I have medicare, but need a supplement plan what's the best one?

don't have much money monthly, but know I should carry one or the other.I am 72 years old, and have

never had a supplement up to now, any suggestions?

2 Answers

Relevance
  • Anonymous
    8 years ago
    Favorite Answer

    Hello Bill,

    You have two options in determining which supplement plans are right for you.

    A) Medicare Supplement Plans

    Medigap Plan F gives you the top coverage option of all supplement plans. Pays all of your Part A and Part B co-pays, co-insurances, deductibles. Covers you anywhere in the country (where Care Providers accept medicare). For example, you might pay $149-$161/month for a Plan F

    If you are on have a history if good health on a budget you might consider Medigap Plan N as a lower costing alternative to Medigap Plan F. The main difference between Plan F and Plan N is that you are responsible for paying (up to) $20 for office visits or services under medicare Part B; and ER co-pay is waived contingent upon if you are admitted to a Hospital and Medicare covers the ER under Part A. It's up to you to decide which of these plans fits your needs. I am not able to provide you with an exact premium, but a depending on where you live, your premium will vary. You might pay $103-$115/month for Medigap Plan N.

    Medigap Plan G gives you the most of the same features and benefits as Medigap Plan F, usually at a moderately lower premium then medigap Plan F. Under plan G, you are responsible for paying for your Medicare Part B deductible(s) of $140 (not to be mistaken for your Part B 80%/20% medicare co-insurance), before your Medigap Plan pays for it. - Some customers might consider Plan G over a Plan F if they save more than $140 a year on the monthly premium (compared to plan F).

    For example a 72 non tobacco male in north Texas, Dallas area might pay:

    $161.70 for Medigap Plan F

    $123.39 for Medigap Plan G

    $115.00 for Medigap Plan N

    a 72 non tobacco male in southern California, Los Angles might pay:

    $149.16 for Medigap Plan F

    $134.58 for Medigap Plan G

    $103.00 for Medigap Plan N

    Your second option are

    B) Medicare Advantage Plans:

    Medicare Advantage Plans Replace your Traditional Medicare Part A and Part B and puts you under the managed care of a private insurer under an HMO, PPO, PFFS or other Network provider plan. Some Medicare Advantage Plans include Prescription Drug benefits. Others also have whats called "Added Value Benefits" such as Senior Dental and Vision discounts. Under a Medicare Advantage plan, you must see a "Primary Care Doctor" to refer you to a Specialist in order to be covered under a plan.

    Medicare Advantage monthly Premium's are typically low, many of them $0 premium. Be aware however that you make up the cost in co-payments, deductibles, and co-insurances as defined in your Medicare Advantage Plan.

    Should you get a Medigap Plan or enroll in a Medicare Advantage Plan?

    If all of your Doctors and Care Providers are part of the same Medicare Advantage Plan, it might benefit you, since you won't have any hassles finding new providers. Based on my personal experience, many doctors prefer to be paid by a Medicare Supplement company than a Medicare Advantage company because of the payment scheduling. If you have a Medicare Supplement, you can see any Doctor and Specialist without a referral, your Medigap policy will pay that for you (as long as the care provider is on medicare Assignment).

    Medicare.gov gives you many plan choice options, however it does not clearly explain the pros and cons of each company plans in plain english. (I've heard many customers express confusion about which plan to choose because they are afraid of choosing the "wrong plan" because Medicare.gov displays hundreds of plans.).

    My advise to you is to seek out a local or seasoned broker who can share Medigap Premiums from many companies so you get the best rates affordable to you.

    Good luck Bill!

    Source(s): medicare.gov: Learn about the cost of Medicare Health Plans https://www.medicare.gov/your-medicare-costs/medic...
Still have questions? Get your answers by asking now.