A Medicare Supplement Plan also known as a Medigap Plan can provide peace of mind for those seeking high quality health care. Medicare Supplements are meant to fill the “gaps” left by Original Medicare (Parts A & B). They are regulated by the Centers for Medicare & Medicaid Services (CMS) and offered through Private Insurance carriers. What this means is that ALL carriers offer the same exact plans and benefits, but each company sets their own price based on age and regions.
The Best Medicare Supplement Plans
We have found that the two most popular Medicare Supplement plans for seniors today are Plan F and Plan N. Often referred to as the Cadillac Plan of the Supplements, Plan F not only covers your Medicare Part A Hospital deductible from Medicare but it also your 20% for Medicare Part B doctor charges. Most importantly, Plan F covers your excess doctor charges. Even if your doctor has a Medicare contract he/she may or may or may not be willing to accept assignment from Medicare as payment in full. In-other-words if you have a plan that pays 20% of the Medicare allowable charges you could still be responsible for the difference between the allowable charges and the actual charges. Plan F covers this to give you the peace of mind that you deserve. Plan F also has a foreign travel benefit which is not a Medicare covered benefit. The following are examples of when you do not have to worry about qualifying medically for a Medicare Supplement:
- If you are within six months of your enrollment in Medicare Part B.
- You currently have a Medicare Supplement Plan and you’re within 30 days of your birthday.
- You are enrolled in a Medicare Advantage Plan & the company substantially violated a material provision of the contract, discontinued the plan, reduced the benefits or increased the amount of cost sharing.
There are several other reasons that would also entitle you to enroll without regard to health. Plan N is very similar except you are responsible for possible excess charges, your Part B annual $140 deductible and up to a $20 Co-Payment per office visit and $50 for an Emergency Room visit. In turn Plan N is usually less expensive.
It is important to remember that Medicare Supplement plans do not help cover the cost of Prescriptions and would be wise for you to also obtain a Part D plan. Contact us today and get all of your questions answered by one of our licensed professionals who will walk you through this process every step of the way.