MEDICARE SUPPLEMENT OR MEDIGAP INSURANCE

Why would anyone choose a limited Medicare Advantage plan with local networks and limited choices for Physician's and Healthcare Facilities when you have less exposure and better coverage with a Medicare Supplement Plan G? And, not just that but once you are approved and enroll in a Medicare Supplement, your pla, can never cancel your policy, as long as your premiums are paid. That is true peace of mind for you and your family.

Medicare Supplement Plans became available in 1990 and these plans are all standardized and must follow the guidelines set by Medicare itself.  Medigap Plans are lettered and although the coverage is the same from each Insurance Company their prices will vary.  These are Plans A, B, C, D, F, G, K, L, M and N. The most common plans sold are Plans C, F, G and N, however only Plan G and N are available for those new to Medicare after January 1st, 2020.

Medicare Supplement Plan G or Medigap Plan G is the best and the most comprehensive Medicare Supplement available to new Medicare Beneficiaries as of 1/1/2020. 

Plan F used to be considered the Best Medigap plan available, and it is still popular, however, the annual premiums for Plan F are usually $400-$1,200 more per year than Plan G.  The only difference in the plans (aside from the price) is that Plan F automatically pays your Annual Part B Deductible for you. Medicare sends you a bill for you to pay your Part B Deductible. With Plans F and G you will never have a bill from Medicare for any Medicare approved/Medically Necessary procedure, aside from your Annual Part B Deductible, which everyone has to pay, regardless of what Plan they enroll in.  

With a Plan G Medicare Supplement plan, Medicare pays their 80% share and your Plan G policy,  pays the remaining 20% (your share) and you pay nothing! 

Medicare will pay their share and your Medicare Plan G Supplement will pay the rest.  Honestly, this is the best deal in Healthcare in the US. The best way to look at this is your Maximum Out-Of-Pocket Expense is your monthly premium.   The majority of Plan G beneficiaries pay well under $2,000 a year in premiums and when you realize that the lowest MOOP (Maximum Out-Of-Pocket Expense)  you can find with a limited no-cost Medicare Advantage plan is $5,700 based on the 2022 nationwide average. comparison. 

Perhaps the biggest benefit is choice and portability. A Medicare Supplement or Medigap plan allows you to choose ANY Doctor, go to ANY Hospital ANYWHERE in the United States and you are covered, as long as the Doctor and Hospital both accept Medicare's Assignment/Fee Structure.

Why would anyone choose a limited Medicare Advantage plan with local networks and limited choices for Physician's and Healthcare Facilities when you have less exposure and better coverage with a Medicare Supplement Plan G? And, not just that but once you are approved and enroll in a Medicare Supplement, your plan  can never cancel your policy, as long as your premiums are paid. That is true peace of mind for you and your family.

 You must continue to pay your Medicare Part B premium even if you are enrolled in a Medigap Plan.  

 Items not covered by Original Medicare include:  

• Routine Dental, Vision and Hearing exams
• Hearing Aids
• Eyeglasses or Contact Lenses
• Long Term Care or Custodial Care
• Retail Prescription Drugs

Medicare does cover Cataract Surgery, Macular Degeneration, and a limited amount of Chiropractic and Acupuncture therapies. So for the sake of Medicare it is easiest to remember that Medicare will cover anything at an Ophthalmologists office, but they will not cover anything at an Optometrists office.

Did you know that all Medicare Supplement Plans (aka Medigap Plans) are standardized by Medicare? This means that every Medicare Supplement Plan available in the US is the same from coast to coast. What is not the same is what each individual insurance company charges in premiums in a specific market (State). So you can feel safe knowing that a Medicare Supplement Plan G from ACE Healthcare has exactly the same benefits as the plan from Blue Cross. 

Many companies who offer Medicare Supplements have extra added services and benefits such as Health Club Memberships, Discounts for Dental and Vision, etc. If these are important to you make sure to ask your Broker.

Medicare Supplement Plans F, G and N will also pay the $1,600.00 Medicare Part A Deductible for you and Plans F and G will also cover any Excess Medicare Part B charges for you.

Lastly, many Medicare Supplement insurers request a $20-$25 Application/Policy Fee when applying for one of their plans.  Although this is quite common it is not necessary.  There are plenty of other quality companies who do not require you to pay these unnecessary fees.