Which Medicare Supplements Are The Best?
Medicare supplements were introduced alongside Medicare to help pay things like deductibles and coinsurance. These plans are outstanding in helping people minimize or completely reduce their medical bills for a low monthly premium. There are some factors however that you need to consider when first attempting to obtain a Medigap plan.
Why Should You Get a Supplement?
Many people with just part A and part B Medicare might ask, “why do I even need a supplement?”. While you technically do not have to get a supplement plan, it is a very wise choice to help keep you out of financial trouble should you have minor to serious medical issues. And whether we like it or not as we get older statistics show that our medical bills will surely mount up.
Medicare supplements are also called “Medigap”. This is because they cover the gaps or expenses that Medicare part A and part B do not cover. Items such as hospital Part A coinsurance, the Part A deductible, and hospice care all have various gaps that Medicare does not entirely cover.
In terms of Medicare part B, there is a one-time annual deductible that must be met prior to Medicare paying 80% of all approved expenses. Other gaps in Medicare part B include 20% coinsurance that you are responsible for paying. Another factor that needs to be considered when purchasing a Medigap plan is skilled nursing facility coverage. Medicare currently only pays up to 20 days in a skilled nursing facility, where as the more popular Medicare supplements will pay up to 100 days.
The Most Popular Plans
There are currently 10 different plans that are available and they are all standardized by Medicare. This means that regardless of which insurance company offers the plan, they must have the same coverage and benefits within each plan letter being offered. This makes shopping for coverage relatively easy as you know that each company has the same coverage for the plan letter you are looking for.
Medicare supplemental plans are designated by letters in the alphabet. These letters run A through N, however there are only 10 plans available. In 2010, Medicare supplement plans E, H, I, and J were eliminated by Medicare. It common misconception is that the benefits of each plan are greater as you move through the alphabet. This is not the case in fact plan A has the least benefits of any of the Medigap plans.
Medicare supplement plan F is currently one of the most popular plans due to the fact that it offers 100% coverage of the gaps in both part a and part B Medicare. This is what’s called first dollar coverage and allows people to visit any Dr. specialist, or hospital in the United States provided they accept Medicare, and have all of their bills paid 100% for Medicare-approved expenses.
While 100% coverage might seem like the “best” plan, it really depends on your own situation to determine
which plan is best. For instance, and it is wise to assume that’s a plan that offers the best coverage is also the most expensive. This is also true with a Medicare supplement plan F. What if you’re healthy? What if you don’t see your doctor very often? Is it then worth it to pay the most amount of money for the plan that offers the greatest benefits? Perhaps not.
There are other Medigap plans that are quickly rising in popularity due to lower premiums than Medicare supplement plan F. Do not be fooled by the lower premiums however, as these plans still offer outstanding coverage and will typically fit the needs of most everyone who is on Medicare.
For instance, a Medicare supplement plan G is nearly identical to plan F, with one slight difference. On this plan you must pay the part B annual deductible out-of-pocket each year prior to Medicare or the plan G paying anything. Once this deductible is met plan G acts just like a plan F and pays everything 100% that Medicare does not on approved expenses. In almost every case you will save money even after you pay your deductible by having a and Medigap plan G.
Enter your zip code at the Top of This Page to Get Quotes on Plan F and Plan G
Medigap on a Limited Budget
Many people realize they need a Medigap plan however there on a very limited income. Perhaps even Plan F and Plan G are both too expensive. In this case another great option that is available is a Medicare supplement Plan N. This plan is very close to Plan G in that you must pay the Part B deductible each year. After that however you will have up to a $20.00 co-pay per doctor’s visit. Also on Medigap Plan N if you visit the emergency room and you are not admitted you will be required to pay a $50 co- payment.
Plan N also does not cover part B excess charges. For many people who are healthy or on a limited income Plan N just might be your very best option. You can get free quotes on Plan N at the top of this page using our website.
Prescription Drug Coverage
Medicare supplements do not offer prescription drug coverage. You will need to obtain a separate Part D drug plan if you are needing this coverage. The premiums for these plans vary by state and company, and you may click HERE to find which plan will fit your needs the best.
Although Medicare might seem confusing shopping for Medicare supplements is easier than you think. First to decide on a plan letter that fits your needs the best, and then use our website to get free quotes from multiple companies offering that plan. Remember, each company has the same benefits however their premiums are entirely different!
Shop and Compare Top 5 Plans InstantlySource: www.medicaresupplementplanfguide.com