The US Healthcare system is constantly changing and evolving, and so is medicare. It’s never too late (or too early) to start looking at and comparing Medicare supplement plans for 2015. Anyone wishing to get a head start would be wise to begin their research now. This includes anyone looking for Medicare supplements in Phoenix AZ, as well as anyone looking to leave their Medicare Advantage plan and return to original Medicare. People shopping for a supplement policy in 2015 need some simple reminders on how to choose the best coverage.
Which Plan Should You Choose?
Prior to enrolling in a supplement plan in 2015, there are several things that you need to consider. In order to determine the most suitable plan, it would be wise to consider your health status and family medical history. There are differences in the plans that may be small and confusing, so you’ll need to do your homework and see which plan works best for you.
Even though the industry is clearly changing and constantly welcoming new companies who are just entering the market, keep in mind that there are several things that remain constant when you are choosing your Medicare supplement plans. One of those constants is that every company still has identical coverage and benefits within each plan letter.
Considering the state of today’s economy, people are hoping to save as much money as possible. What this means is that you should do thorough research on all the top supplement plans in order to make sure that you choose the most suitable and affordable coverage for yourself.
Comparing rates from multiple companies for the particular plan you’ve set your eyes on is one of the most important things. Even though they all pretty much have the same benefits, their premiums are very different. If you fail to compare rates from several companies, you risk paying a substantially larger amount for the same coverage.
Many people in the past have enrolled in a Medicare supplement plan F because it offers 100% coverage, but an increasing number of people are looking at plans like G or N, mostly because these plans save you money in almost every scenario.
While there is no perfect option that suits your exact unique needs when it comes to choosing Medicare supplement plans, there are plans that suit most people. The plans that suit the most people are F, G, and Plan N.
Medical Supplement Plan F
Most Medigap carriers sell plan F, due to its popularity in the population. However, despite the fact that it offers expansive coverage, Medicare Supplement Plan F does not cover everything. With plan F, beneficiaries are still obliged to pay their monthly Medicare Part B premium payments. Plan F is an attractive option for people that require regular medical assistance.
What follows are the most obvious costs and benefits of choosing plan F:
- Covers any and all gaps left unfilled by Plans A and B
- Full coverage of all expenses approved by medicare
- The Highest premium out of all the different plans
- Allows you to visit any hospital or doctor that accepts Medicare
A high-deductible option on Medicare Supplement Plan F is also available. If you choose this option, you have to pay a deductible of $2,180 for 2015 before the plan pays anything. This amount can be increased each year. High-deductible plans are characterized by lower premiums. However, in case you get sick, you’ll end up with higher out-of-pocket costs.
Medicare Supplement Plan G
Medicare supplement plans in 2015 do not change in benefits. Regardless, more and more people will likely be looking at Medicare supplement plan G as their primary plan. This includes people who are just turning age 65 and entering the Medicare System. Furthermore, it includes those looking to switch their Medigap plan in order to save money.
High-rate increases from the current carrier are a common reason for switching plans. You should consider switching to plan G if you are currently tied to Medicare supplement plan F to see if it fits your needs.
The primary and only difference between plan G and plan F is who pays the Medicare part B annual deductible. Even though plan F takes care of the annual part B deductible for you, in exchange you are paying higher premiums for them to do so. With Plan G, you will have lower monthly premiums, and you will pay the part B annual deductible yourself.
Furthermore, you are also obliged to cover the deductible for Part B, out of pocket, before Medicare begins paying, the same as with Plan F.
Plan G is an attractive option for people who are willing to pay the Part B deductible out of their pockets and want some coverage for hospitalization.
Medicare Supplement Plan N
Medicare supplement plan N is another plan that many people might consider in 2015. Similarly to plan G, with Plan N you pay the annual part B deductible yourself. The difference is that with Plan N, after you pay this deductible, you might end up with $20.00 co-pay per doctor visit. Moreover, in case you visit the emergency room and you are not admitted, you are obliged to pay a $50.00 co-pay with plan N.
Additionally, Plan N does not cover Medicare part B excess charges. Finally, the premiums are lower for plan N in comparison with both plan F and plan G. Here are the costs and benefits of choosing plan N:
- You are obliged to pay the deductible for Part B
- $50 co-payment if you visit an emergency room and you are not admitted
- Up to a $20 co-payment for each doctor or specialist visit
- Will not cover any excess charges from Part B
Choosing a Medicare supplement plan can oftentimes be an overwhelming task. Whether you decide to go with Plan G, N, or F, you need to be certain that the plan you choose suits your needs, and your financial abilities. By following the advice in this article you can make an informed choice that will pay dividends for your health in the long run.