These plans are called Medicare Supplement Insurance Plans or Medigap Plans. There are currently twelve plans available, identified by letters A through L. Since Medicare Supplements are standardized by government regulations, all Medicare Supplement insurance companies are regulated about what provisions and what policies they are able to offer. That does nott mean the prices are the same. There can be quite a difference in premium costs for the same plan, depending where insurance company you choose.
Medicare Supplement Plan M doesn’t cover some of the Medicare Part B deductible. After you meet this Part B deductible ($155 in 2010) you’d not have any co-pay for doctor visits. We think this may in effect reduce this plans monthly premiums by 15% compared to the popular existing Medicare supplement plans 2020 premiums. Medicare Supplement Plan N has 100% coverage for the Part A inpatient deductible. It does not cover the Part B deductible. Insurance companies are estimating this may in effect reduce this plans monthly premiums by 30% – 35% set alongside the popular existing Medicare supplement Plan F premiums.
“A Medicare Supplement is a great fit for individuals of all health situations or for anyone who has a family history of poor health, or currently has a condition that will probably require frequent trips to their doctor, specialist, or hospital.” Why? Well, if you select a Medicare Advantage plan and you have poor health (and let’s face it we never know what our health will undoubtedly be in the future) your frequent trips to seek Medicare services are likely to mount up with all the co-pays you have to pay. Granted there can be quite a maximum out of pocket cost with a Medicare Advantage plan which can be typically around $4000-$6,000 per year. Most of the time, a Supplement is really a predictable cost plan.
Again a Medicare Supplement comes out at the top when you look at your freedom to choose. Can it be important for you to have the capacity to visit any hospital or doctor you would like for almost any procedure, or would it not be acceptable to you to pay for significantly less on your health care and have a big network to select your hospital and doctor from?”
A Medicare Supplement, for probably the most part, offers you the freedom to make use of any hospital or doctor you wish which will be attractive to many recipients. Most Medicare Advantage plans require you to receive services from an in-network provider and may demand a referral from your Primary Care Physician before you may see an in-network specialist. Now that brings us to why you’ll need a Medicare Supplement. A complement fills the “gaps” in Original Medicare. A product depending which product you obtain will cover the Part A expenses including the deductible. The part B expenses are covered as well, however there are a few supplement plans that not cover the deductible or like a plan N which leaves you with a co-pay for doctor visits.
The other part about Supplements is they are the same. Meaning Plan F, is plan F regardless that carrier you obtain it from. Plan G is plan G again regardless that carrier you obtain it from. Therefore the premium is what drives lots of Medicare Supplement sales. The very best part about Medicare and Medicare Supplement is you do not have to worry about whether your doctor is in the network. It is really simple. If the doctor accepts Medicare patients, they accept the supplement. Some doctors don’t accept Medicare patients. Again, if they do not accept Medicare, they will not accept the supplement either. It generally does not matter which carrier you buy your supplement from.