When your Medicare benefits don’t cover health care that you need quite often, Medicare Supplemental Insurance can save you a lot of money. Sure, you will have a predictable monthly premium for a Medigap Plan, but you won’t be caught off guard by unexpected and high medical bills that don’t fit into your budget.
Once your income becomes fixed, there’s less room for financial surprises. With a range of choices available among Medigap policies, it’s easy to fit a plan to your situation. You can get everything from comprehensive to marginal coverage. To keep the benefits options clearly distinguishable, Medigap Plans are labeled by letter. Plan A offers the least coverage and, right now, Plan F has the most comprehensive. The Medigap Plans do change from year to year. There’s also a Plan G that provides almost as much coverage as Medigap Plan F and it does so for a lower monthly premium.
If you’re not using all of benefits of a particular Medigap Plan, why not look into the alternatives? You may be able to get the amount of coverage you need at a lower cost. New plans becoming available and a few being discontinued aren’t the only changes that affect Medicare Supplement Insurance Plans. This year, Medicare expanded its benefits to provide full coverage for recommended preventive care. If you normally see a doctor just for these services, Medicare’s expanded coverage may make it possible to switch to a less expensive Medigap Policy.
The only difference between the more expensive Medigap Plan F and the less expensive Plan G is that Plan G won’t reimburse you for the Medicare Part B deductible. That’s the deductible you have to meet before Medicare picks up your doctor bills. Since Medicare pays for 100 percent of preventive doctor care now, you may not need to be reimbursed for the deductible on doctor services. You can see how all of the Medigap policies compare here on our website. You can also call us to get a second opinion on which plan would best meet your needs and budget. We have independent and experienced advisors to help you get your money’s worth.
Wiley Long is founder and president of Medigap Advisors, and is passionate about helping people navigate the confusing waters of Medicare. He is the author of The Medicare Playbook: Designing Your Successful Health Coverage Strategy, a clear and simple explanation so you can make the most of your Medicare coverage. For more information visit www.MediGapAdvisors.com.