In most states there are ten Medicare supplemental plans . These are the standard Medigap plans that were made available as a public/private partnership between the federal government and private insurance companies. When you get quotes for Medicare supplement plans by filling out the form on the side of this page, we will search all these plans and provide you with options that make the most sense for your needs.
The Ten Medigap Plans
Medicare Supplement Plan A – It doesn’t offer a ton of protection, but for the cost it will probably fit in your budget.
Medicare Supplement Plan B – Covers 5 of the 9 gaps left in A&B.
Medicare Supplement Plan C – What makes this plan a good choice is that only one gap isn’t covered by it.
Medicare Supplement Plan D – Plan D often gets confused with Medicare Part D. It is a good plan that only leaves 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.
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 is a great plan because it only leaves the Part B deductible, which is a consistent expense. There are talks of trying to phase out Plan F, which means Plan G would become the plan of choice for the foreseeable future.
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, and not the most popular, but that doesn’t mean it won’t work well for you.
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.
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.
It’s great to have multiple options if you want to buy extra insurance. And each of these plans allows you to find something that is affordable and comes with great protection against high out of pocket costs.
Because every person is different, each person is going to have different needs and wishes for their Medigap Plan. If you just want basic cover and to save money every month, then Plan A is probably the best option. But maybe you would prefer to have the most coverage possible and you’re willing to pay the price for it, then Plan F is great choice.
There are also plans that have expired due to changes in the law. There are four in total but the only one we hear questions about anymore is Medicare Supplement Plan J. This was the most comprehensive Medicare plan available because it 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 an additional coverage to your traditional Medicare plan (Parts A and B) and are completely different from Medicare Advantage. Learn more about the differences between Medigap vs Medicare Advantage. Understanding the difference is essential when ensuring that you have enough health care coverage. Any confusion or misunderstanding could lead to massive hospital bills that you are left paying for.
What is a Medicare Supplemental Insurance Plan?
There is a lot of confusion surrounding these plans. We are here to clear up all of those questions and make sure that you understand your coverage and have affordable, quality insurance. As we mentioned early, these plans are sold by private insurance companies, not government agencies, and 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. It also means that each plan is going to be identical regardless of the companies that sells it, although the monthly premiums can be different.
This is why it’s important that you talk to several different insurance companies before you decide which ones works best for you. Each company is different with different standards and different monthly premiums. If you want to ensure that you get the lowest rates available, be sure to receive quotes from several companies. You could spend hours talking to different companies answering the same questions, or you can let us do all the work. Simply fill out the quotes form or call one of agent to get the lowest rates from the top-rated companies in your area.
Why You Need a Medicare Supplemental Insurance Policy
Some of the eligible people skip the Medigap policy because of several reasons. Many of them think that these policies are too expensive, a waste of money, or they misunderstand the actual level of coverage that parts A&B cover. All of these couldn’t be further from the truth.
It’s a common misconception that 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 that wouldn’t be able to afford it otherwise, there are still a lot of holes left by the program. These holes can leave enrollees with massive hospital bills that they have no way to pay for.
Every year we see health care costs rise. And unfortunately we don’t see that trend reversing. However, as agents we can give you a few suggestions that can minimize the impact of higher out of pocket expenses.
Money is one of the most popular reasons that seniors don’t get the care that they need. Nobody should ever have to sacrifice his or her health because of funds. These policies are the best way to ensure that you will get the health care that you want and deserve, without having to break your retirement nest egg.
Deciding Which Plan Works Best For You?
When finalizing your decision its important to make a checklist of things that will help you narrow down the plan best for you. You don’t want to leave any gaps that could cost you money, but you also don’t want to pay for any additional coverage that you don’t need. Two of the biggest things to account for when deciding which plan you should purchase is your health and your budget.
Medicare supplemental plans help you pay for treatments and medical bills without breaking your savings account, but 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 any risks that you have for problems in the future. 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.
The other factor to consider is your finances. Because the majority of people that enroll into Medigap plans are living on fixed incomes, or will be shortly, it’s important that you sit down and take a serious look at your budget and 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 for you to enroll in a plan is during your Medigap Open Enrollment period. During this time, the life insurance agency must accept you for whichever plan that you apply for. Regardless of your health or any pre-existing conditions that you have, they can’t deny your application for the Medigap plan. For anyone that is less than perfect health, this is a great advantage that you may not be able to 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 requirements to be allowed to enroll in a plan is that you are at least 65 (a few states have exceptions) and you are 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. There is a chance that you’ll have to pay more every month, but you can but a price on the peace of mind that it will bring knowing that your medical bills will be covered.
At CompareMedicareSupplements.comwe 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 form 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. Your health care is an important part of your life, it’s not something that should be left to chance. 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.