Medicare Supplement plans offer Medicare subscribers a way to cut back the costs on their medical expenses. If you are paying out the nose for medical insurance or medical expenses, then you might want to think about buying supplemental insurance. Medicare Supplement Plans for 2019 is ideal for any Medicare subscriber or soon-to-be-subscriber who may not be fully covered by Medicare.
Do You Need It?
In truth, no one is fully covered by the basic Medicare plan. Even if you get an Advantage plan or something similar, you still have various fees to pay. How many fees there are to pay will depend on how often you have to have medical care. So, if you have a lot of extra expenses left over after Medicare pays its part, then you are a good candidate for Medicare’s supplement plans.
Now, these go by a few different names- Medigap, Medicare supplemental and so on. The various plans all provide different coverage and terms, but they do the same basic thing- add on coverage to Medicare’s basic plan. Does that sound like something you need? You won’t know if you need it until you look at what the plans actually cover and compare it to what expenses you have left over to pay when Medicare is done covering you. In other words, you probably won’t know if a Medicare supplement plan is a good idea for you until you have had Medicare for a few years.
However, we think it’s a good idea to look ahead and plan for the coverage before you actually need it. Why wait until you need an additional coverage plan to actually do the research and look into rates and coverage. You can have a plan all picked out ahead of time and know exactly what you need before you need it. We recommend that everyone who is nearing the age of eligibility for Medicare (65) and these Medicare supplement plans, look at these plans and try to see which one fits them best.
These plans aren’t going to change anytime soon. Medicare is keeping the coverage the same through 2019, so you can do the research right now and find the most suitable plan for you.
Which Plan to Get
When you take a look at what supplement plans are available, you might feel a little overwhelmed. You look and see almost a dozen plans, and it can make you wonder how to find the right one for your needs. That’s a common concern, and it is one we would like to address here.
You have to consider what level of coverage you need first. Do you have lots of extra expenses left to pay once Medicare has provided its coverage. Or do you only have a few small fees that have to come out of your pocket. Take a look at your finances for the entire year and decide where you stand.
If you do need to pay a lot in medical expenses even though you have Medicare, then you should be looking at high-coverage Medicare Supplement Plans for 2019. These will cover you for most of your expenses, and they include plans F, G and N.
If you would only pay a little bit when Medicare has done its part, then you either need one of the other lower coverage plans or you don’t need a plan at all.
Let’s take a moment to look at what the higher coverage plans will do for you. Plan F is what’s known as a full-coverage plan. That means that every one of the items that the other plans cover in part, it covers in full. And it covers every one of them.
Here are the available supplement coverage items:
- Part A coinsurance
- Part B coinsurance
- Part B deductible
- Part A deductible
- Part B excess charges
- Part A hospice care coinsurance
- Nursing facility coinsurance
- 3 pints of blood each year
- Foreign travel exchange
Plan F covers all of those, while other plans fall short in some way or another. The next highest coverage plan is Plan G. It’s going to cover for you every one of those charges except for the Medicare Part B deductible. Plan N ranks a close third, asking that you pay a few small fees as well as those excess charges.
Plan G is probably the most economical, if you are someone who needs a high-coverage plan. That’s because even though it doesn’t cover as much Plan F, it costs quite a bit less than that plan.
What to Know about the Plans
If there is one thing you should know about these plans at this point, even if you are not planning on buying one just yet, it is that the coverage they offer won’t change through 2019. You can buy it now knowing that the coverage you have will stay the same. You can plan ahead now and know that the coverage won’t be changing either.
Medicare Supplement Plan F 2019
For many years now, Baby Boomers opt to have a Medicare Plan F. It is a number one seller for the said generation. More than half of Medicare subscribers reported obtaining this policy.
When choosing it, however, it is vital to understand that this plan doesn’t replace Part B of Medicare. In that case, you need to obtain Part A and Part B before you are qualified to purchase supplement Plan F. After adding it to your Original Medicare benefits, you can have a comprehensive medical coverage.
Why it’s a best-seller
One of the reasons this coverage is a well-liked plan is that it pays all gaps in the original Medicare of Part A and Part B. The coverage includes hospital deductible, as well as outpatient. Furthermore, it covers the 20 percent that Medicare Part B does not include.
Does that mean you don’t have out-of-pocket expenses when you visit your doctor’s office?
Yes, this plan means that you do not need to use your own money during a medical checkup or procedure. Hence, it is easy to realize why a lot of Medicare subscribers would think that it is the best supplement for them.
There are several benefits of this plan. For example, if you have used up all your Original Medicare benefits, then this program is beneficial as it pays up to an additional 365 days of hospital stay. It also includes Medicare Part B copayment, Part A and B deductibles, as well as Part B excess charges.
For travelers, this plan is the most beneficial as it covers foreign travel emergency.
How comprehensive is this plan?
In Plan F, the cost-sharing is 100 percent covered. That is after the Medicare has paid, the Plan F would pay the remaining costs of your medical bills. In other words, you will not be paying anything out of your own money.
The reason for this is that Plan F covers the Part A hospital deductible, as well as the Part B outpatient deductible. It also includes the 20 percent of Medicare Part B and excess charges. With that in mind, you are not required to pay the 15 percent excess charges that your doctor under Medicare may charge you for the services under Part B.
Another reason it is a best-selling coverage is that you can choose any doctor in the US as more than 880,000 physicians in this country accept such plan. Unlike other programs, Plan F will not require referrals. In that case, you can see any specialist. Furthermore, it cannot be canceled because of health conditions.
When you examine its coverage, you can easily see that this plan offers thorough coverage, thereby giving you peace of mind.
If you do not have a Medicare supplement insurance, when you go to a hospital, you would need to pay $1,316 deductible and 20 percent of procedures. But if you have Plan F, all of these expenses are paid by the insurance. That is if you have a Plan F coverage.
It is good to know that there are reputable insurance companies that offer lower rates than the big-name carriers. For that reason, it is best to review their rates as well before you choose to obtain this supplement plan from other companies. The ideal thing to do here is to request a quote from various groups so that you can examine your options thoroughly.
Who should obtain it?
Medicare Plan F is ideal for people who are prone to illness. For example, if you obtained this plan and you need to see a specialist about your health problem the following year, Medicare will pay 80 percent of the overall cost of your visit to that specialist while the Plan F covers the 20 percent. In that case, you will not owe anything to the hospital or doctor.
If you need an additional test, the Medicare will pay the 80 percent of the test and Plan F pays the other 20 percent. So you will not be paying anything.
But what if the additional test showed severe problems? You may need to undergo surgery. The overall cost of your operation, including your hospital stay and follow-up care, won’t be 100 percent covered by the original Medicare. As mentioned earlier, Medicare will only pay a part of the bill. The remainder is sent to your Plan F provider.
How about the medications? Does the plan cover them too?
Unfortunately, the medications after the surgery or procedure are not covered by the plan. In other words, the only out-of-pocket expenses that you need to shoulder are your medicines.
Is it always the winner?
It is ideal for some individuals but not for others. However, if you take a look at its coverage, the supplement Plan F can provide peace of mind if you need to go through health care treatments. For that reason, a lot of individuals are opting for this comprehensive coverage.
Then again, as mentioned earlier, it is not always the best plan for you. It is especially true if you are not frail. If you are in great shape, you would want to take a look at Plans G and N.
How much does it cost to obtain Plan F?
The cost will depend on several factors, like gender, area, zip code and smoking status. If you turned 65, for example, you might need to pay up around $120 to $140 a month. Because it is only an estimate, it is ideal that you obtain quotes from an insurance company in your area.
Most insurance carriers would provide higher rates for males than what their rates for females are.
What is excellent about Plan F is that you can switch carriers. It means that if you need to change insurance provider, you can do so and the benefits of your Plan F will be the same as the Plan F from another provider.
However, you have to answer another set of health questions when you sign up for another company to obtain Medicare Plan F. Fortunately, most clients could easily pass the underwriting without experiencing issues.
Medicare Supplement Plan G 2019
When you sign up for Original Medicare, you get a certain amount of coverage that can go a long way toward covering your medical expenses. However, not every healthcare expense of yours will be covered, and you may find yourself having to pay a lot of money out of pockets for the care you need. Medicare Supplement Plan G in 2019 provides coverage to fill in the gaps that Original Medicare leaves for you, which is why it is one of the Medigap plans you can sign up for.
There are ten of those Medigap plans, also known as Medicare Supplements. Plan G is one of the more robust plans, covering a lot of medical expenses for you and filling in more gaps than most of the other plans. We would like to show you a bit about this plan, so you can figure out if it will be a good addition to your current medical coverage.
Signing Up for Plan G in 2019
We say “addition” because you cannot buy Plan G on its own. You have to have a preexisting Original Medicare plan or sign up for both of them in a short timeframe. In other words, Plan G is not something you can sign up for unless you first have Original Medicare. This is true of every Medicare Supplement plan, and you need the original to qualify for the supplement.
Once you qualify for the base Medicare plan, though, then you should also qualify for the supplementary plan. There are no additional eligibility requirements for you to meet.
In order to find Plan G, though, you need to go to a private insurance provider. This would be a company such as Aetna, AARP, Mutual of Omaha or some other company that sells medical insurance plans. These companies are permitted by Medicare to sell its plans, but not the base Medicare plan.
You won’t be able to find Plan G through Medicare. It’s not something they sell, even though they do regulate the plan. You should know when you sign up for it that you won’t be dealing with Medicare directly once you are a Plan G subscriber, but rather your private insurance provider. They have to answer to Medicare in regards to this plan, but the prices they set for the plan and whether they continue to offer the plan year in and year out is up to them.
Plan G’s Coverage
By signing up for Plan G you can enjoy some extensive coverage. You can be covered for all sorts of medical expenses, some of which will be fairly common. Let’s look at them. Here is the list of medical expense that Plan G covers for those who sign up for it:
- Medicare Part A coinsurance
- Medicare Part A deductible
- Medicare Part B coinsurance
- Medicare Part B excess charges (it’s one of the few plans to cover this)
- Skilled nursing care
- Blood usage for the year (up to three pints)
- Foreign emergency travel costs
Keep in mind that the coverage on Medicare Plan G can change, but it won’t be on a whim or unexpectedly. The insurance company that sells the plan cannot change the coverage. Only Medicare can do that, and they will notify you about three months in advance or more before they put any changes into effect. Medicare does a god job of letting its subscribers know about changes to its plans, even those plans that you have through other companies. You don’t have to be worried about Plan G changes being sprung on you without warning.
How Plan G Compares
You may be aware thatthere are other supplement plans that you can sign up for. There are nine others, in fact, and every one of them is different in some important way. The differences can be minor, but they add up when you consider that you pay a monthly premium on these and that you can get full coverage for a given time all year long. There are certain expenses that you are going to need coverage for, and you want to be sure that you get the right one for your needs.
Plan G falls near the high end of the coverage spectrum. If what it is offering is far more than you need, especially once you look at the price of the plan, then you may need to go with something else. Just because Plan G offers a great deal for some seniors, that doesn’t mean that it is the right choice for you.
Plan F offers more coverage, but it isn’t by much Plan N offer slightly less, but not by much either. If you like what Plan G does for you but think it isn’t quite perfect, then you should consider these two plans and their minor differences to Plan G.
For instance, Plan N does not cover you for the Part B excess charges or a few small copayments. Those excess charges are often very rare, so you may not want to bother covering them. Plan F, on the other hand, only adds coverage for the Part B deductible, which is only $183 each year. You may pay less for that out of your pocket than you do for Pan F’s monthly premium and the difference in price between that plan and Plan G.
You definitely want to spend some time comparing these plans and making sure that you are making the right choice. Once you sign up for a plan, you may be stuck with it for the next year or so. You want to be sure that you don’t make a choice that you will regret later.
Medicare Supplement Plan G in 2019 is a great way to be covered for all sorts of medical expenses that you may be paying for out of pocket right now, and if you sign up for it as soon as you are eligible you can enjoy some significant savings from year to year.
Medicare Supplement Plan N 2019
There are various Medigap plans available. That’s why sorting through them all can be quite a challenge. It is especially true if you are not sure which is the best plan for you, but let us talk about Medicare Supplement Plan N for 2019.
But first, let us discuss Medicare. What is it?
Medicare is a program that you have been paying for your entire career. It is a health insurance program provided by the government. You can enroll in it when you turn 65.
The Medicare has a lot of parts. But only Parts A and B could cover the majority of your medical expenses. For instance, if you need to undergo a medical procedure and have to pay $1,000, then Medicare will only pay 80 percent of it.
You will shoulder the 20 percent, which is known as the gap. To cover the gap, private companies offer Medicare supplement plans.
Medicare supplement plans in 2019
They are appropriately called Medigap. The federal government standardized the plans. In that case, all benefits are the same, no matter which insurance provider you choose. The only difference is the monthly premium you pay.
But you can only purchase a supplement plan if you have Medicare Parts A and B coverage when you turn 65. You are also eligible to purchase it if you will soon receive Part B coverage.
Currently, there are 11 supplement plans available, with plans A to N. Unfortunately, the Plans E, H, I and J are phased out. Thus, you are left with Plans A, B, C, D, F G, K, L, M, and N.
In this discussion, we will only focus on Plan N. It is an additional insurance to help you pay any out-of-pocket expenses, which are not covered by Parts A and B of Medicare.
Although it is not a comprehensive plan, it can still fill the gap if you need hospital and medical services. It may have similar benefits as the comprehensive Plan F. However, Plan N is relatively cheaper, making it an ideal option for many individuals.
This plan covers four primary areas. The first one is hospitalization. From here, the supplement plan will pay for the additional 365 days after your Medicare benefits have ended.
The second area is the Part B coinsurance. It also covers the 20 percent of all expenses that are Medicare-approved. Plus, it includes co-payments for outpatient services.
The third area it covers is the first three pints of blood per year. Then, the fourth area is the Part A coinsurance. It also includes skilled nursing facility care. Part A deductible for hospitalization is also included.
But because Plan N in 2019 is not a comprehensive supplement plan, there are things that are not covered. For one, it does not include the excess charges or Part B deductible. The fees are the difference in cost between the charges for a medical service as imposed by a health care provider and the approved amount of Medicare. Furthermore, it does not cover coinsurance or copay for doctor’s visit and ER visit.
The monthly premiums of Medicare Supplement plans will differ by insurance providers and location. However, the benefits are the same. The providers use a price rating system when they set up their premiums.
One of the factors they consider is the community. That is, every person with a Medicare policy pays the same price, regardless of the age. However, the rate may change based on inflation. However, it will not increase because of age.
Another factor is the age. It will be the premium based on how old you are when you purchase the plan. Thus, the premium will cost less for younger individuals. However, the rate will not increase after the issue date.
The last factor is the attained age. With it, the premium will start low. But it will increase as you grow old. The cost can vary widely. You can lower the overall cost if the provider offers discounts.
Because the monthly premium will differ depending on the price rate system of the insurance provider, it is ideal that you shop for a Medical Plan N policy and compare the rates of the various providers in your area. By becoming aware of those factors, you can better understand the quote given and how they set the premium.
As you compare supplement policies, you need to weigh the rates of Plan N from one company to the prices of Plan N of another company.
When to enroll in this plan?
The enrollment starts on the first day of the month when you turn 65. And you are covered under Part B. You will have up to six months to enroll.
Insurance providers are not allowed to have medical underwriting. For that reason, it is ideal that you apply as soon as you become eligible. Now, for some reason you could not apply within that six-month period, you would pay higher premiums. Worse, insurance providers will deny you of coverage because of your health.
How does Plan N compare to other supplement plans?
The coverage is not as comprehensive as the Plan F and G. However, it offers more benefits than Plans K and L, which only pay 50 percent to 75 percent, while Plan N covers 100 percent of the coinsurance and copayments of Part B.
It also has a lower premium than Plan G. The only out-of-pocket expenses are $20 copay for doctor vivisects and $50 copay for an emergency room visit.
If you take a look at the rates, the Plan N is cheaper than Plan F, which is a comprehensive plan. But because it is more affordable, it can only fill a few gaps in the Original Medicare.
In other words, you can have savings when you opt for Plan N. However, the benefits you get are lower than Plan F. Thus, when shopping for a supplement plan, make sure to weigh the overall costs of having Plan N against the benefits you get. Then again, if you choose Plan F, you might not need the other benefits you are paying for.
That’s why when you shop for Medicare Supplement Plan N, it is ideal that you study the parts covered and compare them to other plans. Then, make sure that you consider your current medical needs when choosing the right supplement plan.
That’s stability you can count on, and even the private companies that sell the plans can’t change that. They have to listen to Medicare when it comes to providing coverage based on the plan you have chosen. They don’t have to follow Medicare about any rate guidelines, though.
The companies that sell these plans are independent of the government and Medicare. They decide for themselves what the rates will be, and that can lead to a wide variety of rates among various providers. You might think you are getting a good deal on one of the plans until you actually look around and see what the other options are.
That’s why it is so important to compare the rates. You need to know that you are getting the best deal possible and saving as much money as you can. In order to do that, you should be using our website and the free price comparison tool that it offers. You can use our quote generator as often as you like to get prices and compare them among different insurance companies. That’s how you’ll cut your costs on Medicare Supplement Plans for 2019.