers pretty much everything Medicare does not. Many insurance companies will advertise their supplemental plans as filling in the gaps that Medicare leaves, but Plan F is the only one that fills in all the gaps. Because of its great coverage, it is also has the most expensive premiums. The major benefit to this plan is that you do not have to worry about paying for deductibles or copayments, no matter your hospital stays or doctor visits.
Hi-deductible Plan F is exactly like it sounds. It provides all the same coverage as Plan F, but with a higher deductible. You will have more out of pocket costs, but you know they will not exceed $2,140 as of 2014. The tradeoff is that you receive a lower premium. This would be the kind of plan you might choose if you have serious health issues but don’t expect to have to pay for medical bills very often.
Medicare Supplement Plan G
Plan G will cover everything Medicare does not, except for the deductible from Part B of Medicare. As far as Medicare Supplemental Plans go, it is a solid one that lets you know ahead of time how much you will have to pay.
With Plan G you just have one small annual deductible. After you meet this the plan pays 100% of the gaps in Part A and B Medicare just like Plan F does. With Plan G however, you will have lower monthly premiums which often makes it worth it to pay the deductible yourself.
Medicare Supplemental Plan N
Plan N provides only slightly less coverage than Plan G, leaving out the part B excess charges. As well on Plan N you might have a small co-payment each doctor’s visit once this deductible is met. There is also a $50 co-pay if you go to the emergency room but don’t get admitted in. Once again, the tradeoff is a reduced premium.
These are the most commonly-used plans because they all provide ample amounts of coverage. Some people prefer the complete coverage that Plan F provides, while others find its premiums too pricey for them. At any rate, you should take a look at your budget and your health conditions. If you don’t visit the hospital regularly and only need a bit more coverage than what Medicare provides, then you should do just fine with a lower-coverage plan.
Getting the Most from Your Plan
The plan that is right for you will vary depending on your circumstances. Each plan has its benefits, so comparing them will help you determine which one works best in your particular circumstances.
You should be aware that while the same plan will offer the same coverage across different insurance providers, the premiums you pay for each one will vary. Companies use factors such as the cost of living, local lifestyles, your age and your medical history as factors to determine your premiums.
You would do well to look around before deciding on a plan to use. Our website actually makes this part of the process easy. You can quickly and simply compare rates between service providers to determine the best deal for you. You can compare multiple carriers’ rates on supplemental plans for free.
You should know which plan you want before you start searching. With a little research you will find the best plan for you. But using our free quote service below can help you find the best insurance provider for Medicare supplemental plans.
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