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For many senior citizens across the country, trying to choose the best Medicare Supplemental Insurance plan can be a difficult choice. There are so many different options, and many senior citizens (or disabled individuals) find it overwhelming to pick one that is best for them.
Lets start off with some of the basics… Medicare “gap” insurance plans are designed by Medicare. This means that all Medicare Medigap plans are required by law to offer the same coverage and same benefits when compared with various companies. Simply stated–all companies offer the same exact plans, the only difference is price.
Currently there are a total of ten (10) supplemental Medicare plans. These plans are set up in a letter system, ranging from Plan A, all the way to Plan N. There is really no rhyme or reason as to why they are lettered this way, it is simply to make it easier to compare alike plans with different Medicare supplement (aka Medigap) insurance companies.
Below we will get into some of the brief details about the different Medicare plans that are available on the market today. This will help give you a good idea of what plans are recommended and most often purchased by people like yourself. Although there is a total of 10 plans on the market, most of the plans are so similar in cost & coverage that it makes sense to look at plans that will have larger differences while still maintaining a good level of coverage.
Typically, one of the most popular Medicare plans nationwide is Medicare Supplement Plan F. This particular policy will cover 100% of the major gaps left by Medicare. There are no co-pays, no deductibles, and virtually no other out-of-pocket expenses.
However a plan that is recently getting a lot of attention from senior citizens is Medicare Supplement Plan G. This policy in fact works the same way as Plan F, although it requires you to pay the annual Medicare Part B deductible ($140 in 2012). This plan can be very beneficial due to the fact that it is commonly much lower in price than a Plan F (sometimes up to 20% cheaper).
The third option that is also heavily purchased by senior citizens on Medicare, is the Medicare Supplement Plan N. This particular policy is often one of the cheapest Medigap plans, and also offers less coverage than the other two plans mentioned above. Medigap Plan N requires policyholders to pay the annual Medicare Part B deductible like Plan G, although it also requires policyholders to pay a $20 co-pay for doctor office visits, and up-to a $50 co-pay for emergency room visits–however this would be waived if the patient was admitted to a hospital.
Overall, Medicare Supplement Plan F, G, and N are the three most popular plans on the market. With the state of the economy, most individuals are looking to have good coverage at an affordable price. In this situation, Medicare Supplement Plan G is often recommended.
If you are interested in comparing rates for Medicare Supplemental Insurance, it is advised that you consult an independent insurance broker who specializes in Medicare Insurance. Brokers have the ability to offer plans through many different insurance companies, getting you the best rates available in you area.
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Source by Craig Sturgill
