If you live in the great state of Maryland and you’re on Medicare, you came to the right place! In this article, I’ll be discussing everything you need to know about Maryland Medicare Supplement Plans.
We have hundreds of clients in Maryland that we’ve been fortunate enough to speak with over the last 11 years.
In fact, two new ones just this week; John and Dotty, if you’re reading, hello!
Now, I’m going to be talking not just about the Medicare supplement plans in Maryland, but one company, which I just signed them up.
If you’re in Maryland, and you’re reading, and you’re on a Medicare Supplement Plan, you absolutely want to learn about this company.
In fact, it’s the one company in Maryland that I try to write for everybody, due to their low premiums, and even lower rate increases.
My name is Russell Noga. I’m the founder of Medisupps.com.
We are an online independent agency for Medicare Supplement Insurance, licensed in about 47 states.
And for the last 11 years, I’ve been helping people like yourself to get the very best coverage for the lowest premiums, especially when you get that rate increase letter every year.
And what I find amazing when it comes to Medicare Supplement Plans and Maryland is the fact that there’s a total population of about 6 million people in Maryland.
And nearly 900,000 of them are on Original Medicare Part A and B.
That means almost a million people didn’t enroll in a Medicare Advantage plan. You kept A and B Medicare, which is known as Original Medicare.
And many of those people probably have a Medigap Plan as well.
Click below to learn more!
So, I’ll start with just the basics of Medicare for all our friends reading this who are coming on and just turning 65 or retiring.
You’re going to have Part A and B Medicare-like those 900,000 other people in Maryland. Part A covers hospitalization, and Part B covers doctor services.
These are what are called “parts” of Medicare. And Parts A and B make up Original Medicare. This is kind of like the hub of all your coverage, and everything works with these two.
Other coverage includes things like a Part D drug plan, as well as a Medicare Supplement Plan.
Now, A and B don’t cover all your bills. There are deductibles, co-insurance, and co-pays within those that you are required to pay.
Those are called gaps of Medicare.
What is Medigap
Now, what does a Medigap do? Well, it helps pay some or all of those expenses. The plans we’ll be looking at today are two of the most popular.
But I’ll cover the details of those and how they exactly pay most of those gaps.
Medicare Supplement Plan F
I’ll start with Medicare Supplement Plan F.
Now, this is the plan that Medicare removed on January 1, 2020. No new beneficiaries who were eligible for Medicare on that date or newer can enroll in a Medicare Plan F.
I realize there’s a lot of you out there in Maryland reading this right now, who do in fact still have Plan F.
You are allowed to keep it, of course. And because it has 100% coverage I understand why you may have.
Well, I’ll tell you a few reasons why you might want to consider changing that and highly encourage you to look at Medicare Plan G instead.
The biggest reason is the extra premiums you’re paying on Plan F.
Medicare Plan F vs Plan G
Does plan F have 100% coverage? Yes, but it’s simply not worth the extra cost.
There’s only one difference between Plan F and G, and that is who pays the Medicare Part B deductible.
Plan F pays that deductible for you. And we’re in 2021 now, and that deductible is $203.
So that’s the only difference between Plan F and Plan G is the $203 benefit.
Plan F pays for you, but on Plan G, you write the check and pay the first $198 of your medical bills yourself in 2020.
This deductible is going to go up a little in 2021. But Let’s talk about the premiums though on Plan F.
You’re paying far more than $203 extra to have a Plan F in premiums rather than a Plan G.
This means every dollar you pay extra over the $203 is extra money paid to the insurance carrier, for almost nothing.
In other words, if you pay the average $400 extra per year to have a Plan F over Plan G, they are simply writing the check for the $198 with your money, then keep the extra $200!
That is what I call an expensive service fee.
On Plan G, you only have one out-of-pocket expense, and that is that Part B deductible, but the premiums are far lower than Plan F.
And Plan G also has lower rate increases each year.
Because Plan F is what’s called a closed risk pool, they’re bound to have higher rate increases. It’s just a mathematical certainty.
So, I would highly consider you to look at Medicare Supplement Plan G if you kept your Plan F.
So that’s talking about the folks who did keep Plan F. To get rates instantly online for both Plan G and F, just fill out the form to right now!
New to Medicare in Maryland?
Let’s talk about you new folks new to Medicare. Welcome aboard!
We’re here to make sure you don’t overpay on your coverage, and you get the best coverage to match your needs now and for years to come.
Well, Medicare Plan G is definitely the most popular plan right now. And more so, since Plan F is not available to folks like yourself just turning 65, or new to Medicare.
Medicare Supplement Plan G in Maryland
Plan G like I mentioned has one small deductible which is the annual Part B deductible. Remember in 2020 this deductible is $198.
In 2021, it’s going to go up a little as it does every year.
However, those rules for Medicare Plan G are going to remain the same.
You simply pay that first deductible amount of your medical bills, and then you get 100% coverage from Medicare and Plan G on all Medicare-approved expenses for the rest of the year.
And that’s up to no limit.
Now, this deductible is a calendar year deductible which means you pay it once and you’re good for the rest of the calendar year. Then in January, it will reset again.
Medicare Supplement Plan N in Maryland
So let’s cover the next most popular plan in Maryland, which is Medicare Plan N.
Now, Plan N, especially this year, a lot of people are going to be looking at this seriously, and for a good reason.
Plan N has lower premiums than Plan G and with lower premiums, you will in fact get slightly reduced coverage.
But I’ll talk about what that coverage is, and how you might have some additional out-of-pocket expenses.
Medicare Plan N Cost
But the premiums average about $20 to $30 dollars less per month on Plan N.
Now, what do you have to pay? Well, you still pay the Medicare Part B deductible, just like you do on Plan G.
And keep in mind, the plans in Maryland are no different than the plans in just about every other state out there.
A Plan G is the same no matter where you go, as is a Plan N. So you still pay that Part B deductible on Plan N like you do with Plan G.
However, after you meet that deductible throughout the rest of the calendar year, you might have a small co-pay per doctor’s visit if you have a Plan N.
This co-pay will never be more than $20. It could be less than $20 per visit, and it could be no co-pay.
This co-pay applies to doctors and specialists.
And after that, Plan N is still going to pay 20% of your medical bills.
Plan N Emergency Room Co-pay
Another out-of-pocket expense on Plan N is if you visit the emergency room and you’re not admitted, there will be a $50 co-pay.
As well, Plan N doesn’t cover Part B Excess Charges. But, these are very rare.
If your doctor does not take the assigned rates for Medicare, which most do in the country, they can charge a small percentage higher and you would have to pay a small portion of that on Plan N.
So this plan is great for people who don’t go to the doctor often.
We have a lot of clients that love Plan N, because they get to save on those lower premiums, and don’t go to the doctor very often.
If that’s you, and you’re in Maryland, then Plan N is definitely something we should look at.
Maryland Medicare Supplement Companies
So, I did mention that I would tell you about my favorite company in Maryland. And this is probably the best company you’ve never heard of.
One of the main reasons you may not have heard of it is because they don’t pay agents a lot of commission.
But as I mentioned, I’ve been doing this for 11 years by helping over 10,000 people with their supplement coverage.
And I have always suggested this company at the top of my list with a couple of others, depending on if they’re in your state. However, they happen to be in Maryland, and they are thriving.
Philadelphia American Life Insurance
This is a fantastic company and their name is Philadelphia American Life Insurance.
Now, again, you may not have heard of this company, because agents don’t like to tell people about them.
This is because agents out there don’t make as much money on them. But that’s not how we do business here at Medisupps.com.
Our primary concern is that you are a satisfied client of ours for years and years to come. And in those years, I provide the best service possible.
Now, Philadelphia American has not only the lowest premiums in Maryland right now, but, they also maintain some of the lowest rate increases every year.
Why is this important?
Well, most companies give a 12-month lock-in on your premium. For the first year, you pay the same amount every month.
Then around month 11, you’re going to get a letter in the mailbox from your insurance company, and an email as well.
You’ll also definitely get an email from us, reminding you it’s time we shop your rates again.
Here’s how it works with every company and their Medigap Insurance:
- Sign up for a Plan
- In 12 months you’ll get a rate increase
- This could be 4% – 10% or more
- We shop the rates in month 11 to always have you paying the least amount possible!
These rate increases are based on a number of different factors of the group you’re in and they are never based on your own health claims.
A lot of people think, “Oh, I went to the doctor six times this year, I had a bad year. They’re raising my rates.”
Keep in mind insurance companies never raise your rates based on your own health claims. It’s always based on the group you are in.
The new rates are based on the number of claims being paid out of the group you’re in, versus premiums coming in.
Philadelphia American, who is part of New Era Life Insurance, has maintained some of the lowest rate increases I’ve ever seen in 11 years.
It is very rare that I move a client off of them because their rate increase was too high.
And there aren’t a lot of companies I can say that for out there. Philadelphia American has factors in place that keep the rate increases low.
They care about the client so much that they don’t even pay us that much money compared to some of the other companies.
How to Enroll
The easiest way to enroll in a Maryland Medicare supplement plan is to just call us today. We’ll shop all the rates in just a few minutes to see who has the lowest premiums for you.
And we’ll answer all your questions about Medicare supplement plans, Medicare, and Medicare Part D drug plans.
Call today to get started!