Medicare Supplement Insurance (Medigap) is an outstanding options for seniors and those entering Medicare coming up on their 65th birthday. Despite this great coverage, most people are completely confused when it comes to learning about Medicare, Part D drug plans, and Medicare Supplement policies. This site is your one-stop for learning about Medicare and Medigap Plans, how to correctly shop for a Medicare Supplement plan F or other plan, and how to not overpay for your coverage!
Although it is widely known among agents that most people overpay for a Medicare Supplement policy, if you’re just entering Medicare or even if you have been on a plan for several years you might not know some very basic but important guidelines that can save you a great deal of money. Many people first becoming eligible for Medicare are bombarded by material in the mail from several insurance companies, leaving them completely confused and feeling there is no where to turn. Some end up putting the process entirely, while many end up simply enrolling with a company that is well know with a “big” name. This mistake could result in thousands of dollars lost just because they didn’t have the luxury of having an experienced agent take even a mere 10 minutes to explain the process.
Medigap Plans are standardized by the government, and part of the Medicare system. There are currently 10 plans available, and they are lettered plan A – N with each having slightly different benefits. We’ll explain the differences in a moment, however there really are only a few different plans that most people sign up with. That being said, by far the most popular plan is Medicare Supplement Plan F. With every company having to offer “standardized plans”, this means that a Blue Cross Blue Shield Medicare Supplement plan F, is identical in coverage to a Gerber Medicare Supplement F. They cover the exact same benefits or “gaps”, and if doctors accept Medicare Part B then they will accept these, or any other company offering any of the plan letters.
The most important thing to remember however, is that the monthly premium from each company for Plan F can and almost always is entirely different! Also, it’s not just that the plans themselves are standardized, but the entire process of filing with a supplement is as well. That is why if a doctor or their office ever states that they prefer a certain supplement company, it simply isn’t true as they all pay the exact same way under the exact same guidelines. Don’t let your doctor pick your Medigap Plan simply because they know a name of a certain company. Medicare and supplements do not work the same way as under 65 health insurance or employer group insurance, and if you don’t do the research and compare rates and just go with a carrier you’ve heard of and that reason only, there is a great chance you will end up paying far more than you should.
It’s your responsibility to take action and make sure you get help in checking Medicare Supplement Quotes from all the top companies in your area. We make this very easy by entering your zip code at the top of this page where you can compare plans from top carriers and easily get rates.
By far Medigap Plan F is the most popular of the supplement plans as it offers 100% coverage of the gaps in Medicare. This is the most comprehensive plan offered by Medicare at this time and is a favorite among beneficiaries as you simply bring your Medicare card and Plan F card to any doctor, hospital, or specialist in the United States that accepts Medicare and leave with no medical bills for all Medicare approved expenses. Some of the main benefits of Medicare Plan F are:
Aside from these basic benefits, Plan F (Also sometimes referred to as Medicare Part F) pays:
Medigap Plan F is also offered as a high deductible option. With this plan, the monthly premium is far less than traditional Plan F, however they plan itself does not pay anything until a deductible of $2110 (as of 2013) is met in a calendar year. Keep in mind Medicare Part B will still pay it’s portion (80%) of your medical bills and you will be responsible for the 20% until the deductible is met. For people who are healthy and rarely see their doctor this is an excellent choice and can save them a great deal of money on premiums.
For those looking for the very best coverage they can get while supplementing their Medicare insurance, there is no question that Medicare Supplement Plan F does the job better than any other plan. The question that does remain is, will you be one of those who ends up overpaying? Well you don’t have to be. Simply enter your zip code below to get instant a Medicare Supplement Quote from top carriers in your area.
MedicareSupplementPlanFguide.com is provided solely for informational purposes and estimations of policy rates regarding Medicare Supplement Insurance, and is not connected in any way with the Federal Medicare Program, the Centers for Medicare and Medicaid Services, The Social Security Administration or any government organization.
Medicare Supplement Plan F