Medicare is a government medical insurance for people above the age of 65. It covers the basic costs of both inpatient treatment and outpatient treatment, but it still has many expenses left uncovered. Medicare covers 80% of basic medical costs while the remaining 20% is out of pocket cost for the patient.
Also, Medicare covers the cost of blood for medical surgery or transfusion after the first three pints. It means the patient must pay for the first three pints of blood himself. Again, traditional Medicare does not cover the cost of prescription drugs. All these out of pocket costs may be too much for many retirees to afford. That is the reason Medicare allows private insurers to sell Medicare Supplement Plans to cover some of the expenses.
What are your options?
Compare Medicare supplement plans 2021. There are ten basic Medicare Supplement Plans 2021. They are Medicare Supplement Insurance Plan A, B, C, D, F, G, K, L, M, and N. But Plan C and F are no longer available. Therefore, only eight options are available. All of them cover Medicare Part A coinsurance and hospice, Medicare part B copay or coinsurance, and three pints of blood in a surgery or blood transfusion.
Before you purchase an insurance policy, it is necessary to compare all your options to know which one is best for you.
Medicare Supplement Plan F
Plan F is the Medicare Supplement Plan that has the widest coverage. The plan covers every cost that traditional Medicare does not cover. So, if you have this plan, you won’t need to pay anything for any medical service again. All you will need to be paying is the monthly premium. Unfortunately, this plan is no longer available to the senior who might just want to enroll for it. It is only available to people who had already enrolled for it and want to renew it.
Even at that, it may not be advisable because of its high cost. Medicare Supplement Plan F was de-listed initially because of its high cost. Then with the few people left with the plan, the private insurers have no choice but to increase their premium even further. So if you have this plan and you feel it is too expensive, you can look at other options that are close to it in coverage but far cheaper. Medicare Supplement Plan G will be a good alternative.
Medicare Supplement Plan G
Plan G has the most comprehensive coverage among the eight Medicare Supplement Plans available now. It covers almost everything except the Medicare part B deductible.
Medicare Supplement Plan G covers the out of pocket coinsurance in the Medicare part A and B. It covers Part A deductible. If you need a blood transfusion or need blood for surgery, with the coverage you can get up to three pints of blood in a year. It also covers the cost of skilled nursing and hospice cost. For hospitals and health facilities and practitioners that may not accept Medicare part B, this supplement plan also covers the excess charges involved here.
Also, if you need emergency care abroad, this plan will cover part of the cost of the oversea travel and treatment up to 80 percent. The only cost that is not included in this plan is the Medicare Part B deductible. But that will cost only $198.
Because this plan is comprehensive, many people are showing interest in it. This makes all the major medical insurance providers offer the plan. The high number of insurers offering the plan makes it competitive and hence each of them is lowering its price to compete. The result is that you can get this insurance at an affordable price. Notwithstanding, it is still more expensive than most of the other plans. So, if you cannot afford the cost of this plan or you think it has covered too much than what you need. The closest alternative that you have is Plan N.
Medicare Supplement Plan N
Plan N has a lot of coverage, although not as much as plan G. But it has more than many other plans. It is also cheaper than plan G. Medical Supplement Plan N covers all the basic coverage of supplement plans as well as almost all the coverage in plan G, except for the copay and Medicare part B excess charges.
The fact that Medicare Supplement Plan N has a wide coverage and its premium is not as high as plan G makes it popular. Most of the seniors that may not afford plan G or feel plan G is not necessary for them, see Plan N as a good and cheap alternative. Yet, plan N is still more expensive than many other available options.
Other options are cheaper although they might not cover as much. Depending on what coverage you want, you may go for cheaper options. One of them is a Medicare Supplement Plan A.
Medicare Supplement Plan A
This is an option for people on a low budget. Medicare Supplement Plan A is different from Medicare part A. Plan A is a supplement plan while Part A is part of the traditional Medicare. Medicare Supplement Plan A is the plan that has the lowest coverage among the ten Medicare Supplement plans. But it is very affordable and hence is for people who believe they won’t need much medical treatment. Those buying this option must be ready to pay some more money as out of pocket costs.
Medicare Supplement Plan A covers four basic things. It covers Medicare part A coinsurance and hospice Medicare part B copay or coinsurance, and three pints of blood in a surgery or blood transfusion.
But if you want an insurance policy that has a little more than basic but not so wide in coverage, then, Plan B may be your option.
Medicare Supplement Plan B
Just like plan A, Medicare Supplement Plan B is different from Medicare part B. Plan B has more coverage than plan A. It covers Medicare Part A deductibles, coinsurance, and copay. It also covers Medicare part B copay and coinsurance. Like other supplement plans, it covers the first three pints of blood you receive in a year.
Even if all these plans are not okay for you there are still five other plans you can select from. You still have the option of Medicare Supplement plan C, D, K, L, and M. It is noteworthy however to know that Medicare Supplement Plan C have been de-listed. You can only renew it if you already enrolled. If you don’t enrolled, you can no longer enroll for it.
We can help you
The prices of these Medicare Supplement Insurance Plans are constantly changing. They also vary from one insurer to another. The tools on this website can assist you compare the offers available in your locality. With our comparison tools, you will be able to decide which plan has all that you desire and comes at the best price for your budget.
Also, as the price is changing, we are updating our information. It, therefore, makes it easy for you at any time to know the updated cost of the plan you are thinking of buying. This will save you the stress of making constant phone calls to get information or visit different offices.
If after using our tools and information, you still have challenges in making up your mind or you just need clarity, we will be ready to assist you.