Medicare Supplement Plans Comparison Chart
Seniors find that they need more access to healthcare as they age, and thankfully, at the age of 65, they automatically receive Original Medicare coverage. This national healthcare program ensures that they can have their hospital costs and some of their outpatient medical expenses covered. It still leaves them with a portion of healthcare expenses to pay out-of-pocket and that is where Medicare Supplements come in.
Also commonly known as Medigap plans, Medicare supplemental covers exist to fill the gaps in expenses that Original Medicare does not cover. Not only do they help seniors access more coverage, but Medigap plans typically help seniors save money.
There several of these covers available, and we can help you access a Medicare Supplement Plans comparison chart to help you settle for the best.
How Medicare Supplement Plans Cover You
Medicare Supplements typically take care of the medical expenses that Original Medicare does not payout. 10 of these plans exist and they are assigned different letters for identification. These plans have a basic set of medical expenses they cover across the board and the differences are the additional costs they each provide on top of that. Generally, all Medigap plans cover the following:
- Medicare Part A – this covers inpatient/hospital costs. There is the annual deductible, which can run up to $1,000, payable on Part A and supplement plans cover it. Medigap plans also cover Part A copayments.
- Medicare Part B copayments and deductible – likewise, Part B comes with an annual deductible and copayments which most Medigap plans cover.
- Skilled Nursing Care – under Original Medicare this is a coinsurance cost meaning that you have to pay a portion of the expenses related to receiving hospice care. The Medigap plans cater to the portion you would pay out-of-pocket.
- Foreign Travel Exchange – there are times when you have to travel abroad for emergency medical treatment. After fulfilling the deductible amount, most supplements cover 80% of these costs.
- Excess Charges on Medicare Part B – when you access medical services from a facility that does not accept Medicare coverage fully, you have to pay the excess charges yourself. Most medical facilities or healthcare providers are allowed to charge up to 15% above the Medicare-approved cost for health care services in such cases. Most supplement plans pay these excess charges.
- Blood Usage – you might need a blood transfusion during = treatment. Most Medigap plans pay for the cost of the first three pints you need every year.
Best Medicare Advantage Plans
Medicare Supplement Plans Comparison Chart
To start with, there are Medicare Supplement plans that have since been discontinued. That means that these Medigap covers are no longer available for purchase by new Medicare enrollees. However, seniors who were already enrolled in these plans will continue receiving the coverage but they can choose to switch to other options once the coverage lapses.
Plan F is one of the Medigap covers that has since been discontinued. It provides coverage for all the medical expenses listed above making it a full-coverage supplement. The cover also remained the same, which means that it did not change the level of coverage provided and the only annual change was the monthly premium payable for the plan. Given the high coverage nature of the plan, it is also the most expensive. The reason is because it is one of the two supplements that take care of Part B excess charges as well as the annual deductible.
There is also a High Deductible Plan F option that offers the exact level of coverage like Plan F. The only difference is that it comes with a high deductible amount . This refers to the costs you have to fulfill out-of-pocket before your coverage takes over and pays for your medical expenses. The tradeoff is lower monthly premiums.
Medicare Plan C is the other Medigap cover that has since been delisted. It also covered seniors for the annual Part B deductible and coinsurance costs. It provides the most comprehensive coverage, after Plan F, and takes care of most approved out-of-pocket costs. The only aspect that it does not cover is the Part B excess charges.
Plan G is the Medicare Supplement that is currently available to new enrollees with an almost similar level of coverage like Plan F. It matches every item covered by Plan F except for the Part B annual deductible.
Plan N comes second on the list of popular supplements at the moment which is accessible to new Medicare enrollees. It is also a high-coverage plan and also handles similar medical expenses like Plans F and G. The only difference is that it does not include the annual Part B deductible and excess charges.
What Medicare Supplement Works Best For You?
There are five other Medigap plans on top of these, and in essence, seniors can find a suitable cover to meet their medical needs as well as budget. We are here to help you decide which supplement plan best suits your needs. We can also provide a Medicare Supplement Plans comparison chart for those other covers through the search tool on our site.
Remember that Medicare Supplement plans are subject to changes implemented by the Center for Medicare & Medicaid Services. This is the branch of the U.S.government that regulates and monitors private insurers contracted to sell Medicare products. In line with these changes, the costs of these plans are subject to change annually.
The search tool is also location-specific, and it will help you access more in-depth information about the specific Medigap plans accessible in your area. Remember that rates sometimes also vary from one state to the next for the same Medicare Supplement plans. We can help you seek quotes for your Medigap plan of choice from several of the leading insurance providers.
We are committed to making the process of finding the right Medicare supplement as hassle-free as possible for you. Call us for further insights about Medigap plans in general, and we are happy to talk through how you stand to benefit from each cover to help you settle for the best.