A Medicare supplement plan (Also called Medigap) is an insurance policy that is designed to cover the benefits that Medicare A and B do not cover. If you are not familiar with Medicare A and B benefits CLICK HERE Doctors, hospitals and all other Medical providers, bill Medicare A and B (Original Medicare Card). Medicare covers their portion and the balance is sent to the Supplement plan to cover the amount specified by the plan you buy. So is it worth it to buy a supplement?
Usually, the answer is yes but there are a number of supplement plans to choose from. In my opinion, the high deductible F plan in Connecticut makes the most sense if you want a supplement. For more on High Deductible F CLICK HERE (FYI- The Anthem High F will be discontinued on 10-1-13)
The traditional choice is Medicare Supplement Plan F which covers 100% after Medicare A and B. With this plan however, you run the risk of not getting your money out of it as the lowest cost plan is currently AARP at $216 a month. For a list of all Connecticut Medicare Supplement rates CLICK HERE. Plan N has become more popular as well and has a reduced cost of $146 a month although you do pay some limited out of pocket costs.
The most overlooked choice is the Plan L supplement. Plan L does not cover the part B deductible of $147 annually but it does cover 75% of what Medicare does not pay. The premium is very reasonable at $112.00 a month. This plan should certainly get more attention as the rate for it has gone down three years in a row. CLICK HERE for a detailed benefit summary of Medicare supplement plans in CT.