Medicare Supplements

Choosing a Medicare Supplement Plan

So, you're interested in a Medicare supplement but you don't know which plan is best for you?

Hi, I'm Jessica Manion at My Healthcare Direct, and today I'm going to be giving you some basic information, so that you can make an educated decision on which supplement best fits your needs.

When it comes to Original Medicare, there will be gaps in the coverage that Part A and Part B offer. Things such as deductibles and coinsurance can lead to high medical expenses. And this is why we suggest you pair it with a Medicare supplement or a Medigap plan. 

Medicare Supplement Plan Options

When it comes to Medicare Supplement plans, the options range from Plan A to Plan N. For those of you who are turning 65 on or after January 1st of 2020, you will no longer be eligible to purchase the Plan C, Plan F, or Plan HDF, also known as “High Deductible F.” But for those of you who turn 65 before January 1st of 2020, you are still eligible to purchase those plans.

Now, there's a reason why I bring this up, and that reason is because the most popular supplement plan that most people have heard of is the Plan F. That is the best possible supplement plan you could get. I call it the “rolls-royce of supplement plans” because as long as you pay your monthly premium, your supplement will help cover your Part A and Part B costs at a hundred percent from day one. So if you're turning 65 after January 1st 2020, there are two other really popular plans that a lot of Medicare beneficiaries are signing up.

1. Plan G
   Plan G is very similar to the Plan F. However, there is one major difference: Unlike the Plan F that covers all of your A and B costs at a hundred percent for day one, the plan G has a Part B deductible that you're responsible for paying first before you're covering a hundred percent, and in 2020 that Part B deductible is a 198 USD. So, once you've spent 198 UDS for your Part B. you will be covered for your Part A and Part B at 100% with the rest of that calendar year, and then the deductible will reset at the beginning of the next year.
2. Plan N
   The other option, or option 2, is a Plan N. The plan N is very similar to the plan G, in which you still have that Part B deductible of 198 USD that you're responsible for. However, once you meet that 198 USD, unlike the G where you're covered 100%, with the plan N, there are still some co-pays that you may have to pay. So if you end up going to a doctor's office for a visit, you could face up to a 20 USD copay, or if you go into the emergency room you can reach up to a 50 USD copay - which I have to tell you: I wish I had a 50 USD copay to go to the emergency room. That's pretty rare to experience! So, the co-pays are pretty manageable.

The second difference - and this is a difference that not many people experienced, and I personally have never heard anyone experiencing this - you might face what they call “excess charges.”

Now, like I said, this is a very rare occurrence and there's an easy way to avoid it - and that

way is just by contacting, whether it's the hospital or a doctor, and asking them if they accept Medicare. If they accept Medicare assignment, then you will not see an excess chart. You want to make sure that the doctor accepts Medicare before you make an appointment to avoid

those excess charges.

Rate Increases

“What about rate increases? Is that something I should consider when selecting a plan?”  Well, the short answer is “yes, it is!” The main reason, being that when most people go on a supplement plan, they tend to stick on that plan for many, many years. So if you plan on being on, this plan for several years, you want to make sure that those rate increases are not going to just skyrocket over time.

“So, which medicare supplement company should I go with?”

Well that's a really great question, since Medicare supplements are federally regulated all the companies have to provide the same benefits. So, what it comes down to for a lot of people is how much Company A is charging versus Company B for the same benefits. 

So there are two things you want to consider when you're picking a carrier: price and company history. So those are some things you want to look out for before considering which carrier you want to sign up with and which plan you want to go.

Questions?
Iif you have any more questions on which plans that might be best for you in your area, feel free to give us a call. Our information is a hundred percent free to you. Our number is 888-949-1028.