MEDICARE SUPPLEMENTS
Medicare Supplement plans, also known as Medigap, are policies that help pay for the excess charges left over by Medicare. These costs are things like your deductibles and coinsurance.
Medicare Supplement plans, or Medigap, are insurance policies sold by private insurance companies that are licensed to sell Medicare plans. They help you pay for out-of-pocket costs for services covered under Medicare Part A and Part B.
WHICH MEDICARE SUPPLEMENT PLAN SHOULD I CHOOSE?
Some Medicare beneficiaries want a plan that covers everything so they don’t have to worry about out-of-pocket expenses. Others simply want some of their deductibles and copays paid for but are mostly worried about low premiums. Ultimately, the choice is up to you.
WHICH MEDICARE SUPPLEMENT HAS THE HIGHEST COVERAGE?
Medicare Supplement Plan F
Plan F has the highest level of coverage. It pays for all your cost-sharing on covered services you have no out-of-pocket expenses. Please note: Individuals who join Medicare January 1, 2020 and after are NOT eligible for Medicare Supplement Plan F.
Medicare Supplement Plan G
Plan G is the second-best in terms of coverage. The only thing not covered is that you still pay the Part B deductible once per year. This keeps your Medigap premium lower and, in turn, may save some beneficiaries some money in the long run.
Medicare Supplement Plan N
Plan N is another popular option for coverage. Under the Plan N your financial responsibility is the Part B deductible, along with $20 copays for provider visits, $50 copay for ER visits (if admitted, the $50 is waived), and if a provider does not accept Medicare assignment of benefits, you may have to pay Excess Charges for Medicare Approved services.
WHEN TO ENROLL INTO A MEDICARE SUPPLEMENT
Once you have Medicare Part B, you have six months to enroll in a Medicare Supplement plan with no health questions. This is a one-time open enrollment in which you cannot be turned down for any health conditions, you cannot be asked any medical questions, and you cannot be charged an additional premium for health reasons.
However, once this one-time enrollment is over, insurance companies can begin to refuse you based on health.
This is why open enrollment is an important time to remember.
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