Medicare is an excellent government program that provides health insurance for a lot of people that wouldn’t be able to afford coverage otherwise. While it’s an extremely beneficial program, it doesn’t cover everything, and there are a lot of holes left by Medicare. These holes could cost enrollees thousands of dollars in medical bills.
Georgia Medicare supplement insurance plans are the best way to fill the gaps in coverage left by traditional Medicare. Each plan covers a different number and combination of the different gaps so we put together this quick guide to help you understand the difference between the various Georgia Medigap plans. It is our pleasure to provide you with a Medicare supplemental quote that will be to your satisfaction.
Every year there are thousands of Medicare are enrollees that are stunned to see massive hospital bills come in the mail. Many of them think that Medicare will pay for the majority if not all of those expenses, but they find that they are left to shoulder the bill themselves. Thinking that Medicare is going to pay for all of your healthcare bills could be a drastic mistake that quickly breaks your retirement nest egg, luckily this is where Medicare Supplement Plans step in.
The Basic Georgia Medicare Supplement Plans
There are several different Medigap plans that you can choose from, but some are more popular than others. There are five plans that we consider the base Medicare supplement plans in Georgia. They are:
The first plan, Plan A, is one of the most basic Medicare Supplement Plans that are offered. If you’re looking to find an affordable plan that gives you basic additional coverage, Plan A could be your best option.
Plan A will cover the coinsurance for hospital stays and hospice care from Medicare Part A for an added 365 days on top of what Medicare already provides. It will also cover the first three pints of blood and the 20% coinsurance for Medicare Part B
Plan B is the second plan is identical to plan A. The only difference between the two plans is that Plan B also pays for the deductible of $1,216 for Medicare Part A.
Depending on your health situation and what you expect your health care to look like, the added monthly premiums could be a great investment to avoid the Part B deductible.
Plan D takes the coverage from Plan B and adds coverage for the coinsurance for skilled nursing care and foreign travel emergencies. Both of these are significant additions to your healthcare coverage, especially if you plan on doing a lot of traveling in your retirement.
Plan M looks just like Plan D but only covers 50% of the Medicare Part A deductible, but you’ll save a little money on your monthly premiums.
Plan N looks identical to plan D but has one small wrinkle. With GA Medicare supplement plan N you have a copay of $20 for some office visits and up to $50 for a trip to the emergency room that does not result in being admitted to the hospital. Sure, this isn’t a huge additional cost, but it’s something that you should take note of when shopping for a supplemental plan.
The Comprehensive Medicare Supplement Plans in Georgia
There are three Medicare supplement plans in Georgia that we consider to offer comprehensive. These plans are more extensive and nice for anyone that wants to have just about all of their health expenses covered. These plans are more of the “buy it and forget it plans”, but we warned, the extra coverage comes with extra monthly costs. Those plans are:
Plan C takes where plan D left off and includes coverage for the Part B deductible of $147 per year.
Plan G does not cover the Part B deductible but does cover any excess charges that a physician may charge above the Medicare approved amount.
Plan F will fill all the gaps left by traditional Medicare coverage and is the most comprehensive or the Georgia Medicare supplements. This makes this the most popular of all the plans. We are happy to provide you with a reasonable quote for a Medicare supplement Plan F.
High Deductible Medigap Plans
There are two plans that fall into the high deductible category. These plans are more of “safety net “that you hope to never use. They are going to cost you more out-of-pocket, but it’s better than having nothing if you ever run into serious health complications. They are:
Plan K covers all the same gaps as Plan B and skilled nursing care but only does so with 50% coverage until you hit an out of pocket limit of $4,640.
Plan L mimics plan K for coverage but offers 75% coverage until you hit an out of pocket limit of $2,320.
The importance of Medicare Supplement Plans
The older that we get, the more we spend on hospital bills and healthcare expenses. After retirement, the majority of Americans are living on a fixed income, which can make it difficult to pay for all of these rising expenses. One way to cope with these costs is to enroll into one of these Medicare Supplement Plans.
The other major factor that you should consider is your finances. How much do you have set aside to pay for healthcare costs? Did you consider them in your retirement plan? Is your budget a little tighter than you would like it to be?
So, how do you decide which plan is best for you? There are a lot of different factors that are going to go into deciding which plan you should pick. The first, and most obvious factor is your health. It’s time to take a long hard look at your health and any complications you could foresee yourself having in the future. If you have a family history of any complications or just poor health, then paying the monthly premiums of additional coverage through a Medigap plan could be an excellent investment.
Regardless of if you are in Georgia or not, for the most part, these plans are standardized across the U.S., which means that they will all cover the same expenses. The only exceptions to the standardization are supplemental plans in Massachusetts, Minnesota, and Wisconsin. Inside of these three states, their Medigap plans are a little different.
Enrolling in a Medicare Supplemental Plan
To be eligible for a Medigap plan, you have to be enrolled in Original Medicare both Parts A and B and be at least 65 years old. Enrolling in a supplemental plan is easy, especially if you are in the Medigap Open Enrollment Period. This is the time that you can enroll in any plan that is offered in your area and you are guaranteed to be accepted, even if you have serious health complications. This open enrollment period is six months before you turn 65.
It’s important to take advantage of this, especially for anyone with pre-existing conditions or poor health. The insurance companies can’t charge you more for any health problems that you have, so this open enrollment could save you thousands of dollars in premiums. But, this might be the only time that you’ll be accepted into a plan.
If you miss your Medigap Open Enrollment Period, don’t despair, there is still a good chance that you can get supplemental insurance to fill in those Medicare holes. After the six months, you’ll apply for the coverage just like you would with any other type of insurance policy. You’ll have to go through medical underwriting, which means that you could be charged more for health complications or even denied if your health is in poor condition.
Medicare Supplemental Insurance
At Compare Medicare Supplements we are proud to help Medicare enrollees find the perfect Medigap plan to fit their needs. We work with some of the best carriers for supplemental insurance in the U.S. Not only do we help you find the best coverage at an affordable rate, but we also provide information and advice. We know that Medicare and Medigap coverage can be confusing, and we are here to help.
If you are ready to get a set of Georgia Medigap insurance quotes then use the form on this page and one of our specialists at CompareMedicareSupplements.net will be in touch to help you get the right plan at the best rates.