One thing is for sure: Medicare Supplement insurance can help you save money on medical expenses. But it's important to choose the right plan and make sure you understand what each one covers.
Medicare Supplement Plans Have Standardization And Numbering Systems
Medicare Supplement plans have a standardization and numbering system. This is called the "Eligibility and Enrollment" system, or E&E for short.
Not only does it make it easier to find your plan, but you can also use this system to make sure you're getting the right coverage for your needs. The 10 basic types of Medicare Supplement plans are: Plan A (Hospital), Plan B (Hospital Plus), Plan C (Medical), Plan D (Medical Plus/All-Risk), Plan F (Advantage). Each type has its own number that corresponds with its name; so if a company offers a plan named "Plan B", they'll also offer that same plan under their group number which would be 0100-0199.
The Medigap Plan F Is The Most Popular Plan Of All
The Medigap Plan F is the most popular plan of all. This plan has the highest rate of coverage, but also has the most expensive deductibles and co-insurance rates. It’s important to ask yourself how much you are willing to pay for your insurance before choosing a Medigap plan.
A Medicare Supplement Plan G Can Be Even Cheaper Than Plan F, Depending On Your Personal Needs
Chronic sickness qualifies for Medicare Supplement Plan G. This plan covers cancer therapy and hospital inpatient care in addition to Plan F. Depending on your demands, it's cheaper than Plan F.
Some Medicare supplement plans may cost less in rural areas. Rural regions have fewer hospitals and specialists, plus greater travel costs, so they might qualify for cheaper rates with some insurance companies who provide location-based discounts.
If your salary is too low or too high to pay ordinary premiums, consider low- or high-income plans. These plans cost less but cover fewer services, making them perfect for consumers who need basic coverage but don't foresee severe medical crises.
The Medicare Plan K Covers Very Little
The Medicare Plan K covers very little. In fact, it only covers the following:
- Hospital Deductible (the amount of money you have to pay before your Medicare insurance kicks in).
- Coinsurance for hospital stays (the percentage of costs you're responsible for after your deductible is met).
- Skilled Nursing Facility coinsurance (the percentage of costs you're responsible for after your deductible is met).
- Home Health Coinsurance (the percentage of costs you're responsible for after your deductible is met).
- Hospice Coinsurance (the percentage of costs you're responsible for after your deductible is met).
- Emergency Room Coinsurance (the percentage of costs you're responsible for after your deductible is met).
- You must be insured through the original Medicare program in order to get a Medigap policy.
In order to qualify for a Medigap policy, you must be enrolled in Medicare Part A and Part B. You'll also need to have paid Medicare taxes for at least 10 years. If you don't meet these requirements, there are other options available that may work better for your situatio
If you're still unsure about whether or not to apply for a supplement policy, we'd recommend checking out our other blog posts on this topic that provide more information on things like costs and benefits. Click here for more info.