by Russell Noga | Updated June 23rd, 2023
Medicare is a health insurance program that is sponsored by the United States government.
The program is intended for individuals who are aged 65 and over, as well as those who have been diagnosed with certain chronic health conditions and disabilities. Medicare consists of several parts.
Medicare Part A and Part B are known as Original Medicare.
Original Medicare – What it Covers
Medicare Part A covers the cost of medical care and services provided in inpatient settings, such as hospitals, and Part B covers the cost of medical care and services provided in outpatient settings, such as doctor appointments.
While Original Medicare covers a variety of expenses, it doesn’t cover everything, and beneficiaries are responsible for picking up the tab for the expenses that aren’t included. Given the rising cost of healthcare, those out-of-pocket expenses can be hefty and can cause serious financial strain. That’s where Medicare Supplement Insurance can help.
If you recently enrolled in Medicare or you will be enrolling soon, Medicare Supplement insurance can help to offset those out-of-pocket expenses, making the cost of healthcare more predictable, more manageable, and more affordable.
Private insurance companies offer Medicare Supplement Insurance plans, including Farm Bureau.
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Medicare Supplement Insurance Explained
Also called Medigap, Medicare Supplement Insurance is health insurance that is designed to offset the costs out-of-pocket expenses that are associated with Original Medicare.
These plans are sold by private health insurance companies and cover a variety of expenses, such as copays, deductibles, and coinsurance. There are a total of 10 Medicare Supplement Insurance plans, which are named for letters, including Plans A, B, C, D, F, G, K, L, M, and N.
The specific benefits that each plan offers vary; however, all plans must offer the most basic coverage and must include the standard benefits that the federal government requires. In other words, all plans of the same letter must offer the same coverage, no matter the insurer or the location.
It’s important to note that Medicare Supplement Insurance doesn’t replace Original Medicare; rather, it works alongside it, filling in the gaps in Part A and Part B. Medigap policies do have premiums, which must be paid on a monthly basis, in addition to the premiums for Original Medicare.
Insurance companies set the rates for the policies they offer, and there are several factors that can influence the rates an insurer charges; the plan you’re applying for, your location, your age, when you apply, your sex, and others. As long as you maintain your monthly premiums, when you receive medical care, after the benefits that Original Medicare provides are applied to your bill, your Medigap policy will kick in and pay for the expenses that it covers.
About Farm Bureau Insurance
Farm Bureau originated in 1939 to meet the unique insurance needs of individuals who reside in rural areas. Today, Farm Bureau offers a variety of insurance products to individuals who live across the country, and Medicare Supplement Insurance is among the most popular products offered. Millions of Medicare beneficiaries rely on Medigap insurance through Farm Bureau to help make the cost of Original Medicare more affordable.
Farm Bureau has a strong financial rating, which indicates that it has the ability to meet the obligations of its policyholders. It is also highly regarded for offering high-quality customer services that are tailored to meet the needs of the individuals in the areas the company services.
What Medicare Supplement Insurance Plans Does Farm Bureau Offer?
As stated above, there are a total of 10 Medicare Supplement Insurance plans. The plans are named for letters and each plan covers different out-of-pocket expenses that aren’t covered by Original Medicare.
The Medicare Supplement Insurance plans that Farm Bureau offers depend on the specific location. With that said, the following are some of the most popular Medigap policies that the organization offers:
Medigap Plan F. Considered the most popular Medicare Supplement Insurance policy, Plan F offers the most comprehensive coverage. Benefits include the following:
- Part A coinsurance and hospital expenses
- Part A deductible
- Part A coinsurance or copayment for hospice care
- Part B coinsurance or copayment
- Part B deductible
- Part B excess charges
- Skilled nursing facility care coinsurance
- Three pints of blood for medically necessary transfusions
- Emergency healthcare while traveling abroad
It should be noted that Plan F is only available to individuals who became eligible for Medicare benefits before January 1, 2020; if you became eligible for benefits after this date, you cannot purchase this policy.
Plan G – Medicare Supplement Plan G is a great alternative to Plan F.
That’s because it offers the same benefits as Plan F, the only exception being the Part B deductible.
All Medicare beneficiaries can apply to enroll in Medicare Plan G, no matter when they became eligible for Medicare benefits.
Plan N – Medigap Plan N is popular among Medicare beneficiaries who are in relatively good health and don’t require a lot of healthcare but want to offset Medicare’s out-of-pocket expenses.
This policy offers the same benefits as Plan G, except for Part B excess charges and Part B copays.
Copays cost up to $20 per office visit and up to $50 per emergency room visit; however, the monthly premiums for this Medigap policy are lower.
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How Much Does Farm Bureau Medicare Supplement Insurance Cost?
Rates for Farm Bureau Medicare Supplement Insurance vary and depend on several factors, such as:
To ensure you receive the lowest rates, be sure to apply during the Open Enrollment period. Your application cannot be subjected to medical underwriting during this period, so your rates will be lower.
Frequently Asked Questions
What is Farm Bureau Medicare Supplement Insurance?
Contact Us for a Free Consultation on Medigap Plans
If you have questions about Medicare Supplement plans, call our team at 1-888-891-0229. We offer professional advice on Medigap policies. Our fully licensed agents offer free consultations to give you all the information you need about Medigap. If you want someone to call you back, leave your details on our contact form, and we’ll get a Medigap expert to reach out to you.
Russell Noga is the CEO of Medisupps.com, an online Medicare Agency and resource center helping Medicare beneficiaries learn about Medicare, Medigap and Part D drug plans, and Medicare Advantage plans since 2009. Russell is licensed in all 50 states and has been featured as a keynote speaker, and author of several publications, along with hosting the very popular Medisupps.com Youtube channel.