If you are concerned about your coverage of Medicare, it is important to know and understand what you can do to ensure that you have coverage that fills the gaps of Original Medicare. There are many different plans that can be added on as supplemental insurance, but three of them stand out on top!
There are a few things you can do to make sure you get the lowest premiums possible for your supplemental insurance. The first and most important thing is to enroll in a supplement when your part B becomes active. This is important because you have a guaranteed issue right which means you get the best premiums regardless of your health at the time. Also, to make sure you get the lowest premiums possible, consider the plans discussed below, and what your medical needs are, then give our office a call to help you get the lowest premiums possible, and help you make a better-informed decision when it comes to your supplemental insurance.
This plan is considered the Cadillac of the plans! Plan F covers everything that your original Medicare does not cover. Plan F covers the Medicare Part B deductible, it covers any part B coinsurance or copayments, and Part B excess charges. This plan is wonderful for those who frequent doctor visits and hospitals, if you live in a state that allows excess charges, or if you often travel outside of the U.S.
However, with plan F, if you were not eligible for Medicare before January of 2020, then you can no longer get plan F. If you were eligible for Medicare before January 2020 and not on Plan F, you can still switch to Plan F if you want to.
This plan is just one step below Plan F. Plan G offers some lower premiums because it does not cover the part B deductible. Plan G does cover the Part B excess charges and the Part B copayments or coinsurance. This plan is excellent for those that turned 65 after January 2020 and want the most coverage that they can get. It is excellent for those who don’t want any surprise out-of-pocket hospital costs, want rate increases that won’t catch them by surprise, like to travel outside of the U.S., and who live in a state that allows excess charges.
Plan N offers relatively low monthly premiums because it does not cover the Part B deductible, it does not cover Part B coinsurance or copayments, and it does not cover Part B excess charges. What this means is that you will have to pay up to $20 every time you go to the doctor and up to $50 every time you go to the emergency room if you are not admitted.
This plan is great for those who want relatively low monthly premiums, who do not visit the doctor that often, or who are okay with a few copayments when they do go to the doctor.
Tagged: Medicare Supplement, Medigap Insurance, Medigap vs Medicare Advantage, Medicare Plans, Medicare Supplement Plan F, Medicare Supplement Plan G, Medicare Supplement Plan N