How to Choose the Best Medicare Plan

Best Medigap Plans

Medicare is a government health insurance program for individuals 65 and older, people with certain disabilities, or those with End-stage Kidney Failure (ESRD).

Most individuals who are covered under Original Medicare have Parts A and B. Although having Original Medicare is valuable, there are some healthcare expense not fully covered 100% (such as out-of-pocket and prescription drug costs.)

There are a few options for Medicare beneficiaries to help alleviate some of these costs. One of them being the Medicare Advantage program. Although the Advantage program includes all parts of Medicare coverage (Parts A-D), there can be some DISADVANTAGES to it. It is possible that having the Medicare Advantage Program can cost you more in the long run.

That is why many turn to enroll in a Medicare Supplement Plan or Medigap Insurance. Medicare Supplement Plans, which are sold by private insurances companies, are designed work along with Medicare Parts A and B and to help pay some of the out-of-pocket expenses not covered by Original Medicare such as deductibles, copayments, and coinsurance. Nearly 1 in 4 Medicare beneficiaries have a Medicare Supplement Plan.

All Medicare Supplements Plans typically require a monthly premium in exchange for coverage.

How to determine the best Medicare Supplement Plan

Like most states, there are 10 Medicare Supplement Plans with standardized benefits. Meaning, Medigap Plan G will have the same benefits regardless if you live in Texas or California. There are a few states such as Massachusetts, Minnesota, and Wisconsin with different standardized plans.

The best way to determine which Medicare Supplement Plans are best for you is to think about what services you could possibly use the most and where most of your Medicare out-of-pocket costs have been. Medicare supplement plans offer different levels of coverage.

There are a few factors to think about when choosing a the best Medigap Plans. Here are some great examples with a few things to consider:

  1. Do you think you would spend time in a skilled nursing facility?
    • Medicare Supplemental Plans C, D, F, G, M, and N cover these Medicare-approved costs at 100%
  2. Do you travel a lot?
    • Plans C, D, F, G, M, and N offer to pay 80% of certain medically necessary emergency care in foreign countries after you have met your annual $250 deductible. You are typically covered the first 60 days when you travel. Foreign travel emergency coverage with Medicare Supplemental Plans has a lifetime limit of $50,000.
  3. Do you want maximum coverage?
    • Plan F gives the most comprehensive coverage of all Medicare Supplement Plans. Those covered under Plan F are covered 100% for all Medicare Supplement benefits except foreign travel coverage being 80%. There is also a high-deductible Plan F that comes with a lower premium, but there is no coverage until your deductible has been met. Plan G is also a great choice as it only has a small Part B deductible ($183 a year) and has a lower monthly premium.

Comparing the Best Medicare Supplement Plans and Costs

View our compare medicare plans chart showing the different Medicare Supplement Plans along with percentage of coverage.

All private insurance companies offer the same benefits for each Medigap Plan. Each private insurance does have the ability to charge different premiums for each plan. To fit your medical and financial necessities, it is wise to shop around for the best medigap plans that will fit your medical and financial needs. Private insurance companies can possibly price their premiums based on

  1. Community no-age rated: Regardless of age, Medicare Supplemental Plans premiums are the same across the board
  2. Issue-age-rated: Medicare Supplemental Plans premiums based on your age when first enrolled. With that said, the younger you enroll the lower the premium.
  3. Attained-age-rated: Medicare Supplemental Plans premiums based on age when you first enrolled in the policy, but unlike issue-age-rate, premiums increase as you get older.

What Doctors Can You See?

If you have a Medicare Supplement Plan, you can choose to see any physician or healthcare provider that accepts Medicare.

Call one of our representatives at (800) 750-2407 today to find out which is the best Medicare Supplemental Plan to choose in your area.