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We like options, and so do you. Luckily, Medicare Supplements Plans each offer different benefits with various out of pocket costs to the consumer. Plans A – N each have different levels of co-pays, deductibles, and more. (Notice that MediGap “Plans” are different than “Parts” of Medicare)
Medicare Supplement Plans were standardized in 1990, meaning that the plans must follow federal and state laws to protect the consumer.The level of benefits offered within a single standardized plan does not vary from one insurance company to another. In other words, a Plan F through company X offers the same benefits as a Plan F through company Y — but the monthly plan premiums between companies may vary.
While all plans of the same letter offer the same benefits, plans of different letters very in the amount paid by the consumer in co-pays, deductibles, and out of pocket costs varies. As you can see in the chart below, Plans F and G offer more coverage (and therefore lower out of pocket costs) than Plans A and B.
You can also see that many MediGap plans greatly reduce and often eliminate out of pocket costs. So when you use your MediGap insurance, you often leave your physician’s office without paying a dime!
There are 10 MediGap Plans (lettered Plans A-D, F, G, K-N) to select from in each state, and various insurance carriers offer these plans in each state. In order to enroll in a Medicare Supplement plan, you must be (and stay) enrolled in Medicare Part A and Part B, also known as Original Medicare. Remember, Medicare Supplement, or MediGap, Plans fill the gaps in Original Medicare’s coverage, so you can have the independence a comprehensive health plan can provide!
Choosing a MediGap plan should not be based on premium price alone! There are many more factors to consider and the help of an Agent can ensure you select the right plan the first time. My Medicare Partners will ensure you select a plan that meets your coverage and stays within your budget. We’ll also let you know why the most popular Plan may not save you the most money!