Medicare Supplemental insurance coverage helps pay some of your share of the healthcare costs that are not covered by the Medicare Plan, such as deductibles and coinsurance or copayment amounts. Some supplemental health insurance plans also cover certain hospital or medical services not covered by Medicare.
While Medicare Parts A and B (also called “Original Medicare”) cover some health care costs, they don’t pay for everything. Medicare supplement insurance plans (also called “Medigap”) from private insurers complement your Medicare coverage. These plans help cover some of your out-of-pocket expenses not paid by Medicare.
Standardized Medicare supplement insurance plan (Medigap) benefits are set by the federal government. That means the basic benefit structure for each plan is the same, no matter which insurance company is selling it to you.
Some plan features are:
- A choice of plans to meet your needs and budget now and in the future.
- You’re able to keep your own doctor without network restrictions, as long as they accept Medicare patients.
- Coverage goes with you when you travel in the U.S.
- You are guaranteed coverage for life. **
Rates are subject to change. Any change will apply to all members of the same class insured under your plan who reside in your state.
- You may visit any specialist who accepts Medicare patients without a referral.
Medicare Supplement Plan G Versus Plan F
On average the Medicare Supplement Plan F is $500 to $900 dollars more expensive than the Medicare Supplement Plan G. The only difference in coverage between the Plan F and the Plan G, is that Plan G requires you to pay the Medicare Part B annual deductible. The 2019 Medicare Part B Deductible is $185.00. It does not make sense for you to pay your Medicare Supplement Plan Carrier $300 to $600 dollars more so that they can pay your $185.00 dollar deductible?
Medicare Supplement Plan G will save you money!
The Medicare Supplement Plan G (also referred to as Medigap Plan G), is the second most comprehensive Plan that you can choose. The Plan G will pay all of the copays, deductibles, and co-insurance that original Medicare does not pay except for the Medicare Part B Deductible. For 2019 the Medicare Part B Deductible is only $185.00. So once you have paid the first $185.00 of your Doctor bills, you will have no more out of pocket costs for the remainder of the year.
With a Plan G, you will be able to go to any Hospital, Doctor or Provider that accepts Medicare. You will not need any referrals to see a Doctor.
Medicare supplement vs. Medicare Advantage
Medicare supplement (Medigap) and Medicare Advantage plans are different from one another. A Medicare supplement plan may be purchased if you have Medicare Parts A and B coverage. If you join a Medicare Advantage Plan, you’ll still have Medicare, but you’ll get your Medicare Part A and Medicare Part B coverage from the Medicare Advantage Plan, not Original Medicare, and sometimes prescription drug benefits are included with these plans.
You cannot have a Medicare Advantage plan and a Medicare supplement plan at the same time. Medicare supplement plans are sold by private companies, while Medicare Advantage Plans are offered by Medicare-approved private companies.