The Medicare program was designed to help retired individuals with their health insurance. Every U.S. citizen is entitled to enroll in Original Medicare – Parts A and B. However, it doesn’t cover 100% of your healthcare costs. After the deductibles, copays, and coinsurance expenses, it covers an average of about 64% of your health services.
We all know how expensive healthcare can be, so that remaining 36% can amount to quite a lot. That’s where Medicare supplements come in.
In this article, we’ll talk about what Medicare supplements are and which ones are offered in New Braunfels, Texas.
What are Medicare supplements?
A Medicare supplement is also known as a Medigap plan. They get this name because they are meant to fill in the “gaps” in Original Medicare. They will help cover some or all of the remaining (approximately) 36% of your healthcare costs.
There are currently ten Medigap plans on the market. These plans are all standardized, meaning that no matter from which insurance company you purchase a plan, it will be the exact same as the one offered by a different insurance carrier. For example, if you purchase Medigap Plan G from Company A and your friend purchases Medigap Plan G from Company B, you both have the exact same coverage. The only difference may be your monthly premiums.
The ten Medicare supplements currently on the market have varying levels of coverage. Plan A has the most basic coverage and Plan F has the most comprehensive coverage.
You can enroll in a Medicare supplement as soon as you are eligible for Original Medicare and have enrolled in both Parts A and B. During your Initial Enrollment Period, you can choose whichever Medigap plan you want and are guaranteed issuance of that plan. After that time, you will usually need to pass medical underwriting to be granted a plan. The only way the insurance carrier can cancel your plan is if you stop paying the monthly premiums.
Medicare Supplement Options in New Braunfels, Texas
There are currently 40 insurance companies that offer Medicare supplement plans in New Braunfels, Texas.
- AARP
- Aetna
- American Republic
- American Retirement Life
- Assured Life
- Bankers Fidelity
- Cigna
- Colonial Penn
- Combined Insurance
- CSI Life
- Equitable National
- Everest
- Gerber Life
- Globe Life
- GPM Health and Life
- Guarantee Trust Life
- Heartland National
- Humana
- Loyal Christian
- Medico
- Old Surety
- Oxford Life
- Pan-American Life
- Pekin Insurance
- Philadelphia American
- Puritan Life
- Renaissance Life
- Sentinel Security Life
- Shenandoah Life
- State Farm
- S. USA Life Insurance
- Thrivent
- Transamerica
- Unified Life
- United American
- United Commercial Travelers
- United World
- Universal Fidelity Life
- USAA Life
- Western United Life
All of these carriers offer different rates for their plans. This is one reason why it’s great to work with an agent in New Braunfels. We can compare premiums across all of these carriers to make sure you find the cheapest rate.
Popular Medigap Choices in New Braunfels, Texas
By far, the most popular Medigap plan choices for New Braunfels residents are Plans F, G, and N.
Plan F is only available to Medicare beneficiaries who turned 65 prior to January 1, 2020. This is the most comprehensive Medicare supplement on the market. Individuals with this plan have virtually no cost for healthcare outside of the Plan F monthly premium. Of course, Plan F also has one of the highest premiums.
Plan G is very similar to Plan F. For those who are not eligible for Plan F because of the cutoff date, Plan G is the next best option. It has the same coverage as Plan F, but it does not pay for the Part B deductible.
For those who are looking for a lower premium, Medigap Plan N is a great value for a lower cost. Like Plan G, it does not pay for the Part B deductible. It also does not cover any Part B excess charges. Of these three popular plans, Plan N will generally have the lowest monthly premium.
The most optimal time to search for a Medicare supplement is before you become eligible. If you will be enrolling into Original Medicare at age 65, the best time to start looking for Medigap plans is three months before your 65th birthday.
This can be a time-consuming and confusing process. Fortunately, we have licensed agents that can help you find the best Medicare supplement plan at the best rate. We’ll ask you a few questions to understand your unique situation, and then find a plan that works perfectly for you.
Don’t delay this decision! Call us today and we’ll get you set up for a consultation with one of our knowledgeable Medicare agents in New Braunfels, Texas!