Picking a Medicare Supplement Plan

How Do I Pick a Medicare Supplement Plan?

With a Medicare Supplement, you can lower what you will pay with Medicare Part A and Part B. Medicare Supplements, also known as Medigap, are health insurance plans provided by private companies to help provide coverage for health services not covered by Original Medicare.

Medicare Supplements don’t have networks of hospitals, doctors, or make any decisions about what to cover. Instead, all they do is help pay for a specified share of medical costs not covered by Medicare. If you have decided to purchase a Medicare Supplement plan, you need to know how to pick the right option.

What Are the Medicare Supplement Plans Available in your Area?

All Medigap plans are standardized – this means they provide the same coverage irrespective of the private insurance company you choose. However, these insurers can decide which Medigap plans they want to provide and in what area. For instance, the insurance company might decide to cover Medigap Plan A, N, and G, but in four states.

That is why it is a good idea to do a comprehensive comparison shopping. To make things easy, you can contact experienced Medicare experts, such as Turning 65 Solutions, to help you narrow down your options and give you a better idea of which Medigap plans are available in your area.

Understand All the Medicare Supplement Plans

Each Medigap plan covers a different aspect of healthcare. While all the plans cover 100% of your Part A hospital costs and coinsurance, every other class is different. For a start, Plan F is the most comprehensive Medicare Supplement plan as it covers nearly all out-of-pocket costs. However, this plan is no longer available to Medicare beneficiaries who became eligible in 2020.

So, for new enrollees, Plan G is the most comprehensive and offers more value. It is similar to Plan F only that it doesn’t cover the Part B deductible. Other Medigap plans provide less coverage but cost less than Plans F and G.

Consider Your Needs and Budget

Once you are familiar with each plan’s coverage, you can figure out your health demands and budget. Remember that if you decide to change your plan later in the future, you might be subject to underwriting. So, it is better to choose a Medicare Supplement plan that will serve you well when you turn 65.

For instance, let’s assume that you never plan to travel abroad; purchasing coverage for foreign travel wouldn’t make sense in this case. You might also consider your overall health, chronic or pre-existing condition, and income. If you want to purchase a plan that allows you to budget your money effectively, a comprehensive Medigap plan like Plan G might serve you best.

If you need guidance on your options or need help determining which Medicare Supplement plan is best for your needs and budget, contact Turning 65 Solutions. Our experienced Medicare agents will be happy to assist you.

Turning 65 Solutions can help you plan for the future.