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Medicare is an excellent program that provides health insurance coverage to millions of Americans across the nation. While it’s an excellent way to get protection that you wouldn’t be able to afford otherwise, Medicare doesn’t cover all of the expenses that you will run into. There are several different ways that you can fill in the gaps that Medicare doesn’t pay for, one of the most popular ways to do that is by purchasing additional coverage in the form of a Medigap plan.
Medicare Supplemental plans (also called Medigap plans) are sold by private insurance companies and will fill in some of the expenses that aren’t covered by Original Medicare Parts A or B. These expenses could easily drain your bank account if you have don’t the insurance protection that you need for your health care.
There are ten different Medigap plans that you can choose from. All of them are going to cover different expenses or different portions of those expenses. The most basic Medigap plan is Plan A, which gives you the least amount of additional insurance but is the cheapest of the ten supplemental plans. At the other end of the spectrum is Plan F, which covers all of the gaps that Medicare leaves behind. If you want to get comprehensive coverage, Plan F is the best option.
There are several different factors that you’ll need to account for when you’re trying to decide which Medigap plan is best for you. Your healthcare insurance protection is one of the biggest decisions that you’ll make for yourself as you get older.
These plans are standardized across the whole United States, which means that they are identical regardless of which company that you buy them from. The only difference between companies that sell them is how much they are going to charge you for the insurance protection. Plan G is one of the most comprehensible supplemental insurance plans that are offered to give additional coverage.
Plan G coverage is identical to Plan F, but it doesn’t cover Part B deductible. If you choose to go with a Plan G, you’ll be required to pay the Part B deductible which is $183 out of pocket. The deductible is the amount that you have to pay until you plan kicks in and starts paying expenses.
With a Plan G, you’ll get coverage for Medicare Part coinsurance and hospital costs for an additional 365 days after your original Medicare coverage has been used. This is an excellent way to protect against massive hospital fees that you and your family could face if something tragic were to happen to you.
If you had an extended stay in a hospital, your medical costs could easily equal hundreds of thousands of dollars. You’ll also get coverage from both Part A hospice care coinsurance and Part A deductible (if you’re required to pay it).
Additionally, you are able to get insurance coverage for Part B excess charges, which could drain your bank account if you aren’t careful. When you go to the doctor for any treatment or service, Medicare has a pre-approved amount that they will pay. Legally, doctors are allowed to charge more than that amount by 15%. If your doctor decides to charge more than the Medicare-approved amount, you will be required to pay for those costs out-of-pocket, unless you have the proper insurance protection that you need.
Because each plan is different, there is no “one size fits all” plan, which means that you’ll have to look at each plan in light of your circumstances. Plan G is a very popular Medigap policy because of the amount of additional support it offers, but one the most popular plans that applicants purchase is a Medigap Plan F. Plan F is by far the most inclusive Medigap policy, and it is also one of the best “buy it and forget it” plans that you can purchase.
There are a few distinct differences between a Medigap Plan F and a Medigap Plan G. One of the main differences is that Plan F will pay for Part B excess charges, which we detailed earlier. Another one of the differences is that Plan F previously paid for Medicare Part B premiums, but because of changes in federal law, they are no longer allowed to pay for those expenses.
Lastly, as you are comparing Plan G and Plan F, be aware that Plan F also covers the Part B deductible that is $183 in 2018. This means that if you see a doctor or a specialist you won’t have to pay anything out of pocket after your visit, which is a plus for many people.
One thing to keep in mind is after the year 2020, the Plan F will no longer be available for purchase. So if you are on the fence about paying a deductible and think you might have health issues later in life, it is best to switch now before the opportunity is gone.
If you’re looking for the most coverage, Plan F is going to be the best option, but it is also going to be the most expensive. Take the time to consider all of your options before you apply for any of the Medicare supplemental plans.
As you are trying to figure out what plan balances coverage and value, we suggest looking deeper at plan N. Plan N won’t cover all of the medical out of pocket expenses that the more expensive Plan F covers, but it does cover all of your Part A and hospital expenses.
Where it differs from Plan F is that you are still responsible for paying the medical deductible, which in 2018 is $183. You might also owe a copayment of up to $15 for a doctor or specialist visit after you have met that deductible.
There are also times when you could pay the full cost if you see a specialist who does not accept Medicare; however, those visits are rare. While it may sound like you’ll be paying a decent amount extra over the course of the year, on average, Plan N costs $40 less per month, depending on your zip code.
The differences in coverage between Plan N and G are minimal with the main separation being that Plan G does cover the Part B copays. However, depending on how many times you go to the doctor, Plan N could still be the best plan for you. Especially because, on average, you will save around $20 a month by going with Plan N.
There are only two requirements that you have to meet to qualify for a Medigap policy. The first is that you have to be at least 65 years old, and the second is that you have to be enrolled in Medicare Part B. That’s it, as long as you have met those two simple guidelines, you can purchase one of the ten plans offered by insurance companies.
While you can apply at any point after you meet these requirements, it’s important that you take advantage of your Medigap Open Enrollment period, which will have a huge impact on your supplemental coverage. The open enrollment period is a six-month window that surrounds the month that you turn 65 and enroll in Medicare.
During the six-month timeframe, the insurance company is allowed to decline your application, regardless of your health or any severe health problems that you have. If you’re in bad health with any preexisting conditions, this could be your only chance to get additional health care coverage.
Additionally, not only will they accept your application, they can’t charge you anymore for your coverage because or your health.
After the open enrollment period is over, your application is going to be treated like any other insurance application. You’ll be required to go through the medical underwriting, which means the possibility of being declined for coverage or having to pay more in monthly premiums. If you’ve already missed your open enrollment window, don’t worry, there is still an excellent chance to get affordable Medigap coverage.
The best way to do that is by working with one of our independent insurance agents. Unlike a traditional insurance agent, we don’t only work with one single company. Instead, we represent dozens of different insurance companies that offer Medigap plans. We know that your time is valuable, don’t waste it calling different companies. Let us do all of the work for you and bring all of the best insurance rates directly to you.
Because there are ten different Medigap policies to choose from, it can be difficult to decide which one is going to fit your needs the best. There are several different factors that you’ll need to consider before you make that decision.
The first thing that you need to look at is your health. The main purpose of your Medigap plan is to offset the costs of doctor’s visits and health treatments to ensure that you have a long and healthy life. One of the first things that you should look at is the health you are in and if you have any pre-existing conditions.
If you’re in excellent health and you don’t have many severe health complications, then you can consider getting a Medigap plan that leaves more gaps in your coverage. If you fall into this category, you can purchase a Medigap Plan A, which is going to provide you with basic additional coverage and the lowest monthly premiums. On the other hand, if you’re in poor health with several blemishes on your medical record, you should invest in a more comprehensive plan, like Plan F.
The next thing that you should look at is your family history. Similar to your health, your family history is going to play a huge role in which Medigap plan you should get. If you have a family history of relatives that have lived long and healthy lives, then you can assume that your health is going to be similar when you get older. You can’t predict the future, but you can use your family history to make an educated guess about some of the health problems that you may see in the future.
The last factor that you should look at before you purchase a Medigap plan is your finances. While everyone would like to have a plan that fills in all of the gaps left behind by Medigap, not everyone can afford one of these plans. One of the worst things that you can do is to purchase a policy that stretches your budget too thinly. Before you apply for coverage, look at how much money you can reasonably spend on your monthly premiums.
No matter how healthy you are, health insurance can be one of the wisest purchases you make. And the older you get, the more money you are going to spend on health care. Even though it might seem expensive, it is vital that you get the care that you need to live a long and healthy life. There is nothing you can do about expensive medical costs, but you can protect yourself from those expenses by purchasing a Medigap plan.
With a Medigap plan, you get a wide net of manageable health care options. Although Medicare provides individuals with a fair amount of coverage for life’s unexpected health expenses, it can fall short in some instances.
As its name suggests, a Medigap policy closes the gap between a Medicare plan and the cost of healthcare.With ten types of Medigap plans to choose from, you can select a policy that fits your family’s needs perfectly, whatever they may be.
If you have any questions about Medigap Plan G, Plan F, Plan N, or any of the other seven plans, please contact one of our agents today. We would be happy to answer those questions and ensure that you’re getting the best coverage for your needs.