Medicare is an excellent program that helps millions of Americans get health care protection that they wouldn’t be able to get otherwise. While it’s a great tool, it doesn’t cover all of the expenses that applicants could run into, which could leave you with a massive amount of debt that you would be responsible for paying out-of-pocket.
While there is nothing you can do about the rising costs of health care, there are some ways that you can offset those expenses and protect your finances from being drained by hospital bills. The best way to do that is by purchasing a Medigap plan.
Much like traditional Medicare and the surrounding fields, Medigap plans can be confusing, but we are here to help. There are ten different Medicare supplements, but only three are what we would consider comprehensive coverage. Plan C, G, and F are the three that meet our standards of comprehensive coverage.
While Plan F will cover all the gaps in Medicare we have seen a big increase in the number of people choosing to go with Medicare supplement plan G. This increase is due to the simple math that, even though it does not cover the $166 Part B deductible, Medigap Plan G usually has lower premiums that can more than offset what you might have to pay out of pocket.
If you’re searching for what plans are available in states such as Georgia or SC Medicare Supplement Plans, or just want to know the purpose of Medicare, we can certainly help. There are also AARP Medicare supplement rates available should this be something you are interested in.
Because Medigap Plans G and F are the most common (and most hotly debated) we decided to create a guide to help you choose between the two plans. Each one offers excellent coverage for an affordable price, but which one works best for you? Making the right decision for your health care needs is one of the most important things that you’ll do as you get older. For seniors, medical expenses and health care costs of the largest portion of your budget, and without the proper insurance policies in place, you could be paying for all of that out-of-pocket, which is one of the worst things that can happen for your retirement plans.
We are excited that you came to our site to get more information and if you have any questions that are not covered in the rest of this article or would like to get a set of customized Medicare supplement quotes, then please use the form on the side of this page or give us a call. Don’t wait any longer to get the process started, we can help you make the best decision and ensure that everything is handled correctly.
Your health care insurance is one of the most important decisions that you’ll make. The older that you get, the more money that you’re going to spend on doctor’s fees and treatment costs. With Original Medicare, you could spend thousands of dollars out-of-pocket, which can drain your bank account.
Our agents are dedicated to helping you get the best coverage to fit your needs. It’s our mission to ensure that you have the health insurance protection that you need. One of the most common reasons that seniors don’t get the medical attention they need is because they can’t afford it. Nobody should have to sacrifice their health because of finances.
Extended Medicare Coverage
Historically Plan F is the most popular because it covers just about every medical expense you can think of, but maybe you don’t way to pay the price for that coverage, then Plan G is the plan for you. Medigap Plan G is popular because, like Plan F, it gives you the certainty of the maximum you will pay out of pocket. The only gap in Medicare coverage not filled by Medicare Plan G is the Medicare Part B deductible of $166. This means that once you pay that $166 each year you will not have to pay anything for health services, other than your monthly premiums for the insurance.
Medicare supplemental insurance policies are very easy to purchase and maintain. This is a very appealing idea for most seniors. There are no surprises when you go to the hospital or for just a regular doctor’s office visit. Each time your charges will process through Medicare and whatever is left over will automatically push to your Medicare supplemental insurance. You do not have to do any filing or fighting with the insurance company, just about all of the billing is handled for you. If you happen to be using services that are covered by Medicare Part B (out-patient services like doctor’s visits), then you will pay up to the $166 and then you don’t pay anything other than your monthly premiums.
For most Medicare enrollees, these insurance plans provide peace of mind that nothing else can. Every year there are countless Americans that go to the hospital or doctor for a treatment or service, and then they find a massive bill in their mailbox that Medicare isn’t going to pay for. Because there is so much confusing surrounding the coverage of Medicare, thousands and thousands of people are left with massive bills that they don’t have the money to pay for.
One of the best ways to protect your retirement nest egg from being drained by these medical bills is by purchasing a Medigap plan to fill in those holes left by Medicare. The other gaps in Medicare that are covered by Plan G are:
- Medicare Part A Coinsurance
- Medicare Part A Deductible
- Medicare Part B Coinsurance
- Medicare Part B Excess Charges
- Hospice Care Coinsurance or Copayment
- Skilled Nursing Facility Care Coinsurance
- Charges for First Three Pints of Blood
- Foreign Travel Emergencies
As you can see this plan really gives you comprehensive coverage just like F does. There are very few expenses that you’ll encounter that you’ll be forced to pay for out-of-pocket. Since we see people having problems with understanding the $166 Part B deductible here is a quick example of a person who had a $1000 outpatient procedure. Medicare only approved the process to be $800, and they had a Medicare Plan G Policy.
|Service||Medicare Payment||Plan G Payment||Your Payment|
|First $166 of services approved by Medicare||$0||$0||$166|
|All charges within the Medicare approved amount of $800||$640||$160||$0|
|Excess charges of $200||$0||$200||$0|
As you can see the person paid only the first $166 of the charges and from there on out they had no charges to pay. Now if they had had plan F they would have no out of pocket costs, but there are scenarios where Medigap Plan G is a better deal than Plan F. Because each person has different health care needs, take the time to assess if Plan G is a better bargain for you.
Why Would I Choose Medicare Plan G Over Plan F?
While the security of knowing you do not have to pay anything past the Medicare Part B deductible with Medicare supplement plan G is nice, many people choose Medicare Supplement Plan F because it covers that deductible. So we frequently get the question, “Why would I choose Medigap Plan G over Plan F?” The answer for these types of questions always comes down to price. You are taking on a little added risk by choosing a Medicare part G policy, and thus, you will typically get a slightly lower premium.
The decision to go with Medicare supplement plan G depends on whether the monthly savings will exceed the $166 deductible. For example, if your Medicare plan G premiums are $30 less per month than Medicare supplement plan F then you will pay $360 less per year in premiums. Let’s just assume you will have to pay the $166 deductible. This means that with Medicare part G you will still pay $194 less per year than with plan F. Now if you only saved $10 per month then plan F would be a better choice. As far as coverage and price go, plan F is the only current plan available that competes with Medicare plan G (learn more about Medicare supplement plan F).
There is an expired plan that also competed with Medicare supplement plan G, Medicare supplement plan J, but if you are not already on that plan it is no longer available to you.
At the beginning of the article, we mentioned that Plan C is also one of the top three Medigap policies sold, but how does Plan C stack up against Plan F? Just like Plans F and G that we’ve discussed in this article, Plan C offers comprehensive coverage for an excellent price (in most cases), but Plan C has one main difference. Plan C doesn’t cover the cost of Medicare Part B excess charges.
Excess charges are any expenses that your physician or hospital bills that are above the Medicare-approved amount for those services. Legally doctors are allowed to charge 15% more than the Medicare-approved amount, which is the “excess charges.” With Medigap Plan C, you will be left paying for any excess charges out-of-pocket, and depending on what the services or treatments are, those charges could add up to thousands of dollars.
Aside from the excess charges, Plan C looks similar to the other two plans. Unlike Plan G, Plan C does cover the Medicare Part B deductible, which makes the policy an attractive option that you should consider.
The Importance Of Medigap Plans
Medicare supplement insurance policies are one of the most valuable tools you can purchase after you enter into the Medicare program. These plans will give you the health care coverage you need without having to break your bank account. Use our quote tool and you’ll be surprised just how affordable your coverage can be.
One of the biggest reasons that seniors don’t’ get the health care they need is because they can’t afford it. Hospital bills can be extremely expensive, but nobody should ever have to sacrifice the care they want because of finances. A Medigap plan can help you get the care that you want and deserve.
Once you have the proper plan, you won’t have to worry about going to the doctor or having a medical emergency that you are left paying for. With the rising cost of health care, without the proper coverage, you could be buried under thousands of dollars in hospital and doctor bills. You can’t put a price tag on the peace of mind that a Medicare Supplemental Insurance plan provides.
Deciding Which Plan Works Best For You
Each Medicare enrollee is different, which means that everyone has different needs and preferences for their health care coverage. There is no, “one plan fits all” plan that works perfectly for everyone, which mean that you have to take the time to consider your health, finances, and your future.
How is your health? Are you in excellent health or have you had serious health problems in the past? What does your family history look like, is there a trend of health problems later in life? You never know what the future is going to bring with it, but you can always be prepared for anything that might come. If you’re in great health with a perfect family history, then you might be able to gamble with a Medigap policy that leaves more holes in your coverage.
You should also look at your finances. Sit down and calculate how much money you can set aside for your health care costs. Do you have the money to afford a plan that fills in all of the holes, or would a policy that is less extensive fit in your budget more comfortably? Because most Medicare enrollees are living on a fixed income, it’s important to consider your finances before you enroll into a Medigap plan that fits your needs.
The supplemental plans in this post are only a few of the plans that you can choose from. Because there are so many different options to choose from, it can be difficult to decide which plan you should pick. While you can spend hours combing through each plan and comparing prices, we can save you the time and frustration. We can walk you through each plan and show you the best prices for all of the plans available to you. Many people are surprised at how affordable their Medigap policy is.
All 10 plans are standardized across the United States, which means that regardless of which state that you live in (aside from a few exceptions), your coverage is going to be the same as any other state. This means that we can help you find the perfect policy in whatever state that you live in. We work with the top rated companies from all across the United States.
The only difference between companies that offer Medigap plans is how much they are going to charge you for the coverage. Each company is different and they all have various ways to calculate the insurance premiums, which means you could get drastically varying rates depending on the company that you purchase the plan from.
Applying For A Medigap Plan
There are only two requirements that you have to meet to apply for a supplemental insurance policy. As long as you’re 65 years old and enrolled in Part B Medicare, you qualify to purchase a Medigap plan. As soon as you’ve met these guidelines, you can buy one of these plans at any point, but it’s vital that you take advantage of your Medigap Open Enrollment Period.
During this open enrollment window, which revolves around the month that you turn 65 and enroll in Part B, the insurance companies can’t decline your application for coverage. Regardless of your health or any pre-existing conditions that you have, the insurance company HAS to approve your application.
Additionally, the insurance company can’t charge you anymore for your Medigap plan because of your health or any complications that you have. For a lot of people, this is the only way that they can get affordable premiums on their supplemental policy.
If you’ve already missed your open enrollment window, don’t worry, our agents can still help you get the best Medigap plan to fit your needs. Our agents have years of experience working with dozens of insurance companies across the nation.
At CompareMedicareSupplements.net we specialize in all things Medicare and want to see you get the best rates for your supplemental insurance. You could spend hours on the phone calling different companies asking about rates, or spending days researching companies and the different benefits, or you could call us and let us do all the hard work for you. Not only can we get you the best rates possible for you, but we can answer any questions that you have about Medicare supplemental insurance and it’s advantages. Let us help you compare Medicare supplement plan G against plan F and the other plans available in your area by filling out the form on the side of this page and getting a free set of quotes.