Medicare supplements pay for the gaps in the main Medicare plans.If you know how to use these supplement plans you can save a lot more money and obtain benefits that meet your needs. You have a long list of Medicare supplement plans to choose from. You need to start by making the right choice. Here are some things that you should keep in mind.
- Opt for a reliable company when you purchase a supplement plan. These policies are offered by private insurers. The benefits are formed by the Federal government. A private insurer cannot remove or add benefits in these standardized plans. Beware of a company that promises otherwise
- Charges for supplement plans change from one insurance company to another. Check out the options and choose the company that falls within your budget
- Medicare supplement plans are renewed every year, unlike other Medicare policies. You can change your plan every year and move on to another one that satisfies your current needs. Jumping plans can often get you a lot of savings
- If you happen to drop your Medicare supplement plan, it becomes almost impossible to apply for another one. Keep track of renewal dates
- You cannot get the benefits of Medicare Supplement plans even after the age of 65 if you are still covered by your employers policy. You can apply and obtain supplement cover after retirement
The best from the list of Medicare supplement plans
You can choose from a list of Medicare supplement plans. They are alphabetical, from A through N. All of them have common aspects, with a few special features. Among these ten policies, two that are most sought after are plans F and G. Plan N is also fairly comprehensive.
Plans F and G compared
Plan F is known for its comprehensiveness. You get most of the additional coverage such as Part A coinsurance, 365 days additional coverage, 20 percent Part B coinsurance and your first three pints of blood. You also get copayments for outpatient treatment, hospice care, skilled nursing, deductibles for Parts A and B, Part B excess and emergency health coverage in a foreign location.
Plan F has another option known as high-deductible Plan F. The upper deductible limit varies from year to year. In 2012, it is $2070. The premiums are low for this plan, although out of pocket expenses are higher.
Plan G covers all these benefits except Part B deductible. Premiums are lower for this plan. If you can pay Part B deductible on your own, Plan G is a good option because the additional coverage you get is same as Plan F. This includes emergency medical care during foreign travel as well.
These two plans are the most comprehensive. But you can also choose Plan N, which also offers wholesome coverage but excludes Part B deductible. The Plan covers $20 and $50 copayments for doctor consultation and emergency room visits respectively.
The other option is Plan C, which is also called the Medicare Advantage Plan. This plan does not offer Part B deductibles but covers everything else that is offered in F and G.
Basic plan
Plan A is the most basic on the list of Medicare supplement plans. It only gets you Part A coinsurance, hospital benefits, Part B coinsurance, first three pints of blood and hospice coinsurance. You do not receive Parts A and B deductibles, foreign travel and Part B excess. So, if you do not travel too much and can pay deductibles, this plan is the best and the most cost effective for you.
Before you choose, consider your precise requirements and choose suitably from the list of Medicare supplement plans so that you do not end up paying premiums for benefits that you do not need.
SG-691-70-10/22/2012
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