If you are nearing retirement age, it is important to start thinking about your Medicare Supplement Insurance Plans. These plans can help you save money on out-of-pocket costs, and they offer a lot of flexibility when it comes to choosing your healthcare providers. In this blog post, we will discuss the different types of plans available in 2022 and what each one offers. We will also provide some tips on how to choose the right plan for your needs!

There are a few things to keep in mind when you are shopping for a Medicare Supplement Insurance Plan. First, you need to decide whether you want a plan that covers only basic expenses or one that offers more comprehensive coverage. Second, you need to compare the costs of different plans. And finally, you need to make sure that the plan you choose covers the benefits that are most important to you.

Medicare-get-a-quote

Features and Benefits of Medicare Supplemental Plans

Medicare Supplement insurance plans work with Original Medicare (Parts A & B) to help with out-of-pocket costs not covered by Parts A and B. The following facts are also true about Medicare Supplement insurance plans:

  •  Predictable costs help you stay ahead of unexpected out-of-pocket expenses.
  • No network restrictions mean you can see any doctor who accepts Medicare patients.
  • You don’t need a referral to see a specialist.
  • Coverage goes with you anywhere you travel in the U.S.
  • There is a range of plans available to fit your health needs and budget goals.
  • Purchasing a Medigap plan and a Medicare Part D prescription drug plan could give you more complete coverage.
  • Guaranteed coverage for life means your plan can’t be canceled.

 As long as you pay your premiums when due and you do not make any material misrepresentation when you apply for this plan.

What is the F Plan and is it still available?

The F Plan was a popular Medicare Supplement insurance plan because it provided first-dollar coverage, which means that the plan would pay for all of your Medicare Part A and Part B deductibles, co-insurance, and co-payments. Unfortunately, the F Plan is no longer available to new enrollees. However, if you were already enrolled in the F Plan as of December 31, 2019, you are still able to keep your coverage.

What is the G Plan?

The G Plan is very similar to the F Plan, with one key difference. The G Plan does not cover your Medicare Part B deductible. Other than that, the G Plan provides first-dollar coverage for all of your other out-of-pocket costs.

What is the N Plan?

The N Plan is a relatively new Medicare Supplement insurance plan that was introduced in 2019. The N Plan covers your Medicare Part A and Part B deductibles, co-insurance, and co-payments. It also provides some coverage for foreign travel emergency care.

What is the K plan?

The K Plan is a high-deductible Medicare Supplement insurance plan. This means that you will have to pay for all of your out-of-pocket costs up to the deductible amount before your coverage kicks in. The K Plan is a good option for healthy enrollees who do not anticipate needing much medical care.

What is the L Plan?

The L Plan is a high-deductible Medicare Supplement insurance plan that also provides some coverage for skilled nursing facility care. The L Plan is a good option for healthy enrollees who do not anticipate needing much medical care but want the peace of mind that comes with knowing they have some coverage in case they need it.

What are the other Medicare Supplement insurance plans?

In addition to the F, G, N, K, and L Plans, there are four other Medicare Supplement insurance plans available in most states: Plan A, Plan B, Plan C, and Plan D. Each of these plans covers a different set of benefits. You can use the chart below to compare the different plans:

image.png

To wrap things up the best plan for the money on the market is the G plan. When you decide that you need to look at your options, please give us a call. We work with the top 35 carriers in the country. This means we can look at who is giving you the best bang for your buck. These plans are standardized, meaning the benefits are identical. So we can help you look at the rate and average age of rate increase.