Medicare Supplements, also called Medigap plans, are sold by private health insurance companies and are designed to fill in the gaps of Medicare. Those gaps include copayments, deductibles, and coinsurance.
Which Medicare Supplement Is Right for Me?
While there are several different Medicare Supplement plan options, most of our clients simply want a recommendation as to which plan is right for them.
There are about a dozen options, but the plans with the most comprehensive coverage are Plan F and Plan G. However, starting in 2020, Plan F is going away. It’s also the most expensive plan option.
We recommend Plan G, and about 95% of our clients choose it. Plan G gives you all the benefits of Plan F except for a small annual deductible at the doctor. By choosing Plan G, your premium is much lower, and it’s still a net savings to you – even with the small deductible.
The price of Plan F is going up, and it will continue to rise because no new members will be able to join the plan. Ultimately, the deductible of Plan G minimizes claims and allows its price to stay lower over time.
Long story short: There’s no need to get a Plan F. Plan G is cheaper and offers outstanding coverage.
Which Medicare Supplement Company Should You Choose?
Because we’re a broker, we have many Medicare Supplement companies to choose from. We carry them all, including Arkansas BlueCross BlueShield, Cigna, Aetna, Americo, Great Southern Life, Mutual of Omaha, and Humana.
The right Medicare Supplement carrier for you will be based on where you live. Prices are dictated by which zip code you’re in, so the carrier you need may be different in one area versus another. Remember that all Medicare Supplement plans are standardized by the government, so the only real difference between each company is the price of that plan.
When we shop the market for you, we always take price histories into consideration. The price may be great today, but what will it be 12 months from now? We look at Medicare Supplement carriers who have consistent price histories so that you’re not faced with sticker shock down the road.
The Benefits of Owning a Medicare Supplement Plan
When it comes to supplementing your Medicare Part A and Part B benefits, you have several options.
Medicare Supplement Insurance – or Medigap – has unique qualities that make it the obvious choice for many seniors when it comes to their health coverage.
- Predictable costs
- Freedom to choose any doctor or hospital that accepts Medicare
- Freedom to see any specialist that accepts Medicare without a referral
- Security of the same benefits year after year
- Guaranteed renewable coverage
- Coverage while traveling outside the United States (some plans)
- Lots of plan choices
- Guaranteed Issue during your Open Enrollment Period
Owning a Medicare Supplement Plan is a popular way to protect yourself from an unexpected illness or accident.
Having the freedom to see any doctor or hospital guarantees you will always receive care from your preferred providers. Your upfront cost may be higher than other coverage options. However, once you pay your premium, healthcare expenses (if any) are very predictable.
If you’d like to learn more about your plan options, give us a call for a free consultation today!
Frequently Asked Questions about Medicare Supplements
There are a few questions we get asked often, so we’ve included those here. If you have any additional questions or would like a free, no obligation quote, please give us a call!
Q: What’s the difference between Plan F and Plan G?
A: Plan F covers all Medicare-approved charges, including the Medicare Part B deductible. Plan G covers all Medicare-approved charges except for the Medicare Part B deductible. This deductible is very small and can be viewed on our Medicare Costs page.
Q: What’s the Plan G deductible?
A: The Plan G deductible is based on the Medicare Part B deductible. This can change each year, so please visit our Medicare Costs page to see this year’s cost. This deductible only applies to doctor visits, not hospital visits!
Q: Who sets the Medicare Supplement deductibles?
A: The deductibles are set by the government, not the companies that sell Medicare Supplements. They’re standardized by law, which means the deductibles are the same for each and every carrier.
Q: What Medicare Supplement carrier should I get?
A: That depends on where you live! Prices vary from zip code to zip code, but we can run a free quote for you at any time. In addition, you should take into consideration the pricing history. Does that company raise rates after a year? Are their rates steady or volatile? We’ll help you understand all of this information when you meet with us for a free consultation.
Schedule a Free Medicare Supplement Consultation Today
Call 501-916-2935 or email us at firstname.lastname@example.org to get started.
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