Medicare provides a basic yet valuable healthcare plan for seniors. It is great in many ways, but also has its own limitations in cover. Medicare is very aware of those boundaries. In the sincere attempt to provide cover beyond those limitations, they have formulated different categories of health plans outside of the basic Medicare plan. These can include the Medicare Advantage, Medicare Supplemental plans (also known as Medigap plans), Medicare Part D and many others. Generally, subscription for these plans can occur when you turn 65. If you want to understand your options better, you can read on to the next selection and discover ways to effectively sort and compare plans.
Medicare Supplement Plans
Medicare Supplement plans are sold through private insurance providers and are created by Medicare to give seniors coverage in areas where the basic Medicare plan is unable to. You cannot purchase a supplemental plan alone as you are required to have the basic Medicare plan as your baseline coverage. This collaboration of plans allows for a more powerful healthcare coverage for you to enjoy.
Supplemental plans are able to cover you for supplemental expenses in particular. These refer to the out of pocket costs personally supported by the customer whenever they access certain services. Depending on the type of supplemental plan you have, you can get coverage for any of the following expenses:
- Deductible for Part A inpatient care services
- Deductible for Part B outpatient care services
- Copayment for Part A
- Copayment for Part B
- Coinsurance for Part A hospice care services
- Coinsurance for nursing care services
- Part B excess fees
- Three pints of blood, renewed every year
- Foreign travel exchange costs for emergency medical transport outside the country
There are also different types of supplemental plans. Out of the ten plans stipulated by Medicare, Plan F is the only one capable of giving full coverage for all the supplemental expenses. Even though rates can vary between providers, Plan F is still the most expensive plan. Also keep in mind that regardless of the provider you pick, Plan F, or any supplemental plan for the matter, will always have a fixed coverage as legislated by Medicare. Rates though are decided on not by Medicare, but by the different providers themselves. This is why you see rate differences among insurers.
Medicare Supplement Plans 2021
Everyone will always want the best deal they can get. As you look at these plans, the only way to know you are getting the best deal possible is by comparing quotes from different providers. We are able to provide you a way to do that by using our website as a comparison platform. It allows you to effectively compare many quotes from various insurers for any specified plan. It is a fast process and no fees required. It is a very handy tool to search for a great plan which can you whenever you need it.
If you find Plan F to be too costly and unnecessarily gives you too much cover than you need, you can check out Plan G or Plan N instead. These two plans still provide decent coverage and at a more reasonable price.
Out of the list of supplemental fees that we have detailed above, Plan G can cover for everything except the Medicare Part B deductible. Currently, it is an annual charge of $185 which you need to pay out of pocket. It is a relatively small amount to personally pay every year. Our personal say on this plan is that it is a great coverage with a reasonable price. It will benefit those with a lot of medical needs without straining them financially.
Supplemental Plan N is still a great option for those looking for good coverage at a more affordable rate. It can cover for everything on the supplemental list stated above, except for some Part B deductible and Part B excess fees which pop out when you get services from a facility that does not fully accept Medicare. You also get to pay a small portion involved in Part B copayment fees. This amounts to $20 for doctor’s office visits, and $50 for emergency room visits.
MACRA Changes Medicare Supplementary Plans
New regulations have been set in the general accessibility of Medicare Supplement Plan F and Plan C. These two are not placed in a closed pool of plans which does not allow for any new subscriptions to happen. If at this point you do not hold any of these plans, you are unable to sign up for it. Only those current holders have the capacity to reapply by renewal. Such changes occurred to help protect consumer’s interest. These two plans provide very high coverage but at the expense of extremely high fees.
For those existing Plan F and Plan C holders, coverage will the same, but rates are expected to rise drastically over time. Due to loss of new subscribers, the companies are unable to even out the costs and they can only raise the fees at such rate to keep the commercial side of it running.
Plan G is also evolving into few subplans such as the version for High Deductible Medicare Supplement Plan G. It basically allows you to enjoy much cheaper premiums by allowing a higher deductible to pay. We do not know yet any further details about it, however we will keep you posted that moment a credible information comes around. Check our site to know more updates.
Where to Get Medicare Supplement Plans
These plans are being sold by many private insurers across the country. Among the prominent providers are:
Aetna- Aetna is equipped to provide a wide range of insurance coverage, not just medical plans. They keep their rates competitive while allowing members to get various lifestyle perks such as workout plans and personalized diet plans.
Mutual of Omaha- As the name implies, they are based in Omaha Nebraska. They are proud to offer excellent customer care throughout the years. People choose this insurer due to its stability and great reputation as a group.
Cigna – This is another leading insurance provider with name that is widely known across the globe. They never cease to render great senior care by providing competitively priced plans.
United Healthcare/AARP- AARP belongs to the same family as the healthcare leader United Healthcare. They have been in the business for more than a century, allowing them to effectively care for seniors in many ways. Their rates may appear slightly higher than some, however you are getting an upgraded deal out of it.
Blue Cross Blue Shield (BCBS)- They are highly known for very conservative prices and undeniably great customer service. They allow seniors to experience an economical plan without sacrificing quality of service.
Medicare Advantage Plans
This belong to another category of healthcare plan which can act as a powerful substitute for the basic Medicare plan. Same as supplemental plans, the Advantage plans can provide extended coverage in areas where the Original Medicare fails to provide cover.
It can cover for the whole Medicare Parts A and B as well as extending to those expenses incurred by accessing health services for urgent and emergency care. This can include ambulance transport and treatment, emergency room care, lifesaving measures, medications and a whole lot more.
Its coverage can still go beyond what has already been mentioned. You can get cover for Medicare Part D (prescription drug plan). Medical checkup fees as well as hearing and vision care expenses can also be covered by the Medicare Advantage plan.
These are very powerful plans; however they can be limited in their area. Depending on your location, you may either have wide access to health care facilities or health professionals affiliate to their network, or close to none. The network can include clinics, hospitals and other facilities that come into agreement with that particular plan.
Advantage plans can be further classified into two major plans– HMO plans and PPO plans. There are also other ones but are not available to most consumers. HMO plans is the commonly selected plan of the two. They can be cheaper with a straightforward way of getting coverage. You get full coverage inside the network and no coverage if you access off network facilities.
PPO plans have the capacity to provide cover on and off network. It provides full coverage if you stay within the network, and partial coverage off network. This feature makes its prices a bit more costly than that of HMO’s.
The decision whether to choose HMO or PPO depends more on the accessibility of the network in reference to your location. If you live in a more urbanized area with more network coverage around, HMO can be the better choice. PPO plans work better for those in rural places with less network coverage. Frequent travelers can also do better with PPO plan.
Where to Access Medicare Advantage Plans
Medicare Supplement plans are also sold by different private insurers. Among the top insurers in the field of Advantage plans are the following:
Humana- Their Advantage plans are termed Humana Gold Plus, Humana Gold Choice and Humana Choice Pro. These are all either HMO or PPO plans. They also include plans that offer a $0 monthly premium which are worth checking out.
AARP/United Healthcare- They call their Advantage plans as Medicare Complete. Inclusions for Part D coverage is possible in their HMO and PPO plans. Being a massive company, they continue to provide comprehensive client benefits.
BCBS- You may encounter Blue Advantage, Blue Vale and Blue Saver when you check out their Advantage plans. All of these come in a highly competitive range of rates.
Kaiser- Advantage plans appear in the name of Medi-Cal and Advantage Plus under this group. They are based in Oakland, California and possess a wide network of coverage for consumers to access.
Save on Your Health Coverage Plan
Both Medicare Supplement plans and Advantage plans have great potential to offer seniors great healthcare coverage at a cost they can easily afford. To be able to save money from these plans, you need to be able to make the right personal choice. You can only get so many tips and information, but you need to balance them all in reference to your health priorities and financial abilities. To help you analyze your situation, you can give us a call anytime for a thorough discussion. We have an expert team that you can work with at any stage you are in your coverage search.
Doing as much sound comparison as you can will also ensure you get the best deal that you need. Low rates and great cover can only be attained after comparing plans and quotes. You can use our site anytime to gather quotes. There are a lot of Medicare Plan options out there, but there will always be one that suits you better than others. Take your time to find it and you will not regret.