How Do I Pick A Medicare Supplement Plan?

Traditional Medicare (Parts A and B) does not support every health need, leaving recipients in a money crunch due to out of pocket costs. Thankfully, Medicare Supplement Plans can help. Popularly referred to as Medigap, Medicare Supplement policies are sold by private insurance companies to address the shortcomings of Original Medicare. In 2017, over 13.5 million Medicare recipients picked a Supplement Plan to ease the pressure caused by healthcare costs. 

When looking for a Medigap policy, there are numerous options at your disposal. 

What are the features of a Medicare Supplement Plan?

• You can only use a Medigap policy if you have Original Medicare (Part A and Part B)
• As of 2020, ten different Medicare Supplement plans are sold to new patients and include A, B, C, D, F, G, K, L, M, and N. However, Plans C and F are only available to those who became eligible for Medicare before January 1, 2020.
• Each Medicare Supplement plan must have benefits which are standardized irrespective of its insurance carrier and area. However, each Medigap plan offers varying coverage levels (Plan N will be different from Plan K, for instance).
• Medigap plans are guaranteed renewable. This means that they cannot be terminated so long as you pay the premium.

Ask yourself the following questions to determine which Medicare Supplement Plan may be right for you. 

Do I travel often?

If your answer is yes, then you’d likely want to pick a policy that provides foreign travel emergency coverage for when you’re journeying overseas. Plans C, D, F, G, M, and N cover up to 80% of foreign travel emergency care.

Do I need support for Part B costs?

Plan G helps cover your Part B excess charges (the payment between the Medicare-accredited amount and the highest price a physician can charge). All Medigap plans offer some coverage for Part B copays and coinsurance, but Plan K only covers 50%, and Plan L covers 75%. Plan N covers 100% of these costs, with a $20 office visit copayment or $50 ER copayment in some cases.

Do I need the most optimal coverage possible?

If yes, then Plan G may prove to be the right Medigap plan for you. Of all the supplement plans, it gives the most complete coverage to new Medicare recipients. Individuals with Plan G are 100% covered for all out-of-pocket costs, except the Part B deductible. Plan G also covers 80% of qualifying foreign-based emergency care costs.

If you have any questions about Medicare Supplement Plans and which one may be right for you based on your coverage needs, contact Advanced Insurance Concepts at 816-476-8191.