As a person’s health needs increase over time especially among seniors, people look for more ways to feel secured in their health and still feel in control with their finances. Medicare provides coverage for many health services in the United States. As broad as it can cover, they also have limitations or gaps in their coverage. Such gaps require people to pay certain out of pocket fees to get the service. In an attempt to help people further, Medicare formulated these Medicare Supplementary plans, commonly called Medigap plans, to shoulder the portions of supplementary fees supposedly shouldered by the people. You may have heard of these plans but still want to know more details about it. Read through and find out how these plans can assist you.
There are eight Medigap plans which all offer coverage up to certain extent depending on the type of plan. This means you are able to pick your very own plan suited to your current needs and budget.
As mentioned, all eight Medigap plans cover different percentage of specific supplementary fees, but all of them draw out coverage from the same list of items or expenses.
The following list outlines the medical related fees that a Medicare Supplementary plan could be covering for an eligible subscriber:
- Annual deductible for Part A
- Annual deductible for Part B
- Copayments for Part A and Part B
- Coinsurance for Medicare Part B outpatient care services
- Coinsurance of Medicare Part A Hospice treatment
- Coinsurance for nursing care services
- Medicare Part B excess fees
- Three pints of blood every year (with remaining need covered by basic Medicare)
- Foreign travel exchange – 80% coverage for medical health emergency transport costs to a health facility that happened out of the country
There is only one Medigap plan that is able to cover for all the above items and that is Plan F. It is heavily comprehensive but can become heavily expensive too. Because of that reason, it became a closed pool together with Plan C with very restricted eligibility for the said plan. The only way to sign up for it is to be an existing plan F holder who is aiming to renew the plan. No new subscribers are welcomed. Medicare placed the restrictions in order to protect the seniors from being trapped in hefty premiums without much consideration.
Plan F seems to be out of the picture for new subscribers so we will take a look at some other great Medigap plans that are truly available.
Medicare Supplement Plan N
The Top Medigap Plans
Plan G is one of the sought after Medigap plans among seniors. This falls just a little below Plan F in terms of coverage, and it usually comes with a fairly reasonable price. If you want to explore this further, simple head to our site to see its price range among different insurance providers near your place. In just a few clicks you are able to get a better picture as to which one is cheaper and available in your local area. The only thing it does not cover is the Part B deductible. This cost you $198 a year with little increase annually.
Plan G is truly a reasonable plan, but if you aim to be more economical as anyone would, Plan N might be worth your attention. Looking at your present state of health and finances, if you find yourself not needing so much health-wise but will gladly have a good coverage plan for peace of mind then Plan N is your top choice. It does not cost as much as Plan G as it covers less as well. Despite that difference, Plan N is still able to cover you for important expenses with just little out of pocket fees involved. These outweighs paying higher premiums for just a small difference in coverage. Plan N does not cover for Part B deductible and the uncommon Part B excess fees expense and few minor copayments. Looking at the bigger picture, Plan N proves to be the most cost-effective plan.
We recommend you jump into our site and start comparing your choice of plan from different insurance companies. You will be surprised in the variety of price listings as you search. Finding the best deal will need a little bit of homework.
Medicare Supplement Plan N
Undeniably, as you compare your options and weigh them properly in accordance with your needs and finances, you are giving yourself a chance to save money by arriving at a great deal. If you find yourself burdened financially whenever you go to basic doctor or hospital visit, it is worthwhile to invest time on knowing these Medigap plans as they can certainly help.
Once you know what plan you want, subscription is the next step. Open enrollment period is the best time to do so as it ensures your approval regardless of any preexisting issues in your health. This happens when you turn 65 and lasts for six months. Outside of this period, your application will be assessed as normal and they may look at your health issues as high risk and there might be a chance for denial. If you need help in applying, feel free to contact us and we will work it out together.
From the moment you are approved for subscription for your choice of plan, you are given coverage for the rest of the year. The coverage will be as stipulated by Medicare. Pay rates are determined by each insurer but once subscribed, it will be fixed for the whole term. Chances of premium increase every year might be inevitable though it is not expected to be a drastic one. If you find there is so much change in your needs or in your plan rates, you are free to choose another plan or another insurer by the end of your current term.
It is interesting to know that there are also other forms of coverage aside from Medigap. You may have heard of Medicare Advantage, employer plans and unions. These options can also offer something more suitable for your coverage needs. Keep in mind though that these types of offers cannot co-exist with any Medigap plan as their coverage can overlap. It should be one or the other. If you want to know more, we can help you out. Please give us a call in your convenient time to discuss your other options.