Many of us find the process of signing up for Medicare coverage confusing. Especially when evaluating the benefit options provided by the “Alphabet Soup” list of Medicare Supplement plans.
Medicare supplement policies, also known as Medigap plans, pay out-of-pocket costs that would normally fall to the Medicare beneficiary. The insurer has no discretion as to paying claims. If the service is a Medicare-approved service the plan will pay your share of the cost, as provided by the benefits set that your plan provides.
Of particular importance, all plans with the same letter have the same coverage, but premiums can, and often do, vary by company.
These plans are “Guaranteed Issue” when you first enter Part B. However, in most States, medical underwriting is required after the Guaranteed Issue Period and companies have the right to reject applicants.
There are presently 10 letter designations (Plans A through D; F; G; and K through N). Some are no longer available for new enrollees. For example, Plan “F”, the most comprehensive coverage, is only available to those who had Medicare coverage before January 1, 2020. There are “Select” Medigap plans that have some unique restrictions on how they can be used. Plan N, which usually has lower premiums in return for some cost-sharing, is also worthy of consideration, especially if you anticipate that your general usage will be below.
Additionally, there are “high-deductible” plans, with lower monthly premiums, in exchange for a higher out-of-pocket annual deductible.
The replacement for Plan F, for those currently entering Medicare, is Plan G, which provides the same coverage as Plan F with the exception of coverage for the Part B deductible ($240 in 2024).
Your Medicare plan selection today could have a big impact in both how much you spend on medical care
during your lifetime and what options will be available along the way.
A conversation with an independent advisor should start with a look at what you value when it comes to health insurance coverage. You need to have a strong sense of your personal preferences and health concerns before you can really identify the policy options delivering the benefits best suited for your specific needs.
MediSmart Advisors Three Key Steps to Choosing a Medicare Coverage Option
- Objective Review and Prioritize Needs
Advisors help with the number of considerations and choices. - Objective Review and Evaluate Plan Options
Advisors help find the types of policies that come closest to aligning with your priorities. - Shop for the best deal in the state and county you live.
MediSmart is an independent broker advisor with access to policies from virtually every carrier. And our service is always free to you.
Advisors also add value by ensuring that you have a strong grasp of the process, including enrolling on time to avoid penalties and coverage gaps, and other factors associated with Medicare enrollment.
So, what is the “best” policy? The answer is, “It depends on what best serves your specific needs and circumstances.” Call us today at 833 79-SMART or visit MediSmartAdvisors.com and let’s find out together.
About MediSmart Advisors
MediSmart Advisors are independent broker/advisors, representing many, if not all, of the important carriers in your region. Our service is always FREE to you and you are never required or pressured into enrolling in any policy. Let us help you understand all options available to meet your specific and personal health insurance needs.