Medicare supplement plans were designed along with Medicare to help people pay the gaps, or expenses that Medicare Part A and Part B do not pay. Medicare supplements are designated by plan letters which run A – N. These plans are offered by private insurance companies however they are standardized by Medicare. This means that regardless of which company you obtain your plan from the benefits of each letter are identical.
Which Plan is Best?
While there is no one best plan for everyone, there are a few popular Medicare Supplement plans that many people go with. These plans include Plan F, Plan G, and Plan N. Choosing the right plan for you will depend on your budget, your current health situation, as well as your current insurance situation.
For anyone who is just turning age 65 and first eligible for Medicare you have the option of enrolling in any Medicare supplement plan that you choose and you cannot be turned down for coverage. This period lasts six months from the effective date of your Part B Medicare. Anyone with pre-existing conditions should absolutely take advantage of this time frame in case you have trouble getting approved down the road. Once this six month period is over will have to go through medical underwriting if you wish to enroll in or change your Medicare supplement policy.
Coming off Employer Health Coverage
If you’re over the age of 65 and still working and receiving medical benefits from your employer, then you could be eligible to enroll in a Medicare supplement policy regardless of any health conditions. If you all are still receive an employer benefits and it had Part B Medicare for over six months and wish to retire, you will have 63 days of a guaranteed issue period that to enroll in a Medicare supplement plan F regardless of any health conditions.
If you have opted out of Medicare Part B and are retiring and first enrolling in Part B that that begins your six month open enrollment period. During this time you may choose any of the Medicare supplement plans to enroll in and you are guaranteed coverage.
Medicare Supplement Plans are Guaranteed Renewable
Regardless of which supplement plan you enroll in the policy is guaranteed renewable each month. This means that as long as you pay your monthly premium on time an insurance company can never terminate your policy. Even if you have multiple health claims within a year by law they cannot terminate your coverage based on that.
The Most Popular Medicare Supplement Plans
While it is true that insurance carriers offer supplemental plans lettered A – N, companies are not required to offer every single plan letter. In fact many letters simply do not make good economic sense due to the fact that they are not popular, therefore less people are in those groups. If this typically results the plan letter that offers less benefits yet has a higher monthly premium than some of the other plans.
Medicare Supplement Plan F
By far Medicare supplement plan F is the most popular plan due to the fact that it covers 100% of the gaps in Medicare. There are no deductibles to pay, no coinsurance, and no co-payments. All Medicare approved expenses are paid 100% with this plan.
Medicare Supplement Plan G
Plan G is very similar to Plan F in the fact that it covers 100% of the gaps in Medicare, however on Plan G you must first pay the $147 Part B deductible yourself. This deductible needs to be paid once per calendar year. Many people get great savings by switching to Medicare supplement plan G th due to the lower monthly premiums. Even after you pay the part B deductible out-of-pocket the savings can be substantial.
Medicare Supplement Plan N
Plan N is becoming increasingly popular due to its lower premiums than plan F or G. In exchange for lower premiums there are a few additional out of pocket expenses that could occur. With plan N you still pay the $147 Part B deductible. After which you might have up to a $20.00 co-pay per doctor’s visits and a $50.00 co-pay it if you visit the emergency room and you are not admitted. Plan N also does not cover part B excess charges.
Regardless of which plan you choose it is extremely important to shop the rates from multiple companies before purchasing a policy. As an independent agent I can easily do this for you in just a few minutes to make sure you pay the lowest premiums possible.
You could call me direct at 888-891-0229 or enter your zip code above to get quotes online instantly.