As each new year comes, changes are made to the rates that insurance companies charge for supplemental Medicare plans. You may want to compare Medicare supplement plans in 2016 to see which one will save you the most money.
Buying the cheapest or highest coverage plan isn’t always the best option. Many times something in between actually works the best, providing you with the coverage you require at a price you can comfortably afford to pay. And comparing the plans from provider to provider lets you see who has the cheapest plan. The providers all offer you the same coverage, but their rates can be quite different from each other.
Compare the Most Popular Plans
By far the most popular plans available are those that provide extensive coverage. These plans are F, G and N.
Medicare Supplement Plan F will cover you for more expenses than any other plan. It takes care of all your co-payments and your deductibles. And it covers up to 100 days in a skilled nursing facility, some more blood every year, and all the co-insurance and hospital expenses for your hospital stays (up to a certain amount) As well it covers all of the excess charges for Part B and (up to 80% of) emergency medical expenses if you’re traveling outside the United States.
Basically you can think of Plan F as 100 percent coverage of the gaps in Medicare. No co-pays, no deductibles, and no coinsurance to pay. Just show your cards at the doctor or hospital and all Medicare-approved medical expenses will be paid. But is Plan F really the best? Maybe not.
Medicare Supplement Plan G
Plan G is quickly becoming one of the more popular plans and will continue to be in 2016. Plan G is identical to Plan F except for one small difference. On Plan G you must pay the annual Part B deductible yourself each year. Currently at $147, once you meet this deductible the plan pays 100 percent just like Plan F does, however the premiums each month for Plan G are cheaper than F. That means in most cases even after you meet your Part B deductible you will still most likely save a great deal of money over Plan F.
Medicare Supplement Plan N in 2016
And if you desire even less coverage (and a lower premium) then you can go with Plan N. Plan N is a great choice for those wanting to save on monthly premiums each month. Typically people who are healthy but who know they need coverage just in case will look closely at Plan N as an option for 2016. With this plan you still must pay the annual deductible of $147. After you meet this you might have a co-pay up to $20 per doctor’s visit. This usually only applies if the doctor gives a consultation, and not for things like physical therapy. It really just depends on how they code it for billing as to whether or not you will receive a co-pay.
Also with Plan N if you visit the ER and you’re not admitted you will be charged a $50 co-payment. Plan N also doesn’t cover Part B excess charges.
The Easiest Way to Compare Medicare Supplement Plans in 2016
Now each of these works for different people. And you will want to compare them to see which is best for you. If you want to save some money on them, then you should compare Medicare supplement plans in 2016 by using our FREE online quote engine. Simply enter your zip code below. Or you can always just call us at 888-891-0229. FREE and highly informative consultations to make sure you get the best coverage to fit your needs, at the lowest premiums!
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