Medicare Supplement Plans and Insurance
My name is Russell Noga and I started Medisupps.com in 2009. What we do is help people like yourself to apply for the best Medigap insurance to fit their needs by focusing on making sure you understand your options.
It might seem confusing, but we’ve helped thousands of people to make it easy!
Most people think they have to wait until December’s enrollment period to change their plan. This isn’t true! Don’t end up paying extra each month thinking you cannot switch Medigap plans right now. Every company has identical benefits within each plan letter. Therefore you owe it to yourself to shop around and see which company has the best rates. Our FREE online quoting system allows you do to this!
We realize how confusing the Medicare process can be which is why we created this website to help you easily learn about all of your options. Learning about Medicare supplement insurance does not have to be difficult, and everything that you need to know to make the best decision when it comes to your Medigap coverage is right here on this website!
Who is Eligible for Medicare Supplement Insurance?
Anyone who has contributed to the Medicare System through their payroll taxes for at least 10 years, or 40 quarters, is able to receive Medicare benefits. Also people under the age of 65 who qualify for social security disability are eligible.
These people are eligible for Part A, B, and Part D Medicare which is also known as all original Medicare. People may also he lacked to enroll in a Medicare Advanta plan which is also called Part C Medicare.
What Do the Parts Cover?
Medicare Part A covers hospitalization as well as other services. These include:
Medicare Part B covers most doctor services that are medically necessary. It also covers:
Medicare Part D provides prescription drug coverage. You do not obtain this coverage directly through Medicare as it is offered by private insurance companies who contract with Medicare to offer the plans.
How Much Does Medicare Cost?
If you have worked and paid into the system for at least 40 quarters then you do not pay a premium for Medicare Part A. Anyone who is not reached the full payments for that time period may be eligible to obtain a Part A however there will be a premium.
Medicare Part B has a monthly premium that you must pay. This premium fees based on income.
Premiums for Medicare Part D drug plans can vary widely within each state. Visit Medicare.gov to see the different plans and premiums offered in your area.
How To Enroll in Medicare
If you are drawing a social security check prior to turning age 65 you will automatically be enrolled in Medicare Part A and Part B. You should be sent your card approximately three months before your 65th birthday. Coverage begins the first day of the month that you turn age 65. If you are born on the first of the month than your coverage will begin the first day of the previous month.
If you are not drawing a social security check when you turn age 65 you must enroll in Medicare yourself. If you are to continue working and have insurance for your employer then you have the option of opting out of Medicare Part B until you decide to retire and need it.
You may apply online by visiting http://www.ssa.gov/medicareonly/
Medicare supplement policies were created to help pay the gaps or expenses that Medicare Part A and B do not cover. Aside from deductibles that are not paid by original Medicare, there are other expenses such as hospital coinsurance as well as doctor’s services coinsurance (20%) that you are responsible for paying.
Some of the main gaps that a Medicare supplement plan can cover are:
Day 61-90 – Cost $296 per day
Day 91 and beyond – Cost $592 for each lifetime reserve day after the 90th day of the benefit period.
Medicare supplement plans are separate insurance policies offered by private insurance companies. These plans were designed to some or all of the gaps that Medicare does not cover. They are also called Medigap plans. Currently there are 10 different plans available lettered A-N and they are standardized by the government. This means regardless of which insurance carrier is offering the plan, they must all contain the same benefits within each plan letter.
For example a Plan F from Mutual of Omaha has identical benefits to a Plan F offered by Aetna. Although the benefits are the same, the premiums that each carrier charges are not. In fact there can be substantial differences in the monthly rates for the exact same coverage.
While there are 10 different Medicare supplement plan letters available to purchase, there really are just a few that make the most sense due to their great coverage and low premiums. Not every insurance company is required to offer every plan letter, but most offer the three most popular plans. These are Plan F, Plan G, and Plan N.
Medicare Supplement Plan F
Plan F has long been considered “the best” plan by many agents and those on Medicare because it pays 100 percent of the gaps in Medicare. This means all of your Medicare-approved expenses are paid and you won’t receive any medical bills.
With Plan F there are:
The main issue with Plan F is that the premiums are too high for the one extra benefit that you receive on this plan over Plan G. That one benefit is that Plan F pays all of your expenses including the annual Part B deductible. For 2016 this deductible is now $166. What this means is, before Medicare pays anything, someone or some supplement plan must pay the first $166 of medical bills. After this deductible is met, then Medicare starts paying as does the supplement.
The problem is, the premiums for Medicare Supplement Plan F are almost always higher than $166 for the year. This makes Plan G a much better option. You pay your Part B deductible yourself and save money.
Medicare Supplement Plan G
As mentioned above the difference between Plan F and G is just who pays the annual Part B deductible. On Plan G you pay this yourself. Once this is met Plan G will pay 100% of the gaps or expenses that Medicare Part A and B do not cover. Plan G has also historically had lower rate increase than Plan F, making it one of the very best choices for people on Medicare.
Remember, with Plan G you just have one expense which is the Part B deductible. After that 100 percent coverage! Use our quote engine to check the difference in premiums for both Plan F and G by entering your zip code at the top of the page.
Medicare Supplement Plan N
Plan N is quickly becoming one of the most popular plans as well due to it’s low premiums. People who are healthy but wanting a supplement plan should absolutely consider Plan N as the coverage is outstanding. It has premiums lower than both Plan F and G, with just a few more out-of-pocket expenses.
With Plan N:
Again due to the low premiums of Plan N you will definitely want to check the rates to see if this is a good option for you.
Or you can call us any time at 888-891-0229 and we’ll explain everything over the phone.
There are no changes scheduled at all to the benefits of any of the Medicare supplement plans in 2017. It’s expected that Plan F, G, and N will remain the most popular plans with companies such as AARP United Healthcare, Mutual of Omaha, Aetna, Transamerica, IAC, Blue Cross, and Cigna just to name a few, being the most popular companies offering them.
One important factor will be the Medicare Part B deductible for 2017. This won’t get released by Medicare/CMS until likely October of 2016. At that time you can see what the Part B amount will be and how will effect a decision between Plan F or G, with Medicare Supplement Plan G in 2017 likely still being a plan that will save you money in many areas over Plan F.
When To Enroll in a Medicare Supplement Plan
If you are just enrolling in Part A and Part B you have a six month time frame that is called the open enrollment period. During this time you may enroll in a Medigap plan and be guaranteed coverage regardless of any pre-existing conditions you might have. Therefore it is a good idea to start your Medicare supplement coverage the same day as your effective dates of Part A and B Medicare.
Anyone who chooses to opt-out of Part B Medicare due to having employer health coverage will still get this open enrollment period when they do a eventually enroll in Part B Medicare.
Please visit our learning center to help you understand the differences of each Medigap plan letter and to help you decide which coverage fit your needs the best. Once you decide on a plan than the next step is to get instant quotes online to compare the premiums from top companies in your area.
We can help you every step of the way to make sure you understand the coverage, as well as help you apply with the best company. We help make Medicare easy!
Medicare Supplement Plans 2016