Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
Medicare supplement plan F is the most popular and most comprehensive of the 10 supplement plans, but also features the highest premiums. If budget is not a major concern, I would recommend going with this plan as it offers the most predictable healthcare expense structure - just about everything in hospital and doctor office visits, tests, and exams are covered at 100%.
Plan N can be a great option as well, especially if your doctors accept assignment (accepting the Medicare-approved amount as payment in full) thus not subjecting you to any excess charges (which plans F and G cover).
There are 10 different Medicare supplement plans in total and they are all standardized, meaning a plan F from company A and a plan F from company B feature the EXACT same benefits. The 10 different plans available are plans A, B, C, D, F, G, K, L, M, and N. Each plan offers certain benefits – some more comprehensive than others. For example, Plan A offers coverage of only the basic benefits of Medicare Supplement Insurance, while Plan F is the most comprehensive.
Plan F also offers a high-deductible version of the plan – it is the only plan that offers this feature. Under a high-deductible plan F (also referred to as Hi-F), the insured must pay for Medicare-covered costs up to the year’s deductible amount – $2,140 in 2014 – before the supplement plan pays anything. The benefit of the high-deductible plan F is that it offers the insured a much lower monthly premium.
In short, each plan has it's own pros and cons and what may be suitable for you may not be for someone else. Independent agent can provide you with the rates for multiple companies and help get you set up with the plan that's right for you.
Carriers try to differentiate themselves by competing on rates and what, if any, value-added services they offer. Value-added services can be things like a help line, discounts for services (such as dental and vision - not dental and vision insurance, just discounts off the full price), and others.
Please let me know if you have any other questions. Thanks!
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Plan N can be a great option as well, especially if your doctors accept assignment (accepting the Medicare-approved amount as payment in full) thus not subjecting you to any excess charges (which plans F and G cover).
There are 10 different Medicare supplement plans in total and they are all standardized, meaning a plan F from company A and a plan F from company B feature the EXACT same benefits. The 10 different plans available are plans A, B, C, D, F, G, K, L, M, and N. Each plan offers certain benefits – some more comprehensive than others. For example, Plan A offers coverage of only the basic benefits of Medicare Supplement Insurance, while Plan F is the most comprehensive.
Plan F also offers a high-deductible version of the plan – it is the only plan that offers this feature. Under a high-deductible plan F (also referred to as Hi-F), the insured must pay for Medicare-covered costs up to the year’s deductible amount – $2,140 in 2014 – before the supplement plan pays anything. The benefit of the high-deductible plan F is that it offers the insured a much lower monthly premium.
In short, each plan has it's own pros and cons and what may be suitable for you may not be for someone else. Independent agent can provide you with the rates for multiple companies and help get you set up with the plan that's right for you.
Carriers try to differentiate themselves by competing on rates and what, if any, value-added services they offer. Value-added services can be things like a help line, discounts for services (such as dental and vision - not dental and vision insurance, just discounts off the full price), and others.
Please let me know if you have any other questions. Thanks!