Medicare is a government-run health insurance program that provides coverage for seniors and people with disabilities. While Medicare covers a lot, it doesn’t cover everything. This is where supplemental health insurance comes in. Supplemental health insurance policies fill the gaps in Medicare coverage, providing patients with the peace of mind that they will have access to the care they need. What is the cost of supplement plans? In this blog post, we will take a look at the different types of supplemental health insurance policies available and discuss their costs.
Several Factors That Makeup Cost of Supplement Plans
The cost of supplemental health insurance for seniors depends on what you are looking for. Supplemental health insurance plans designed for seniors or Medicare Supplement plans? Although they may seem similar at first glance, these plans are very different. Before we give you the cost of supplemental health insurance for seniors, let’s review the differences between these two plans.
Supplemental health insurance for seniors, which is sold by private health insurance companies, is an addition to existing healthcare coverage that’s designed specifically to meet seniors’ needs. Supplemental health insurance for seniors, which can be purchased at any time, includes coverage such as dental, vision, and hearing plans. It’s important to note that senior supplement plans.
Medigap Plans
Medicare Supplement plans, also known as Medigap, are designed to fill the coverage “gaps” in Original Medicare (Part A and Part B) benefits. Like Medicare’s “parts,” each plan offers different benefits and has a different premium amount. These plans cover healthcare expenses that Medicare doesn’t pay for such as coinsurance and deductibles. But, Medigap plans do not cover dental, vision, or any other supplemental health insurance benefits.
How Much is The Cost?
The average cost of supplement plans for seniors will depend on where you live, the health insurance company, the type of plan, and the benefit level you select. While these amounts will vary greatly, we can still give you an idea of what you may spend. These average monthly premium prices can range from $150 to $200.
The average cost of Medicare Supplement plans varies because health insurance companies have three ways that they price these plans:
- Community-rated: Premiums are not rated based on your age.
- Issue-age-rated: The monthly premium will be based on the age at which you purchased the policy.
- Attained-age-rated: Premiums will increase with age.
Prices vary between insurance companies and regions. But, as a general reference, below are the average monthly premium ranges for 2022 individual Medigap plans in Florida.
G Plan $167-$215
N Plan $124-$182
F Plan $182-$250
High Ded G $51-$83
Do You Need a Medigap Plan?
Don’t just focus on the premium cost of Supplement plans. The least expensive plan may not offer all of the “gap” coverage you expect. Before deciding on a plan simply because of the average cost of Supplemental Medicare insurance, make sure you are comparing the benefits each plan offers, too.
What Does G Plan Cover?
The G Plan is one of the more comprehensive plans. It pays for all of the gaps in Medicare coverage, including:
Part A coinsurance and hospital costs up to an additional 365 days after Medicare benefits are used up.
Part B coinsurance or copayments and excess charges.
The first three pints of blood each year.
Part A hospice care coinsurance or copayments.
Skilled nursing facility care coinsurance
Part A and B deductible
Foreign travel emergency care (up to plan limits)
The G Plan is a good choice for people who want the peace of mind that comes with comprehensive coverage. It’s also a good choice for people who travel frequently, as it covers emergency care while you’re outside of the country.
What Does N Plan Cover?
The N Plan is a less comprehensive option, but it still covers many of the gaps in Medicare coverage. It pays for:
Medicare Part A coinsurance and hospital costs up to an additional 365 days after Medicare benefits are used up.
Doctor part B coinsurance or copayments and excess charges
The first three pints of blood each year
Part A hospice care coinsurance or copayments
Skilled nursing facility care coinsurance
Part A and B deductible
The N Plan doesn’t cover foreign travel emergency care, so it’s not a good choice for people who travel frequently outside of the country. However, it is a good choice for people who want comprehensive coverage but don’t want to pay for benefits they’re unlikely to use.
What Does F Plan Cover?
For those who still have an F plan, the F Plan is the most comprehensive of the three supplemental Medicare plans. Also, it covers all of the gaps in Medicare coverage, including:
Medicare A coinsurance and hospital costs up to an additional 365 days after Medicare benefits are used up
Part B coinsurance or copayments and excess charges
The first three pints of blood each year
Part A hospice care coinsurance or copayments
Skilled nursing facility care coinsurance
Part A and B deductible
The F Plan is a good choice for people who want the peace of mind that comes with comprehensive coverage. It’s also a good choice for people who travel frequently, as it covers emergency care while you’re outside of the country. Although the plan is not offered to new enrollees, you can at least see what the difference in coverage would have been , if still available.
What Does High Ded G Cover?
The High Ded G plan is a high deductible version of the G Plan. It has a higher deductible than the G Plan, but it covers all of the same gaps in Medicare coverage. It pays for:
Hospital A coinsurance and hospital costs up to an additional 365 days after Medicare benefits are used up
Part B coinsurance or copayments and excess charges
The first three pints of blood each year
Part A hospice care coinsurance or copayments
Skilled nursing facility care coinsurance
Medicare Part Part A and B deductible
The High Ded G plan is a good choice for people who want the peace of mind that comes with comprehensive coverage but don’t mind paying a higher deductible. It’s also a good choice for people who travel frequently, as it covers emergency care while you’re outside of the country.
What Does K Plan Cover?
The K Plan is a less comprehensive option, but it still covers many of the gaps in Medicare coverage. It pays for:
Medicare Part A coinsurance and hospital costs up to an additional 365 days after Medicare benefits are used up
Part B coinsurance or copayments
The first three pints of blood each year
Part A hospice care coinsurance or copayments
Skilled nursing facility care coinsurance
The K Plan doesn’t cover foreign travel emergency care, so it’s not a good choice for people who travel frequently outside of the country. However, it is a good choice for people who want comprehensive coverage but don’t want to pay for benefits they’re unlikely to use.
What Does L Plan Cover?
The L Plan is a less comprehensive option, but it still covers many of the gaps in Medicare coverage. It pays for:
Part A coinsurance and hospital costs up to an additional 365 days after Medicare benefits are used up
Medicare Part B coinsurance or copayments
Part A hospice care coinsurance or copayments
Skilled nursing facility care coinsurance
The L Plan doesn’t cover foreign travel emergency care, so it’s not a good choice for people who travel frequently outside of the country. However, it is a good choice for people who want comprehensive coverage but don’t want to pay for benefits they’re unlikely to use.
What Does M Plan Cover?
The M Plan is a less comprehensive option, but it still covers many of the gaps in Medicare coverage. It pays for:
Part A coinsurance and hospital costs up to an additional 365 days after Medicare benefits are used up
Part B coinsurance or copayments
The first three pints of blood each year
The M Plan doesn’t cover foreign travel emergency care, so it’s not a good choice for people who travel frequently outside of the country. However, it is a good choice for people who want comprehensive coverage but don’t want to pay for benefits they’re unlikely to use.
Bottom Line
There are a lot of choices when it comes to supplemental health insurance for seniors. The best way to figure out which plan is right for you is to sit down with a licensed insurance agent and discuss your options. They can help you compare plans and find the one that’s right for you.
If you have any questions about the supplemental health insurance plans mentioned in this article, or if you’d like a quote for coverage, please contact us. We’re here to help!
Lastly, not all policies are available in all states. Please contact a licensed insurance agent to see what is available in your state.