How to Compare Medicare Supplement Plans
Because there are so many things to think about when you are turning 65 and eligible for Medicare, it can be overwhelming. Many people do not know where to start. Well the first thing you need to do is decide if you are going to sign up for Medicare A &B. This is when it is a good idea to enlist the help of a licensed Medicare agent who can provide the guidance you need. Once you have applied for Medicare, you may decide to purchase a Medicare supplement plan and you will need to know how to compare Medicare supplement plans.
Please note; some people refer to Medicare Supplements as Medigap plans.
When choosing a Medicare supplement, you need to consider your healthcare needs as well as the plan cost.
The chart below shows the 10 Medicare Supplement plan choices and what they cover.
Medicare Supplement Plan Comparison |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Benefits | A | B | C | D | F | G | K | L | M | N |
| Part A coinsurance &
|
Plan covers 100% | Plan covers 100% | Plan covers 100% | Plan covers 100% | Plan covers 100% | Plan covers 100% | Plan covers 100% | Plan covers 100% | Plan covers 100% | Plan covers 100% |
| Part B copays/coinsurance | Plan covers 100% | Plan covers 100% | Plan covers 100% | Plan covers 100% | Plan covers 100% | Plan covers 100% | 50%Amount the plan covers | 75%Amount the plan covers | Plan covers 100% | Plan covers 100% |
| Blood (first 3 pints) | Plan covers 100% | Plan covers 100% | Plan covers 100% | Plan covers 100% | Plan covers 100% | Plan covers 100% | 50%Amount the plan covers | 75%Amount the plan covers | Plan covers 100% | Plan covers 100% |
| Part A hospice | Plan covers 100% | Plan covers 100% | Plan covers 100% | Plan covers 100% | Plan covers 100% | Plan covers 100% | 50%Amount the plan covers | 75%Amount the plan covers | Plan covers 100% | Plan covers 100% |
| Skilled nursing facility | Plan doesn’t cover | Plan doesn’t cover | Plan covers 100% | Plan covers 100% | Plan covers 100% | Plan covers 100% | 50%Amount the plan covers | 75%Amount the plan covers | Plan covers 100% | Plan covers 100% |
| Part A deductible | Plan doesn’t cover | Plan covers 100% | Plan covers 100% | Plan covers 100% | Plan covers 100% | Plan covers 100% | 50%Amount the plan covers | 75%Amount the plan covers | 50%Amount the plan covers | Plan covers 100% |
| Part B deductible | Plan doesn’t cover | Plan doesn’t cover | Plan covers 100% | Plan doesn’t cover | Plan covers 100% | Plan doesn’t cover | Plan doesn’t cover | Plan doesn’t cover | Plan doesn’t cover | Plan doesn’t cover |
| Part B
|
Plan doesn’t cover | Plan doesn’t cover | Plan doesn’t cover | Plan doesn’t cover | Plan covers 100% | Plan covers 100% | Plan doesn’t cover | Plan doesn’t cover | Plan doesn’t cover | Plan doesn’t cover |
| Foreign travel emergency | Plan doesn’t cover | Plan doesn’t cover | 80%Amount the plan covers | 80%Amount the plan covers | 80%Amount the plan covers | 80%Amount the plan covers | Plan doesn’t cover | Plan doesn’t cover | 80%Amount the plan covers | 80%Amount the plan covers |
| $6,940 | $3,470 | |||||||||
It is important to understand that, all Medicare supplement plans are standardized.
In other words, each plan letter must provide the same benefits regardless of which carrier offers it. However, there are differences in the amount each carrier charges for the plans.
Some things to know when learning how to compare Medicare supplement plans:
There are 10 standard Medicare supplement plans. They are; A, B, C, D, F, G, K, L, M, and N. These plans each offer different benefits.
Remember to compare the cost of the plan you are considering; plan prices can vary quite a bit depending on the carrier. It is also good to know, each carrier may offer additional benefits and provide different levels of customer support.
Some carriers (not all) also offer high deductible plan options, HDF or HDG. These plans are available at a lower cost, but the beneficiary must meet the high deductible amount before approved services are covered.
Please note; Plan F is only available to those who were eligible for Medicare before January 1, 2020.
There is a plan available that offers similar coverage; it is Plan G. The difference between Plan F and Plan G is that the beneficiary must satisfy the Part B deductible with a Plan G.
The two most popular plans are G and N. At this time, Plan G is the most comprehensive plan available to anyone eligible for Medicare after January 1, 2020. However, Plan N has a lower premium and offers very similar coverage with the exception of Medicare Part B Excess charges.
It is important to keep in mind, excess charges are a rare occurrence.
Additionally; In most states, Medicare supplement plans are underwritten with the exception of a guaranteed issue period. There are only 4 states that do not underwrite beneficiaries; CT, MA, ME and NY. Underwriting also applies when moving from one supplement to another.
Crowe and Associates offers free access to several online Medicare comparison and enrollment tools.
Click here to view a Sunfire demonstration.
Watch a Connecture demonstration.
Click here to learn how to compare Medicare Advantage Plans.
If you follow these steps, you can make an informed decision and find the best plan for your needs.