Medicare supplement plans can seem difficult to understand. With ten available, each covering certain things, it’s understandable there are misconceptions.
I’m going to go over the standard Medigap plans made available through public/private partnership between the federal government and private insurance companies.
We take the headache and hard work out of both finding and comparing Medicare supplement plans for you. All you need to do is fill out the form on the side of the page to get started.
Let’s layout all 10 plans with a brief explanation of each.
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- Medicare Supplement Plan A: It doesn’t offer a ton of protection, but is great for tight budgets.
- Medicare Supplement Plan B: Covers 5 of the 9 gaps left by Medicare Parts A&B.
- Medicare Supplement Plan C: Covers all the gaps except for one. It is important to note that after January 1st, 2020, any new enrollees, this plan is no longer available. If you retained Plan C BEFORE January 1st, 2020, you are able to keep this plan.
- Medicare Supplement Plan D: Plan D often gets confused with Medicare Part D. It is a good plan, leaving only two coverage gaps open.
- Medicare Supplement Plan F: Plan F is the most comprehensive and most popular Medicare supplemental policy. It covers all nine of the coverage gaps left by Medicare. While the idea of covering all the gaps is appealing to a lot of enrollees, you are going to have to pay more for the inclusive coverage. Just like Plan C, this plan is no longer available after January 1st, 2020 to new enrollees. If you have this policy before January 1st, 2020, you are grandfathered in and may maintain your plan.
- Medicare Supplement Plan G: Plan G only leaves the Medicare Part B deductible as an additional charge. The second most popular of the plans we see people acquire. This plan leaves the Part B deductible, which is a consistent expense. As of 2020, Plan G offers high deductibles that you must pay in some states up to $2,340 before Medicare begins paying for anything.
- Medicare Supplement Plan K: An interesting plan with an out of pocket maximum and only partial coverage up to that maximum. This is one of the most unique plans, though not the most popular. That doesn’t mean it won’t work well for you. Starting in 2020, once you pay all your out-of-pocket annual deductible and all Plan B deductible ($198 in 2020) this Medigap plan pays for all other expenses in that calendar year.
- Medicare Supplement Plan L: The second of the Medicare supplemental plans that has an out of pocket maximum and only partial coverage up to that number. Just like Plan K, Plan L requires you to meet all both your annual out-of-pocket deductible and Plan B deductible before it kicks in and covers all other expenses for the remainder of the year.
- Medicare Supplement Plan M: Plan M only covers 50% of the Part A deductible but offers complete coverage on most of the other coverage gaps.
- Medicare Supplement Plan N: Plan N is unique in that it is the only one of the Medigap Plans that has co-pays. Starting in 2020, this plan pays for 100% of Part B coinsurance, except for $20 copays for office visits and $50 ER copays not ending in inpatient admins.
Reading through that list may seem slightly overwhelming, but hopefully, we broke each plan down concisely and understandably.
It’s great to have multiple options if you want to buy extra insurance. Each of these plans allows you to pick a customized insurance plan for your budget. If you just want basic coverage and to save money every month, Plan A is the best option.
There are also plans that have expired due to changes in the law. We get a lot of questions about Medicare Supplement Plan J. This comprehensive Medicare plan offered prescription drug coverage, but it became redundant when Medicare Part D was created.
These plans are not to be confused with traditional Medicare coverage or with Medicare Advantage plans. Medicare supplements are additional coverage to your traditional Medicare plan (Parts A and B) and are completely different from Medicare Advantage.
We have a great article to read, explaining the differences between Medigap vs Medicare Advantage. It’s important to understand the difference and gain enough health care coverage. Any confusion or misunderstanding could lead to massive hospital bills you’re left paying for.
What is a Medicare Supplemental Insurance Plan?
You may have some confusion about Medicare Supplemental Insurance Plans. We are here to clear up all of those questions, making sure you understand your coverage and find affordable, quality insurance. As we mentioned earlier, these plans are sold by private insurance companies, not government agencies. Their goal is to fill in the holes that are left behind by Medicare.
There are 10 different plans (listed above) that cover exactly the same thing no matter what state you live in. This means each plan is going to be identical regardless of the companies that sell it, although the monthly premiums can be different.
It’s important to talk to several different insurance companies before you decide which ones works best for you. Each company has varying standards and different monthly premiums. To ensure you snag the lowest rates, shop around and get medicare supplement quotes from several companies.
Does that sound too time consuming? Let us do all the work. Simply fill out the quote form or call one of the agents to find the lowest rates from the top-rated companies in your area.
Why You Need a Medicare Supplemental Insurance Policy
Eligible people may skip buying a Medigap policy for several reasons. Many think these policies are too expensive, a waste of money or they misunderstand the actual level of coverage that parts A&B cover. Let’s clear up some of these misconceptions.
It’s a common mixup expecting Medicare will pay for a large portion of your health care expenses once you enroll. While Medicare is an excellent program at providing coverage for people who wouldn’t be able to afford it otherwise, there are still a lot of holes left behind.
These holes can leave enrollees with massive, unpayable hospital bills. Every year we see health care costs rise. Unfortunately, we don’t see that trend reversing.
However, as agents, we can give you a few suggestions to minimize the impact of higher out of pocket expenses. Money is one of the most popular reasons seniors don’t get the care that they need.
Nobody should ever have to sacrifice his or her health due to a lack of funds. These policies are the best way to ensure you receive the health care you want and deserve, without having to break your retirement nest egg.
Deciding Which Plan Works Best For You
Before you pull the trigger on a plan, make a checklist of things to help narrow down the plan best for you. We’ll help make sure you don’t have any coverage gaps or over pay for coverage you don’t need. Your health and budget should be at the forefront of your mind when deciding which plan to buy.
Medicare supplemental plans help you pay for treatments and medical bills without breaking your savings account. What if you won’t be spending that much money on health care? Sure, there is no way for you to predict what’s going to happen in the future, but you can make an educated guess.
Take the time to seriously look at your health and assess any future risks. Make lifestyle changes to reduce your risk. Are there any serious health complications on your medical record or in your family history? If you suffer from major health issues, an extensive Medigap plan is a smart investment that could save you thousands of dollars every year.
Make sure you factor in finances. A majority of people enrolling into Medigap plans are living on fixed incomes, or will be shortly. It’s important to take a serious look at your budget and assess what you can afford to pay monthly.
Sure, everyone would love to have a Medigap plan that fills in every gap left from Medicare, but that isn’t always financially possible. Make sure that you choose a plan that you’ll be able to afford without stretching your finances too thin.
When should you Enroll in a Medigap Plan?
Enrolling in a Medicare supplemental plan is easy. Once you submit your application, the insurance agent will handle the rest. It’s just like applying for any other type of insurance policy.
One thing that you should take note of is WHEN you purchase your policy. The best time to enroll in a plan is during your Medigap Open Enrollment period.
During this time, life insurance agencies must accept you for whichever plan that you apply for. They can’t deny your application for the Medigap regardless of your health or any pre-existing conditions you may have. For anyone in less than perfect health, this is a great advantage you may not afford to miss.
Aside from the plans being guaranteed issue, enrolling during this open enrollment period will also save you money every month. During this six-month window, the insurance company can’t charge you more in premiums because of any health conditions that you have. This is a huge advantage for anyone that is looking to get additional health care coverage.
After the open enrollment period, you’re still allowed to apply for a Medigap plan whenever you choose, as long as you’re eligible. The only enrollment requirements to enroll in a plan are: being at least 65 (a few states have exceptions) and being enrolled in Medicare Parts A and B. Simple as that. But missing your open enrollment period could cost you.
If you have already missed it, don’t worry, there is still a good chance that you can get the Medigap coverage that you want. Keep in mind there is a chance that you’ll have to pay more every month.
At CompareMedicareSupplements.com we are able to work with you to get whichever of the Medicare supplemental plans best suits your needs from the company that offers the best combination of price and service. Get your personalized set of Medicare supplement quotes by filling out the form on the side of this page.
Let us save you the time and frustration of having to call dozens of different companies and get quotes from all of them. Not only can our agents get you the best rates available, but they can also equip you with the information you need to make informed decisions. If you have any questions please contact us. We are happy to assist you with a Medicare supplemental quote for any plan that is available.