What is Medicare Supplement Insurance?
Medicare Supplement insurance helps seniors protect themselves from financial loss due to medical bills by helping to cover the gaps in regular Medicare including deductibles, coinsurance, copays, and excess charges.
Although shopping for Medicare supplement insurance can seem to be a daunting task it is actually quite simple. You can call one of our agents at (866) 894-3258 to get an overview on Medicare and supplemental coverage and to review rates from such providers as Blue Cross Blue Shield, Mutual of Omaha and many others.
Medicare Supplement Standardization
Medicare supplement insurance plans have been standardized for 20 years now. Once you understand this and understand what each of the standardized plans covers you are well on your way to ensuring you get coverage that suits your needs well. You can view quotes online from many of these companies by running rates right on GoMedigap’s website.
Most Popular Medicare Supplement Insurance Plans
Of all the plans available we feel that there really are only 3 that are typically worth considering.
Medicare supplement Plan F is very popular because it covers all the gaps in Medicare so that you don’t have to pay anything out-of-pocket for medical expense as long as the medical claim is approved by Medicare. Plan F is also surprisingly affordable especially for folks between ages 65-75.
Medicare supplement plan G works very similarly to plan F. The only difference is that the plan G policy doesn’t cover the part B deductible ($162 in 2011). That’s really the only difference. Plan G tends to make sense for people age 75 and older. If you’re between 65-75 there might not be a big enough difference in price to make sense to get plan G versus plan F.
Plan N is a newer plan. It is actually a product of the Medicare Modernization Act of 2003 in which the National Association of Insurance Commissioners were tasked with re-visiting the standardized Medicare supplement plans to determine if they could reduce redundancies and provide plans that were more in-line with Medicare after several changes in benefits. Medicare supplement insurance Plan N is similar to plan G but has up to a $20 copay for doctors visits after the part B deductible is met and up to a $50 copay for emergency room visits. Plan N also does not cover excess charges while Plan G does.
How to Shop for Medicare Supplement Insurance Rates
Because of the standardization of benefits you should now feel comfortable reviewing the offerings from different companies to determine what rate each company offers for the Medicare supplement insurance plan of your choice.
You can get quotes by entering your zip code above.
You can also get a look at some of the other plans and what they cover by reviewing the Medicare supplement insurance chart below: