What Are Medicare Supplement Plans?
Trying to figure out which of the ten Medicare Supplement Plans offered is best for you is a frustrating and confusing task.
We hope to make the process much easier by providing you with this quick five minute article that will cover the most important topics you will need to know.
We will review ‘What is Medicare Supplement Plans’, the open enrollment period, and the costs of Medicare Supplements and Plans.
What Is Medicare Supplement Plans?
Medigap Plans are private health insurance policies designed to cover the gap between what Medicare does not cover.
At present, there are 10 plans to choose from; Plans A, B, D, F, G, K, L, M, N.
Each plan offers different gap coverage insurance to help you pay for your hospital and doctors’ visits.
At the end of 2019, two of the plans were discontinued, Plan F and Plan C to those starting Medicare effective January 1, 2020 or later.
It is estimated by experts in the field that both these plans premiums will begin to rise faster than other plans because they will no longer be able to continue to add young new 65 years old’s to the plan.
Based on past plans that have been discontinued, the members of the plan will continue to get older and statistically as we age our medical costs increase.
We would recommend that you consider choosing Plan G instead of Plan F and Plan N in lieu of Plan C.
| BENEFITS | PLAN N | PLAN G | PLAN F |
|---|---|---|---|
| Part A HospitalCo-Insurance | YES | YES | YES |
| 365 Hospital Reserve Days | YES | YES | YES |
| Part B Co-Insurance /Co-Payment | YES | YES | YES |
| Blood Benefit(First 3 Pints) | YES | YES | YES |
| HospiceCo-Insurance /Co-Payment | YES | YES | YES |
| Skilled Nursing Facility Co-Insurance | YES | YES | YES |
| Part A Deductible | YES | YES | YES |
| Part B Deductible | NO | NO | YES |
| Part BExcess Charge | NO | YES | YES |
| ForeignTravel Benefit | 80% | 80% | 80% |
| Out Of Pocket Limit | N/A | N/A | N/A |
How Much Do Medicare Supplements Cost?
The cost of Medicare Supplements depends on the plan that you choose and the location that you live in.
The most commonly chosen plans are Plan F, Plan G and Plan N.
Plan F and Plan G offer the same coverages except that Plan F’s premium includes the payment of your Medicare Part B premium.
Consequently, Plan F is the most expensive of the three plans with Plan G usually costing a few hundred dollars less a year than Plan F.
Plan N, doesn’t quite offer as much coverage of the other two plans and is the least expensive of the three.
Check with a Senior Benefits Medicare Supplement expert today to find out how much supplement plans cost in your area.
- Male
- Female
Check out these sample rates for Plan G.
| Age | Plan g |
|---|---|
| 65 Years Old | $148.00 |
| 66 Years Old | $148.00 |
| 67 Years Old | $148.00 |
| 68 Years Old | $148.00 |
| 69 Years Old | $150.00 |
| Age | Plan g |
|---|---|
| 70 Years Old | $151.00 |
| 71 Years Old | $154.00 |
| 72 Years Old | $158.00 |
| 73 Years Old | $160.00 |
| 74 Years Old | $166.00 |
| 75 Years Old | $173.00 |
Sample Quotes: Male – Non-Tobacco – Living in Hagerstown, MD
Check out these sample rates for Plan G.
| Age | Plan g |
|---|---|
| 65 Years Old | $129.00 |
| 66 Years Old | $129.00 |
| 67 Years Old | $129.00 |
| 68 Years Old | $129.00 |
| 69 Years Old | $131.00 |
| Age | Plan g |
|---|---|
| 70 Years Old | $131.00 |
| 71 Years Old | $136.00 |
| 72 Years Old | $141.00 |
| 73 Years Old | $147.00 |
| 74 Years Old | $152.00 |
| 75 Years Old | $156.00 |
Sample Quotes: Female – Non-Tobacco – Living in Hagerstown, MD
What Is The Open Enrollment Period For Medicare Supplements?
You will have a six month open enrollment period to choose and sign up for a Medicare Supplement.
During this period, there is no underwriting or medical checks for you to qualify, regardless of any pre-existing health conditions.
If you enroll during the six-month period, you will be accepted and not be charged higher premiums for any past or present medical conditions.
The Enrollment period starts only after the following two events occur:
- You turn 65
- You enroll in Medicare Part B
Once you turn 65 and have enrolled in Medicare Part B, you will have 6 months to figure out what Medicare Supplement is best for you and sign up to stay within the enrollment period.
How Much Do Medicare Supplement Plans Cost?
Now that we have answered what Medicare plans are the next issue is how much Medicare Supplement Plans cost. This is dependent on how much additional health insurance coverage you want beyond Medicare Part A and Part B.
Some of the plans only offer minimal coverage for a low monthly premium.
Others, such as Plan F and Plan G, offer almost complete coverage and understandably cost much more.
The costs for these plans are also determined by where you live.
Some states, counties and even cities can cost you much more than a neighboring state.
For example, take a look at the chart below for the differences in Medicare Supplement Plans cost by city in the state of Virginia for a 69 year old – nontobacco user.
| STATE OF VIRGINIA | male | female | |||||
|---|---|---|---|---|---|---|---|
| CITY | ZIP CODE | PLAN F | PLAN G | PLAN N | PLAN F | PLAN G | PLAN N |
| Virginia Beach | 23450 | $146.76 | $122.27 | $85.26 | $127.62 | $106.32 | $79.68 |
| Norfolk | 23324 | $146.76 | $122.27 | $85.26 | $127.62 | $106.32 | $79.68 |
| Chesapeake | 23320 | $146.76 | $122.27 | $85.26 | $127.62 | $106.32 | $79.68 |
| Richmond | 23173 | $124.90 | $104.06 | $81.41 | $108.61 | $90.49 | $71.05 |
| Arlington | 20330 | $159.76 | $133.36 | $105.68 | $138.80 | $115.76 | $91.76 |
| Newport News | 23601 | $146.76 | $122.27 | $85.26 | $127.62 | $106.32 | $79.68 |
| Alexandria | 22206 | $146.76 | $122.27 | $85.26 | $127.62 | $106.32 | $79.68 |
| East Hampton | 23669 | $146.76 | $122.27 | $85.26 | $127.62 | $106.32 | $79.68 |
| Hampton | 23503 | $146.76 | $122.27 | $85.26 | $127.62 | $106.32 | $79.68 |
| Roanoke | 24001 | $124.90 | $104.06 | $81.41 | $108.61 | $90.49 | $71.05 |
Taking Action!
Now that you have a much better understanding of What Is Medicare Supplement Plans and what it covers, it’s time to discuss your situation with a Senior Benefit Services expert.
There is a limited time you are eligible to enroll during your one-time open enrollment period or the costs of Medicare Supplement coverage can increase dramatically.
Contact Senior Benefit Services today to find out what the best combination of coverage’s are for you.