While there are ten different Medigap Plans to choose from that are offered by Medicare and private insurance companies, there really are just a few that most people choose. Knowing the differences of the benefits of each of these, combined with comparing the monthly premiums of them, will help you make the best educated decision in choosing a plan. Of course combined with our help we make the process incredibly easy!
Some of the Most Popular Plans
Medicare Supplement plans are designated by letters. These are letters A – N. The coverage for each letter is slightly different, and the benefits do not get greater as you move through the letters of the alphabet. For instance, Medicare Supplement plan F has the most benefits while Plan N has less.
The most important factor you need to realize when it comes to these plans is that they are standardized by the government. Each company has the exact same Plan F, or Plan G, or any letter. The benefits are identical within each letter from company to company. The premiums, however, differ greatly for exactly the same coverage! That is why it’s extremely important to get quotes from multiple carriers to see who has the lowest premiums in your area.
Here we’ll be explaining some of the most popular Medigap plans which are Plan F, G, and N. The chart listed below shows you the difference of benefits between these and the other plans available. All Medigap plans offer basic benefits that include items such as Part A hospital coinsurance, Part B coinsurance which pays 80% of Medicare approved outpatient services, a blood deductible which pays for the first three pints of blood each year, and Part A coinsurance for hospice care.
Medicare Supplement Plan F
Plan F offers the most coverage of any of the plans available. This plan pays 100 percent of the coverage gaps of Medicare Part A and B. This plan pays the Part A and B deductible for you, pays all Medicare Part B excess charges, all Part A hospital coinsurance, and the additional Part B 20 percent coinsurance.
With Plan F there are:
- No Deductibles to pay
- No Coinsurance to pay
- No Co-payments
So it’s easy to see why this is the most popular Medicare supplement plan. For anyone just wanting to show their cards at the doctor, go home and never get a medical bill then Plan F is the best way to go. It is also the highest priced plan so be sure to get multiple quotes on our website to see who has the lowest rates.
Medicare Supplement Plan G
Plan G is very similar to Plan F except for one small difference. On Plan G you must first pay the annual Part B deductible out-of-pocket before Medicare will begin paying the 80 percent coinsurance. After you meet this deductible Plan G is identical to Plan F is that it pays 100 percent of the gaps. There is no other difference between the two plans, other than monthly premium. Plan G is priced less than Plan F and in almost all cases can end up saving you money even after you pay this deductible yourself.
For this reason Plan G is becoming increasingly popular. After all, who doesn’t like saving money? We highly recommend that you compare the quotes of both Plan F and G using our free quote engine to see just how much you can save.
Medicare Supplement Plan N
Medigap Plan N is a newer plan that was introduced in 2010. Because of it’s low premiums and great coverage it is becoming very popular, particularly for people who are very healthy or coming off a Medicare Advantage plan. This plan has lower premiums than both F and G, yet does have some additional out-of-pocket expenses that are possible.
With Plan N you still pay the Part B annual deductible ($183 is 2017). The following expenses also apply to Plan N:
- After the Part B deductible is met you might have a small co-pay per doctor’s visit, which will never exceed $20. There could be no co-pay, it just depends on what you visit the doctor for.
- If you visit the emergency room with Plan N and you’re not admitted you must pay a $50 co-pay
- Plan N does not cover Part B excess charges. These might occur if your doctor does not accept the assigned rates from Medicare. It’s been estimated that over 90% of doctors in this country do in fact take assignment so these could be very rare
Plan N offers outstanding coverage for lower premiums, however if you are considering this plan it’s best to compare the rates in your area for Plan N against Plan G. If the premiums are fairly close it might be wise to consider Plan G and not have to worry about any additional co-pays or expenses. Enter your zip code at the top of this page to get instant, online quotes for Plan F, G, and N.
Do you actually know what you need from a supplemental coverage plan? Do you need tons of coverage or just a little? You will have to examine the plans to get a good idea as to what they are offering and which plan you can use. Compare Medicare Supplement plans to make the most of what they provide.
This will include inspecting each of the plans individually. Every one of them has something different and unique to offer you, and you won’t know what that is until you look at them carefully. There are both low-coverage and high-coverage plans available- ten in all. The high-coverage plans take care of most supplementary expenses. This can include copayments, nursing care, hospice care, deductibles, pints of blood, excess charges and healthcare given in emergency situations outside the US.
You may need some or all of these items covered, but your final choice may come down to what you can afford. While you may want to have the deductibles all covered, you may not be able to afford Plan F or another plan that takes care of the expenses you deem to be essential. You might have to make concessions and pay for something out of your pockets. But do keep in mind that you can compare not only coverage between plans but also the rates between the same plans.
The different insurance companies that sell these plans all have their own different rates. If you don’t like the price one is asking for the plan you are seeking, then look elsewhere. You may still be able to afford the plan you want, but it may require some extra effort from you.
Just be sure to always compare Medigap plans now or any other year you are looking to sign up for a supplemental plan. Comparing gives you the knowledge you need to make the most of the plans available. You won’t know which plan is right for you and how much coverage each plan offers until you get a good look at them. But you need to do more than just memorize the different coverage items each plan has. You also need to examine how they measure up to what you need from a coverage plan.
Every Medicare subscriber needs to make sure they are keeping their needs at the forefront of their mind. It may be nice to pick out a supplemental coverage plan that takes care of all supplemental medical expenses. But that kind of coverage could be a far cry from what you actually need. You could be being wasteful with your coverage and your money, and it’s usually a better idea to just get the bare necessities covered.
Those would be the medical expenses that are very large or that appear often on your medical bills. These are why you compare Medigap plans and why you look for savings wherever you can find them. Get a plan that fits you like a glove, covering just what you need it to. Then you will be saving as much money as you possibly can.
Compare Medicare Supplement Plans 2018
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