Medicare Supplement Plan Comparison
What to look for in a Medicare Supplement Plan
While all Medigap plans are standardized and offer the same benefits, the premiums you will pay [your monthly payment to the insurance company] will depend on the carrier. NOTE: On page 19 of Choosing A Medigap Plan published by the government every year: Choosing A Medigap Plan.. that exactly the same coverage can have big cost differences between companies… for the same policy, same coverage.
This is why I help my customers by shopping their plan every year to see if we can keep their payments down by moving carriers if needed. This is only possible by having a professional who cares about your well being take the time to review your policy each year, something few typical agents are willing to do. And you can be certain that a salesperson working for a SPECIFIC carrier is NOT going to call you to shop your plan. They can’t move you anywhere, they work for 1 carrier. If that Medicare Insurance carrier annual rate increase was too much, there is nothing a salesperson can do to help you. In fact, they will probably be avoiding you.
Only an Independent Medicare Broker like myself can see ALL the carriers prices at once and help you move from carrier to carrier as needed to keep your costs down as much as possible.
To help you understand what Medigap plans offer, here is a breakdown of what each plan covers.
Medigap Plan A
This Medicare Supplement plan is as basic as they come, covering 20% of your Original Medicare coinsurance and copayment costs. It also covers the first three pints of blood under Medicare Part B during surgeries and hospice care.
Medigap Plan B
It covers all Medigap Plan A benefits and Medicare part A deductibles.
Medigap Plan C
This plan takes care of all your Original Medicare out-of-pocket healthcare expenses and up to 80% of your foreign travel emergencies depending on your plan limits. However, it does not cover any excess charges from Medicare Part B.
Medigap Plan D
Medigap Plan D covers your Original Medicare out-of-pocket costs and up to 80% of your foreign travel emergencies excluding Medicare Part B deductibles and excess costs.
Medigap Plan F
This Medigap policy is by far the most comprehensive and most sought out Medicare Supplement plan in recent years.
It covers all Original Medicare out-of-pocket costs and up to 80% of your foreign travel emergency costs. The rates are highest for this plan because it covers all out of pocket costs.
Medigap Plan G
When it comes to savings, this Medigap plan is the 2nd most popular because of its lower monthly payments than plan F.
Main difference between G and F is that Medicare Plan G does not cover Medicare Part B deductibles (about $203/year, the first $203 of your doctor bills).
Medigap Plan K
This Medigap Plan covers your Medicare Part A hospice and skilled nursing facility coinsurance and deductibles. It also takes half of your coinsurance costs and three pints of blood during surgery in Medicare Part B.
Medigap Plan L
Medigap Plan L takes care of all your Medicare Part A deductibles, coinsurance, and copayments for your skilled nursing facility and hospice care. It also covers 75% of your Part B coinsurance and copayments in addition to three pints of blood during surgeries.
Medigap Plan M
This Medicare supplement plan covers all your Medicare Part B coinsurance and copayments, three pints of blood during surgery, 50% of your Part A deductibles, and 80% of foreign travel emergencies.
It also takes care of your Medicare Part A coinsurance and copayments for your hospice and skilled nursing facility.
Medigap Plan N
In addition to covering 80% of your foreign travel emergency costs, this plan takes care of all your Medicare Part B out-of-pocket costs excluding excess charges and deductibles.
However, it comes with Medicare Part B coinsurance payments amounting up to $20 for doctor’s appointments and $50 for emergency room visits.
This plan is becoming the new sweet spot for many. Because the annual increases of plans F and G are going up more and more (due to recent changes in Medicare), Medicare Plan N has a more stable outlook AND it has lower monthly payments than plans F or G. So, lower monthly payments now and lower monthly payments in the future = new sweet spot.
Choosing the best Medicare Supplement plan
Choosing a Medicare Plan that is best for you will be based in part on where you are in your age, any ongoing health issues, and your budget. People with fewer expected trips to the doctor will often choose a different Medicare Plan than those that know they will be seeing the doctor a lot. And naturally, that can change over time. Often we will have customers in one Medicare plan for a period of years and then move to a different plan based on a new health situation. That is why it is important to have an Independent Medicare Broker like myself who can help stay on top of what is best for your Medicare plan needs.
Find the best Medicare Supplement plan that works for you
If you need a little help choosing a Medigap plan that covers all your needs without straining your pockets, I am ready to help you make the right choice with confidence. Contact me today to get started on the right track.