Understanding Medicare Supplement Insurance

Understanding Medicare Supplement InsuranceReviewing the gaps in Medicare and explaining which Medigap plans fill in which gaps

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We will separate the gaps in Medicare Parts A & B into two sections for easy review and explanationWe will diagram which Medicare supplements cover which gaps and at what level these gaps are coveredWe will then combine both benefit sections for an overall picture of all Medicare supplement plans and their coverageFinally, we will discuss the variations of Plans C and FWe introduce Medicare supplement Select Plans C and F as well as High Deductible Plan F Should you not own any type of Medicare supplement, your portion of the bill can be more or less than 20%

Medicare Basic Benefits & Additional Medicare Benefits

Basic BenefitGapsPlan APlanBPlanCPlanD PlanFPlanGPlanKPlanLPlan MPlanNPart A Hospital Coinsurance ($304 Days 61-90)Lifetime Reserve Days ($608 Days 91-150) 365 More Hospital Days 100%Parts A & B Blood50%75%Part B Coinsurance50%75%*Part A HospiceCoinsurance50%75%

Medicare Basic Benefits

Most Medicare supplement plans cover all of the basic benefitsWithout a Medicare supplement, you are responsible for covering the gaps (costs) associated with basic benefitsThese costs can add up over the course of a long illnessPlans K and L cover some basic benefit gaps at only a 50% and 75% level respectively up to a maximum annual limitThe maximum annual out-of-pocket limits for Plans K and L are $4,940 and 2,470 respectively in 2014*Plan N is unique as it has a $20 doctors office copay and a $50 emergency room copay (no other Med Supp plans have copays)Basic Benefits are only the first half of benefit gaps you might face without supplemental insuranceMedicare Basic Benefits

Additional Medicare GapsAdditional Benefit GapsPlan APlanBPlanCPlanD PlanFPlanGPlanKPlanLPlan MPlanNSkilled Nursing Facility Coinsurance($152 Days 21-100)50%75%Part A Deductible ($1,216 in 2014)50%75%50%Part B Deductible ($147) in 2014Part B Excess ChargesForeign Travel EmergencyPreventive Care Coinsurance

Plans C, D, F and G are the most comprehensive supplementsPlan F is the Cadillac Plan as it fills in all gaps in Parts A & BPlan G is popular as it has only one gap (the Part B Deductible)Several policies do not cover Part B Excess Charges Excess charges are not routine, but can add up. Some states (Ohio for example) do not allow for Part B Excess ChargesPlans C, D, F, G, M & N all cover Foreign Travel EmergencyAll Medicare supplements cover Preventive Care CoinsuranceIn our experience: Plans F, G and N are most commonly purchased by consumers who are eligible for MedicareCovering The Additional Gaps

2014Medicare GapsPlan APlanBPlanCPlanD PlanFPlanGPlanKPlanLPlan MPlanNPart A Coinsurance$304 - Days 61-90Lifetime Reserve $608 Days 91-150365 More DaysParts A & B Blood50%75%Part B Coinsurance50%75%*Part A Hospice50%75%Skilled Nursing Facility Coinsurance$152 Days 21-10050%75%Part A Deductible $1,216 in 201450%75%50%Part B Deductible $147 in 2014Part B Excess Foreign TravelPreventive Care

*Plan N has a $20 doctors office & $50 ER copay. 2014 Plan K and L out of pocket limits = $4,940 and $2,470 respectively.

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In some areas both Plans C & F offer lower cost Select Plans that have network restrictions for the insuredIn exchange for lower monthly premiums, Select Plans require the use of network doctors and hospitals for non-emergency health care servicesSelect Plan owners can go out of network for emergenciesOnly some carriers offer Select Plans and only in some parts of a particular state or zip codeConsumers must live in the area designated by the insurance company in order to purchase a network driven Select Plan

Medicare SupplementSelect Plans C & F

Plan F is the only Medicare supplement with a high deductible version and it can be a good value for some consumersThe deductible usually changes each year and is $2,110 for 2014When Medicare changes the High Deductible Plan F amount, it affects all plans owned by consumers both new and oldMedicare pays its share of your health care bill first, but HD Plan F will not pay its portion until your deductible has been metIn many areas, High Deductible Plan F is the least expensive Medicare supplement sold by insurance companiesYou may not be able to switch back to traditional Plan F if your health changes and you cannot pass medical underwriting

High Deductible Plan F

CMS (Centers for Medicare and Medicaid Services) makes changes each year that affect all supplements both new & oldTypically, some gap amounts will increase by a small percentagePart A Coinsurance, Lifetime Reserve Days, Skilled Nursing Coinsurance and the Part A & B Deductibles usually increaseThis means you (or your supplement) must cover more costsThis is one reason why Medicare supplement monthly premiums usually increase year over year It can be a good idea to shop for new Medicare supplement coverage each year if your rates have increasedYearly Changes To Medicare

Unless otherwise noted, a Plan F is a Plan F is a Plan FYou are shopping on the reputation of the insurance company (like premium increases and claims payment)As there are usually no network restrictions, there are many insurance companies offering Medicare supplementsYou will find large and small companies offering coverageIt can be wise to shop with an independent agency in order to compare plan prices and premium increase historyMedicare supplement prices are controlled by law so monthly premiums will be the same no matter your source

Shopping For Medicare Supplement Insurance

Your one-stop shop for Medicare supplement insurance quotes and direct enrollmentClick Here To Request Quotes

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