Medicare Supplement Plans
A Medicare Supplement plan is an insurance policy that helps supplement Original Medicare. The plan helps pay for some of the remaining healthcare costs not covered by Original Medicare, such as deductibles, coinsurance, and copayments.
Medicare Supplement plans offer great options for those who like the idea of Original Medicare but would like to have a few more of their costs covered. Medicare Supplement plans are labeled: A, B, C, D, F, G, K, L, M, and N – these plans should not be confused with Medicare Part A, B, C, and D.
How Medicare Supplement Plans Work
Once a Medicare beneficiary enrolls in both Medicare Part A and Part B, they can add a Medicare Supplement plan to give themselves additional coverage. These plans work in addition to their existing Medicare plan. The plan benefits kick in once the coverage from Original Medicare ends. The federal government regulates the benefits that are offered by each Medicare Supplement plan.
Choosing a Medicare Supplement Plan
Depending on the location of the Medicare beneficiary, there are about ten different Medicare Supplement Plans to choose from: A, B, C, D, F, G, K, L, M, and N. Medicare Supplement insurance Plans C and F are only available to those who have become eligible for Medicare before January 1, 2020.
Four other plans, E, H, I, and J, are no longer sold to new members.
Each lettered plan pays for a certain set of benefits. No matter the insurance company that sells the plan, the benefits are the same. Here are some of the things to consider when choosing a Medicare Supplement Insurance Plan.
- Medicare Supplement Plan A has fewer costs covered than other Medicare Supplement plans.
- Medicare Supplement Plan F and G are the most comprehensive plans, and they are followed by Plans C and D.
- Medicare Supplement Plan K and L only cover a portion of Medicare Part B. The plans pay all of the beneficiaries’ coinsurance after they reach an out-of-pocket maximum.
- Medicare Supplement Plans D, G, M, and N are best for those interested in overseas coverage.
Cost of Medicare Supplement Plan
The goal of the Medicare Insurance plan is to help Medicare beneficiaries reduce the out-of-pocket costs by covering coinsurance, deductibles, and copayments. Beneficiaries pay for these plan benefits with a monthly premium, and the plan prices depend on several factors. The Medicare Supplement plan with more coverage will be more expensive.
Though Medicare Supplement plans benefits are standardized, the prices vary from state to state. Age is also a factor in the Medicare Supplement plan pricing structure, so finding the most affordable plans and best fit for an individual need is essential.
If you need further assistance navigating the Medicare Insurance policy and enrollment, contact Senior Insurance Sales today.