What are Medicare Supplement Plans (Medigap)?

  • Medicare only covers 80% of your medical expenses from hospitals/doctors
  • Supplement Plans (Medigap) help pay the remaining “gaps” that you normally would have to pay (20% coinsurance, deductibles, copays, excess charges)

MEDICARE SUPPLEMENT (MEDIGAP)

Medicare SupplementUnited American Insurance Co.
MEDIGAP Plan F
John L Smith
Policy #00876123
Doctor/Hospital BillsYour doctor or hospital provides a medical service and bills Medicare
Medicare PaysMedicare pays the approved portion of the bill and sends the excess amount to the Medigap Plan
Medigap PaysYour Medigap Plan pays the amount
left over, according to the plan’s terms

Why get Medicare Supplement Plans (Medigap)? – FREEDOM & FLEXIBILITY

  • Covers ALL or MOST of your out-of-pocket costs for Medicare approved services (predictable healthcare costs and avoid any surprises)
  • Visit ANY doctor, specialist, hospital that takes Medicare, anywhere in the U.S.
  • NO restrictive networks– perfect for “snow-birds” and those who travel to different areas
  • NO referrals needed to visit specialists
  • Guaranteed Renewable as long as premiums are paid on time
  • Foreign Travel Emergency benefits cover you when traveling outside the U.S. on vacation

How to compare Medicare Supplement Plans (Medigap)?

  • Federally standardized plans designated by a letter (Plan F, G, N, etc.) that cover certain benefits
  • Insurance companies that sell these “letter plans” must cover these same specific benefits
    (Plan F with Company ABC covers SAME EXACT BENEFITS as Plan F with Company XYZ)
  • Main difference is each company can charge DIFFERENT PREMIUMS for the same exact benefits ($158 Plan N with Company ABC vs $200 Plan N with Company XYZ)
  • COMPARING PRICE FOR COVERAGE IS IMPORTANT, the experienced licensed brokers at Medicare Sharks take a deeper dive into company statistics by researching how often they increase rates, how long they’ve been in the Medicare Supplement market, financial strength ratings and customer service experience.
  • Let the experts at Medicare Sharks will help you compare plan benefits and rates from top-rated companies in your area! 561-226-3022 | 561-225-3633

What are the Top Medicare Supplement Plans (Medigap)?

Medigap Benefits Chart 2020 – Top Plans F, G, N

Medicare Benefits Plan F/HDF Plan G/HDG Plan N
Medicare Part A coinsurance & hospital coverage

(plus coverage for additional 365 days after Medicare benefits are used up)

 

100%

 

100%

 

100%

Medicare Part B coinsurance (20%) or copay 100% 100%

100%

(copays may apply)

Blood: first 3 pints each year 100% 100% 100%
Medicare Part A deductible ($1,408 in 2020) 100% 100% 100%
Medicare Part B deductible annually ($198 in 2020) 100%
Medicare Part B excess doctor charges

(possible charge above Medicare approved amount)

100% 100%  

 

Skilled Nursing Facility coinsurance 100% 100% 100%
Hospice: Part A coinsurance or copay 100% 100% 100%
Foreign Travel Emergency (up to plan limits) 80% 80% 80%

All Medicare Supplement Plans (Medigap) provide superior coverage and freedom of choice!

  • Visit ANY provider that accepts Medicare – ANY doctor, specialist, hospital nationwide!
  • NO Restrictive Networks (Covered no matter where you are in the US) (Does not “replace” Medicare)
  • NO Referrals needed for specialists
  • Guaranteed Renewable as long as the premiums are paid on time
  • Foreign Travel Emergency benefits to cover policyholders who travel overseas (great for cruises)

DILEMMA – Medicare Supplement or Medicare Advantage?

At some point everyone reaches the crossroad

Original Medicare does not cover all the costs. Although a low or no premium may seem more appealing than a set premium Medicare Supplement Plan, on closer inspection our licensed experts have found that a no premium plan may have higher out-of-pocket costs over the year and end up costing more long term. Having a predictable set cost for your healthcare can be a better option so that you fit it into your budget and avoid costly surprises. Understanding the difference between a Medicare Advantage vs Medicare Supplement will be crucial in protecting your finances in the short term and long term. There’s no one-size-fits-all answer to this dilemma so you have to consider your health, age, finances and look at the short term and long term healthcare needs. Just because your friend or sister may have one plan, does not mean that it will be the best for you! Use our expertise to discuss the options and find the best plan that works for your healthcare needs!

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