As of right now there are no changes scheduled to the benefits of Medicare supplement plans in 2016. It is likely however, that the Medicare Part B deductible will change. That being said it’s very important that you check your rate each year, or possibly even consider a different plan letter.
Remember all insurance carriers have the exact same benefits within each plan letter. This means an Aetna Medicare Supplement Plan G in 2016 will have identical benefits to the same Plan G from Mutual of Omaha. The premiums can be drastically different between the two so you need to get quotes from several companies.
Are You on the Best Plan Letter?
Just because an agent told you Plan F was “the best” plan at one point doesn’t mean it was the best plan for you. You should look at the benefits of the most popular plans in most states which are Plans F, G, and N to see which one fits your needs the best. For years agents would only sell Plan F because it had 100% coverage. Medicare Supplement Plan G in 2016 could very well become the most popular plan due to more people realizing how much money they can save on the plan.
Plan F vs. Plan G in 2016
The only difference between Plan F and Plan G in 2016 will be who pays the annual Part B deductible. In 2015 this once-per-year deductible is only $147. As always, Plan F pays this deductible for you as well as all the other gaps in Medicare Part A and B, leaving you with no medical bills on any Medicare approved expenses.
With Plan G, you must pay this deductible yourself first prior to Medicare paying anything. After you meet this one deductible, Plan G pays 100% of the gaps just like Plan F does. The big difference however is that Plan G has lower monthly premiums than Plan F does. This means that even after you pay your deductible out-of-pocket you will almost always save money with Plan G.
Watch our video below on Medicare Supplement Plan G to see why it’s most likely your best option for 2016.
Every year, the rates for Medicare supplement plans increase. The Medicare supplement plans in 2016 are not any different. No matter where you are looking at purchasing your plans from, they are likely to be more expensive than they were last year. The insurance providers raise their rates each year, which means it is important to not only compare rates but to lock in your rates as early as you can.
And it is also important to make sure that you are getting the right plan. You don’t want to pay for a plan that won’t really help you, offering you too much or too little coverage. We can help guide you through each of the plans, detailing what coverage you can expect and if they are right for you.
You won’t find any plan that just works for everyone. Each person will need to decide for themselves which plan offers the kind of coverage they will benefit the most from.
It is never a bad time to start looking at the plan you have and seeing if there is another plan out there that can save you more money. The best example of this is Plan F. It is the most commonly subscribed to Medicare supplement plan, and it offers the most coverage of any plan. But it is also the costliest, making it a risky proposition for many.
Medicare Supplement Plan G – The Best Option for 2016?
You might be better served by switching to Plan G. In 2016, as in every year before it, Plan G will be the cheaper of the two plans, and the difference in coverage is almost negligible. They both offer a lot of coverage for their subscribers. The only difference between them is that Plan G asks that you pay a Part B deductible of $147. You must pay the first $147 of your medical bills each calendar year. After that, Plan G pays 100% just like Plan F!
And it is fine to switch out your Medicare supplement plans in 2016. The coverage is not expected to change at all during this time, so you may actually benefit from Plan G while still receiving all the coverage you require. You may change Medicare Supplement plans at any time during the year. You do not need to wait until the enrollment period in October.
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Medicare Supplement Plans in 2016