Medicare Supplement: Pro’s and Con’s

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | RSS

MEDICARE SUPPLEMENT- The Pros and Cons

Are you trying to unravel all the different Medicare Supplement plans? What about the Medigap Plans. Did you know there are 11 different Medicare Supplement and Medigap Plans. Which one is best for you? Are any of them affordable and how do they work? Can I keep my doctor? Will this Medicare Supplement be accepted everywhere I want to go?  These are the questions I am going to answer today for you so you can stop “googling” all those different websites and God forbid, calling one of the carriers direct or an association or even a call center.

First, a Medicare Supplement and Medigap plans are the exact same plans.  There is no difference.  The terms are simply marketing names but both are identical.  Some carriers use the word Medigap while others just call it thigh traditional name of Medicare Supplement.

If you are in within 3 months of your birth month, before or after your birth month or possibly the month of your birthday, there is no underwriting as long as you are in your initial open enrollment period.  generally this period is after you loose your employer coverage or are about to turn 65.

 I will assume you already have done your homework and have either applied for or secured your Medicare Parts A and B coverage.  You must have these important coverages before. you can purchase a Medicare Supplement.

Medicare Supplement plans are sold by Insurance Carriers.  There are many many ( maybe even too many ) Medicare Insurance carriers.  Benefits are identical, the only difference is the premiums and some bells and whistles.

Medicare supplement plans are designed to fill in the cracks as to what Medicare does NOT cover.  This can be significant.

Now for the Pros and Cons:

The Cons first:

This one is easy.  There are not many cons to having a Medicare Supplement plan.  One may be the cost ( usually around $110 for Plan G and $155 for Plan F on average).   When you annualize this of either approximately $1320.00 for Plan G to $1860 for Plan F and compare that to your current healthcare premium today, I think you’ll agree this sounds pretty good.  

Plan G has a small deductible to pay annually ( right now he deductible is $187.00 per year )..  That’s it.

Plan F has no deductible, copays, coinsurances or any out of pocket expenses.  It is also commonly know as the ” Cadillac Plan”

The ” Cadillac Plan “, Plan F will go off the market in 2020. However if you have this plan in place prior to 2020 you can keep it the rest of your life.

Plan G is here to stay!!

Medicare Supplement Plan F and  Medicare Supplemetn Plan G are the two most popular plans by a wide margin.

The Pros:

Well actually there are many.  Not only the Plan F and G descriptions  listed above are considered pro’s but the following are also considered important.

1. The network of providers, both hospital and Doctor is nationwide.  Compare this to the Medicare Advantage plans and this is huge.  The In Network consist of providers is any doctor or hospital in the United States that accepts Medicare.  I believe that is most providers and hospitals…. Although the there are some( a very small percentage ) who do not accept Medicare. 
2. If you are relatively healthy, there really is no annual open enrollment period when you can change or switch plans.  If your health has declined, changing carriers or plans may be difficult.
3. If you get sick, you can NEVER be cancelled. Nor will your particular medical expenses determine your rate or any rate increases.
4. Medicare Supplements are the most common way to cover your healthcare costs in your senior years.
5. The competition among insurance carriers is heavy but there are a few Insurance carriers who really specialize in this field.
6. Some Medicare supplement carriers even offer a true FREE GYM membership.

My passion as a Medicare Expert is to help you navigate, educate, and understand and to you enroll in the best plan for you.  I am NOT a call center and will likely answer your call when you call me directly at 877-549-1212. I set aside time every day to help you avoid choosing the wrong Medicare Plan. My consultation is completely free, for a limited time only. I invite you to contact me personally to discuss your situation, while I still have the time. I have 29 years of expertise in Medicare and I look forward to helping you with your insurance needs.

Call me today at 877-549-1212