Like many questions, “what Medicare Supplement Plan do I need” is not easily answered and one persons “correct” answer may be different than that of someone else’s.
The Most Important Thing to Understand
The most important thing to understand when trying to answer this question is to understand that Medicare Supplement Insurance Plans (sometimes called Medigap Insurance) are all standardized – this means that company’s that sell Medicare Supplement Insurance can only sell ten standardized Plans.
Each Plan is represented by a letter, such as Plan A, B, C, F, N and… the same letter plan from different company’s provides the same exact coverage. However, the rates charged by that company for the same exact plans can be drastically different.
More About the Actual Medicare Supplement Plans
For the most part, the differences coverage wise between different lettered Plans are relatively nominal. For example the coverage difference between a Plan F and a Plan G is the $147 Medicare Part B deductible; Plan F pays this deductible Plan G does not.
Plan N requires that you pay the $147 Medicare Part B deductible, like a Plan G, but also requires that you pay a $20 doctor visit co-pay and a $50 emergency room co-pay.
All of the above mentioned Plans provide very complete catastrophic coverage, the differences in the above mentioned Plans shouldn’t amount to more than a few hundred dollars of benefits that will either be paid by you or paid by the insurance company.
Furthermore most of the differences between different Plans can easily be quantified. I do want to add that some of the differences between some of the Plans can be more significant.
With the coverage differences between different lettered Plans being fairly easily to quantify and with those differences being fairly nominal one needs to factor in the difference in premium.
For example if a Plan F cost $100 more per month than a Plan G, choosing Plan G would be a “no brainer” – its $1,200 less per year and you are going to have to pay a $147 deductible, all other benefits are the same. If a Plan F is only $5 more per month than a Plan G – I would chose Plan F as it is only costing you $60 more per year and you are getting a $147 deductible paid versus saving $60 per year and having it cost you $147.
In Summary… Here’s the best thing to do
In summary it is fairly easy and quantifiable to weigh the different options out between different Plans; you just look at the trade offs coverage wise versus the differences in premium.
Reed & Associates will walk you through this process and help you understand it all. It is important to work with an Independent Agency like Reed & Associates as we don’t have allegiances to any one particular company or Plan but will objectively present your various options.
We discuss your needs and then shop and get you the best rate available on the plans you need.
Contact Nicole at Reed & Associates today and you will be guided with kindness, knowledge and expertise on you Medicare Supplement options!
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