We’re talking about Medicare Supplements, also known as Medigap plans. These plans work with Original Medicare and do exactly what their name says. They fill in the gaps in Medicare Parts A and B, those deductibles, co-pays, and co-insurance amounts that would otherwise be your financial responsibility. Confused about your Medicare coverage options?
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Standardized Coverage
The coverage for Medicare Supplement plans is standardized. What that means is that if you live in most states, where the plans are known by letter names A through N (although there isn’t a plan for every letter between A and N), those plans are standardized.
So if you want the coverage of a Plan G, you can go to any company in the state that sells Plan G, and the coverage will be exactly the same. Your benefits will be identical no matter which company sells them.
From Comprehensive Coverage to High Deductible Plans
The coverage for Medicare Supplements ranges from very comprehensive plans like F and G and N, down to some high deductible plans: High Deductible F and High Deductible G.
The premiums vary. The more comprehensive the plan is, the higher the monthly premium will be, and the more out of pocket risk that you are taking on, then the lower the premium will be.
No Networks
Medicare Supplement plans have no network restrictions. What that means is, except for the Medicare Select Medicare Supplements, with any other regular Medicare Supplement, you are allowed to see any doctor, hospital, any provider who accepts Medicare.
Premium Increases
Your monthly premiums generally increase every year. Premiums can increase because of age, or they can increase because the Medicare Supplement company paid out more in claims than they were anticipating during the year. All rate increases have to be approved by the state Department of Insurance.
How to Find Medicare Supplement Prices in Your Area
Just like the other Medicare plans, Medicare Supplement plans’ availability and price varies by zip code, so the best way to find out which Medicare Supplement is the best fit for you, and is the most competitively priced in your area, is to contact a licensed broker for a Medicare consultation. We can go through all of the prices of all the plans available to you in your zip code and help you find one that will match with your needs.
How are claims decided?
Medicare Supplement claims are determined by Medicare. The Medicare Supplement will have to pay if Medicare determines that a claim is valid and should be paid.
The Medicare Supplement companies do not have the right to dispute any approved claims by Medicare, so what that means is that you only have one organization who is making claim decisions for you, and that is Medicare, regardless of which Medicare Supplement company you have.
Wisconsin Medicare Supplements
There are a few states that do not use the standardized plans, and Wisconsin happens to be one of those. Wisconsin has basic benefits plus optional riders, but if you look at those basic benefits and compare them to the states that have the standardized plans A through N, you’ll notice that by choosing certain optional riders you can make a plan in Wisconsin that is very similar to something like an F or a G or an N that are available in other states.
Which Medicare Supplements are available to you?
Availability of any plan to you personally is going to depend on many factors. It depends on your age. It depends on where you live. It also depends on your health status because these do have medical underwriting after your first six months enrolled in Medicare Part B.
So the best way to compare plans is to give us a call at 877-312-1414, and we can set up a no-cost, no obligation Medicare consultation, and go over all the plans that are available to you in your zip code and go through the pluses and minuses of each one and see which would be a good fit for you in your situation.
For more information, please watch our free online video to learn how to find the best Medicare coverage for you.
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