Medicare Supplement plans are a great way to plan for the out-of-pocket costs from Medicare Part A and Part B. Plans F, G, and N are typically the most popular Medicare Supplement plans.
Plan F offers coverage for Part A coinsurance and hospital costs, Part B coinsurance and copayments, your first three pints of blood, hospice care, skilled nursing facility care, the Part A deductible, the Part B deductible, Part B excess charges, and 80% of foreign travel emergency care. This is the plan with full coverage for the available expenses.
Plan F is only available to people who became eligible for Medicare before January 1, 2020. This is because the plan covers the Part B deductible, which is no longer being covered.
In some states, you can choose a high deductible Plan F. This plan offers the same coverage, which begins after you meet the deductible. This plan comes with a lower monthly premium in exchange for the delayed coverage. The promise of full coverage in the event that you have expenses surpassing the deductible gives security for a low monthly payment.
Plan G covers everything that Plan F covers, except it does not cover the Part B deductible. This plan offers the most coverage for anyone who became eligible for Medicare after January 1, 2020. This comprehensive coverage plan takes care of the out-of-pocket costs for Medicare Part A and Part B, leaving you with only the Part B deductible.
Plan G high deductible plans are also available in certain states. For a low monthly premium, you can purchase extensive coverage. In the event of an emergency, you only need to pay the deductible and everything else will be covered by the plan. This plan is a great option for people in good health who can afford the high deductible.
Plan N covers Part A hospital costs and coinsurance, Part B coinsurance and copayments, your first three pints of blood, Part A hospice care, skilled nursing facility care, the Part A deductible, and 80% of foreign travel emergency care. This plan pays for 100% of the costs for Part B services, except for small copayments for doctor visits and emergency room visits.
Choosing a Medicare Supplement Plan
Medicare Supplements vary in their coverage. You can choose a plan with basic coverage, a plan with mid-level coverage and slightly higher premiums, a plan with an out-of-pocket maximum, or a plan with comprehensive coverage and the highest premiums. The most popular Medicare Supplement plans are the ones with comprehensive coverage: F, G, and N.
To choose a Medicare Supplement plan, consider the amount of out-of-pocket costs your health care needs may add up to. Also consider how much you can afford in monthly premiums. Once you sign up for a Medicare Supplement plan, you are likely to stick with it because there are few circumstances that qualify you for enrollment beyond the initial open enrollment. For help deciding between Medicare Supplement plans, contact The Coleman Agency today.