Medicare Supplement Plans
Medicare Supplement Plans
One of the common concerns among seniors is taking care of their health in their golden years. Fortunately, Original Medicare is there to help dispel such concerns but it still falls short in covering their medical expenses. Supplement Plans exist for this precise reason, and they pick up some of the bills that Original Medicare does not cover. Read on for more information about the best Medicare Supplement Plans and Rates.
Why Do You Need Medicare Supplement Plans
When seniors reach the age of 65 they are eligible to take up the Original Medicare cover. However, most seniors often find that Original Medicare does not have the weight to sufficiently cover all their medical needs. In turn, they end up with a bulk of out-of-pocket expenses. Medicare Supplements, also called Medigap plans, were created specifically to bridge the gap between what Original Medicare covers and what it does not.
These plans are offered by private insurers like Aetna, AARP, Cigna, and Mutual of Omaha. Each company has the discretion to choose the specific supplement plans they want to sell from the list of supplement plans structured by Medicare. That means that while they have to stick to offering the same level of coverage across the board for individuals supplement plans, they can sell them at varying costs.
To further explain, purchasing Plan N from Aetna will give you the same level of medical coverage like a Plan N purchased from Cigna or another insurer. The only difference may be the price Aetna sells their N supplements in comparison to another insurer.
Also worth noting is that not all Medicare Supplements work harmoniously with other medical insurance covers provided by unions or employers. We can help you find out if your current medical insurance can work hand in hand with Medicare Supplements. Contact us and we will answer all your questions.
2021 MEDICARE ADVANTAGE
What Medigap Plans Should You Purchase?
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There are currently 10 standard Medicare Supplement Plans available but most insurers only include a few of them for sale. The reason is simple, they offer the supplement plans that are most profitable for them but at the same time, these plans are the most popular given the level of coverage and value they provide.
Plan G is one of the most popular supplements sold by most insurers because it is also highly popular among seniors. It provides one of the most powerful coverages when pitted against other Medicare Supplement plans. This specific plan takes care of Part A and B copayments and Part A annual deductible which is often a major expense. With this plan, you are also sure that your nursing care costs, hospice care expenses, and as much as 80% of the costs related to foreign medical travel. The plan also shoulders costs related to blood usage covering the annual use of the first initial three pints.
When you look at everything Plan G covers, it is extensive and the reality is that not everyone will end up using the full extent of what is covered. There is also the matter about cost and for such comprehensive coverage, the premium on this plan is markedly higher compared to others. In this case, the best option is Plan N which is markedly less powerful but offers great value.
Plan N is the second most popular Medicare supplement and the elements it covers are not too different from what Plan G handles. The plan helps seniors pay off costs related to nursing care, foreign medical travel, hospice care, and blood usage. It also handles Part A deductibles and some Part B copayments, however, it doesn’t handle all the costs related to Part B. For instance, you will have to meet the copays on visits to the doctor’s office or Emergency Room.
Medicare Plans That Aren’t as Popular Anymore
So far, we have touched on two of the best Medicare Supplement Plans and Rates in relation to what each has to offer. There are eight more Medicare Supplements available and out of them, we would like to mention Plan C and Plan F. These two plans once topped the list of popularity and they are still favorites for some seniors. In fact, F topped the list of best-selling Medigap plans until recent years.
The two plans are not sold to new Medigap subscribers because they have since been discontinued. Plan F was equivalent to Plan G back in the height of its popularity because it essentially offered full coverage. It essentially mirrors what Plan G covers as well as Part B deductibles. Note that most current supplement plans do not really cover Part B annual deductibles in full. Plan C also covered B deductibles.
The reason why most supplements no longer cover B deductibles is because it costs about $200 and it is a one-off payment. Most insurers felt that the cost is too nominal to cover and generally, most seniors can handle it on their own. That is how Plan G ended up taking over in terms of popularity because seniors realized that it offered a greater deal compared to F and C.
The only people who can even still get coverage from the two plans are those who had them before they got discontinued. Chances are that most seniors must have shifted to the newer plans since supplement plans run for one year and are renewable annually.
Get The Best Rate For Medicare Supplement Plans
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The rates may have changed at the time of publishing this article, but you can pay $85 monthly for Plan G from Aetna or $95 for the same plan from Cigna. Remember that the plan is packaged to offer the same level of coverage regardless of the insurer who sells it. Insurers also change the premium rates of their plans regularly for several reasons.
Use the recourse we have on our site to look up quotes from different insurers, and also worth noting is that some providers might bundle the plans with additional benefits. For instance, access to health and fitness facilities and medicine delivery services are some of the perks offered by individual insurers. Feel free to reach out to us with any questions you have about choosing the best Medicare Supplement Plans and Rates.