Medicare Supplement Plans Comparison
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The time is coming when you will be signing up for Medicare. Your retirement age is approaching, and you want to decide on a supplemental policy for Medicare. Many people understand that Medicare is a great deal for seniors, but not everyone understands that there are limits to what Medicare pays for. Although Medicare is a great deal, you will be paying part of your doctor’s bill yourself. In fact, typically you will pay 20 percent of your medical bills each year.
If something was to happen to you and you spend an extended amount of time in the hospital, your medical bill can add up to more money than you have. It is easy to lose the money you have saved up over the years. For this reason, it is important to have a supplemental policy to cover the bills that Medicare does not cover. At the least, you should have a plan that covers the large expenses related to care given at a hospital, such as surgeries and recuperation.
Although the supplemental plans are provided by the private sector, due to government regulations, all the plans have been standardized. As of 2012, there are a total of 12 supplementary plans, with each plan given a letter designation. The plans are labeled A, B, C, D, F, G, K, L, M and N. A quick Medicare supplement comparison of all 10 plans will show that all of them have basic, standard coverage. The differences are in the types of coverage each plan provides. The more benefits each plan has, the higher the premiums.
You should go over each of the plans thoroughly and compare costs to determine which is best for you. Having said that, the choices that people make are not spread evenly between the ten different plans. In fact, overwhelmingly people choose Plan F or Plan G, with Plan F being the most popular. The reason Plan F is the more popular of these two plans is that it addresses the issue of the gap in Medicare part B coverage. Part B is the insurance for outpatient care. This means the trips you make to your doctor. Often Medicare will not pay, or does not cover, parts of a bill from your doctor. This is when having a supplement, such as Plan F, can save money.
Plan F also pays for additional days in the hospital when the Medicare Part A benefit ends. It also helps with hospice care, nursing facilities and deductibles for inpatient and outpatient expenses under Medicare Part A and B.
Plan G is similar to Plan F, but it doesn’t cover any gap that may exist for outpatient care under Medicare Part B. By foregoing the coverage for Part B, and only being covered for hospital bills under Part A, a person can save a lot of money on their premiums.
It should be pointed out that there is available a modified form of Plan F that offers everything that a regular Plan F has but with lower premiums. This is accomplished by having an annual deductible. Coverage does not begin until the deductible amount is paid. However, once the deductible is met, you will have coverage for Part B of Medicare as well as Part A.
Plans F and G both provide important supplementary insurance at a lower cost than other plans, especially the modified Plan F, but what is best for you may be one of the other plans. Price is not the only issue, and you may need to seek expert advice on a Medicare supplement plans comparison. Whichever plan you choose, you need to get several quotes. The differences in prices for a particular plan are dependent upon the company you purchase from. The plans are identical. The price differences are a reflection of costs from one company to the next.