Medicare Supplements are one of the best ways to cover Medicare costs. But, with 10 plans to choose from, which one is right for you?
The Medicare Supplements with the lowest overall price point are Plan A and Plan B. Plan A covers your:
Part B is virtually identical, except that it also covers your Part A deductible, which equals $1,484 per benefit period in 2021. The more coverage in the supplement, the more you will pay for your premium. So, the lowest premiums for any supplements goes to Plans A and B, but just remember that you will have much less coverage than others.
Plans K, L, and M utilize a system known as cost-sharing to lower your monthly premium. Cost sharing means that, when you receive a covered item or service, your Medicare policy will cover a portion, and you will cover the rest. With Plan K, for instance, your plan will cover:
Plan L is identical, but covers 75% rather than 50%. Plan M is a bit bigger, and covers 50% of your Part A deductible, but 100% of the other benefits.
How do these cost-sharing options compare to other supplements? Compared to higher-cost, higher-coverage options, these plans have a similar number of benefits, but at a lower overall cost. Because the plan does not cover 100%, your premium is smaller. Those who want coverage on a variety of benefits but don’t want to pay quite as much on a monthly basis.
Supplements C, F, G, and N are the highest-coverage options out there. These plans will cover a number of benefits with a higher monthly premium to account for it. Plan F covers your:
This is the largest of all 10 plans, but is far more expensive even than the other high-coverage options. Plan C, on the other hand, does not include Part B excess charges, making the premium much more reasonable. The same can be said for Plan G, which includes Part B excess charges, but not your deductible. These plans are ideal for those who don’t mind a higher premium to avoid paying virtually all out-of-pocket costs.
Plan N has a lower premium, however, because you pay for certain coinsurance fees out-of-pocket. This plan will also cover everything except the Part B deductible and excess charges.
Plans D falls somewhere in the middle of the high and low cost options. Here’s what it covers:
You have a tough decision to make. If you are interested in a supplement plan, which is right for you, and where can you find it from a good provider at a good price? Let us do it for you. Call The Coleman Agency for peace-of-mind today.