If you have or are looking for Medicare Supplements in 2014 then you’re probably aware that rates can increase from year to year. Many companies raise their rates annually, and you may find yourself with a higher premium than you can afford to pay.
Saving The Most Money on Your Coverage
If you are new to Medicare then you might overwhelmed by the many choices you have in supplement plans. They are lettered A – N, however there really are just a few letters that most people turning 65 choose from. These plans are F, G, C, and N.
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You may not have the best Medicare supplement plan for your specific needs. Many people use Medigap Plan F because of how simple and inclusive it is. They know it can provide coverage for all deductibles and copayments for Part A and Part B. And of course many people love that they don’t usually have out-of-pocket expenses when they are covered by Plan F.
Is Medicare Supplement Plan F The Best for 2014?
But if you are on Plan F, you may be over paying for coverage. A number of people have found they still have all the coverage they require when they switch to the cheaper Plan G. Plan G gives you the Medicare Part A deductible coverage, hospice care, hospitalization coverage, Part B excess charges and other benefits that Plan F shares. The only difference between the two plans is that Plan G requires you pay a small Medicare Part B deductible out-of-pocket once per year. Medigap Plan F pays this for you, however in reality you’re paying for it in the form of higher premiums.
Is Plan G Becoming The Most Popular Plan?
It is often cheaper to pay the deductible yourself on Plan G than to pay Plan F’s higher premiums. By using our FREE, online quote engine you can easily compare the rates from top companies for both plans to see. With only one small difference between the plans, many people see substantial savings by switching from their current Plan F to another company offering Plan G. Many times people closer to age 70 and above get even greater savings.
Lower Rate Increases With Plan G?
As rates for the various plans go up each year, it is worth noting that Plan G usually has lower premium increases than Plan F does. This is because Plan F is offered “guaranteed issue” in many situations, such as people over the age of 65 who are retiring and coming off their employer health insurance. Guaranteed Issue means that the insurance carrier they choose cannot perform medical underwriting and must issue the policy to these people regardless of any pre-existing conditions.
This means the group is at risk for larger health claims, which raises the premiums higher each year. Medicare Supplement Plan G is not offered guaranteed issue, therefore anyone outside their normal open enrollment period must go through medical underwriting to obtain the plan. Because the insurance carrier can then decline people with various health conditions (based on their own guidelines) it cuts down on the amount of claims being paid out, resulting in lower premium increases each year.
Get the Best Deal for Medicare Supplements in 2014
As mentioned you should use our free quote service to compare prices from different carriers and different plans. That way you’ll be able to make sure you’re getting the best deal. If you aren’t happy with the policy you have, you can change it at any time during the year. There is no need to wait for the annual enrollment period in October.
You should know that the benefits of each plan and the coverage they offer will not change in 2014. The only changes you will have to look for are premium increases. While the plans can change occasionally, no changes are scheduled for 2014.
If you’re not sure if the plan you are on is the best one for you, consult with an experienced insurance agent. Take into consideration any changes in your financial situation and your health over the coming years. Ensure that you are choosing the best among the Medicare Supplements in 2014 to suit your specific needs.
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