Medicare Supplemental Insurance

Medicare supplemental insurance can be beneficial in assisting you with your medical expenses. Medicare pays only a percentage of your medical bills, and what is left over is yours to pay. That’s why so many people choose to complement their Medicare coverage with other forms of insurance.

The Plans

The most common form of supplemental Medicare insurance is Medigap, which offers a number of different plans, each with their own coverage provisions. There isn’t simply one plan that works best for everyone. Each plan has its advantages and disadvantages, but what it mostly boils down to is that the more you pay in premiums, the more coverage you receive. It will be up to you to decide how much coverage you need and if it is worth what you are paying for it.

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Of the many pans offered by Medigap, the most popular are plans F, G and N. Their popularity stems from their ample coverage. Most people are using supplemental insurance as a way to provide the most coverage they can. For most people, one of these three plan letters will suit their needs perfectly.

Medicare Supplemental Insurance

Medicare Supplement Plan F

Plan F is by far the most popular plan because it pays 100% of the gaps, or expenses, that Part A and Part B do not cover.  You will have no out-of-pocket expenses beyond your monthly premium. Every company has the same Plan F so it’s important to shop the rates using our FREE quote engine on this site.

Medicare Supplement Plan G

Plan G is identical to Plan F except you must pay the annual Part B deductible yourself each year. This amount is $147. After you meet that deductible the plan will pay 100% of the gaps. Most people will save more money by going with Plan G over Plan F, even after they pay the deductible themselves each year.

Medicare Supplement Plan N

This plan is similar to Plan G in that you still must pay the Part B deductible, however you might have a small co-pay (no more than $20) for each doctor’s visit after the deductible is met. As well on Plan N if you visit the emergency room but are not admitted, you’ll have to pay a $50 co-payment. Plan N also does not cover Part B excess charges. Despite those cost sharing options, Plan N has lower premiums than both Plan F and G, so it’s a great option for those who are healthy and do not visit their doctor often.

Affordable Rates

Now just because your plan provides you with substantial coverage for your medical expenses, that doesn’t mean you have to pay a lot for it. Different insurance companies offer the same plan with the same amount of coverage for less or more than their competitors. The rates depend on the company issuing them, your medical conditions, your location and a few other pertinent factors.

Before you decide on an insurance provider and sign up for Medicare supplemental insurance you should shop around. Compare some rates and find out what the average rate is for your area. Keep in mind that no matter how much you are paying for your premium, you are still getting the same coverage, so it will greatly benefit you to find the lowest rate.

Just because you don’t see a rate that looks affordable now doesn’t mean that one isn’t being offered in your area. By choosing the very lowest rate, you could save hundreds of dollars a year on supplemental insurance. You can always continue to look for cheaper rates, even after you’ve signed up for a plan. However, using our quote engine and allowing us to help will save you a great deal of time an effort. And, it’s FREE!

Eligibility and Enrollment

Most people who are approaching the age already know that at 65 years old they are automatically signed up for Medicare. What they may not know is that they are eligible for Medigap at the same time.

In order to actually be able to sign up for a supplemental plan, you first have to be enrolled in Part A and Part B Medicare. You cannot supplement what you don’t already have. Medigap plans do not cover prescription drugs. You will need to enroll in a separate Part D  drug plan if you would like that coverage.

The Benefits

Supplemental medical insurance is not necessary for everyone, but it is certainly a good idea for those who struggle to pay their medical bills. It is often cheaper to have the insurance there covering your medical bills when they occur rather than trying to keep some money on hand or making payments to the hospital. Because hospitals and doctors give reduced rates to insurance companies, you can reap the benefits of those savings with your own insurance plan.

Medicare supplemental insurance is the best way to ensure all your medical expenses are covered. With insurance, you know how much you have to pay each month and won’t have to deal with extra surprises. Once you have a supplemental plan, you are locked into the rate until you agree to accept a rate change. Supplemental plans give you peace of mind so that you don’t have to worry about your medical bills or wonder if you can afford that next trip to the hospital. Examine your options to see if supplemental insurance can help you.

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