How to Compare Medicare Supplement Plans

Medicare Supplement plans
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There are 10 available Medicare Supplement plans. Lettered A, B, C, D, F, G, K, L, M, and N, each has a different level of coverage to help you pay for your out-of-pocket expenses from Medicare Part A and Part B. To compare Medicare Supplement plans, you need to see what each has to offer in terms of coverage for the price and consider your health care needs to see which plan offers the most benefit for your situation.

At Malhotra & Assoc. Insurance, our team of experts can help you find Medicare Supplement coverage that allows you to save on out-of-pocket costs.

Look at the Coverage

Medicare Supplement plans offer coverage for the following healthcare expenses:

  • Part A coinsurance and hospital costs
  • Part B copayments and coinsurance
  • Your first three pints of blood
  • Part A hospice
  • Skilled nursing facility
  • Part A deductible
  • Part B deductible (Plans C and F, not available to newly eligible Medicare beneficiaries)
  • Part B excess charges
  • Foreign travel emergency (80%)

Plans A and B have basic coverage. These are some of the more affordable plans with lower monthly premiums. People with a smaller budget and low health care spending could benefit from the cost protection of these plans.

Plans C and F cover the Part B deductible. These plans are only available to people who became eligible for Medicare prior to January 2, 2020.

Plans F and G have the most comprehensive coverage. Plan F covers every available expense option, and Plan G covers them all except for the Part B deductible. The deductible for Part B in 2021 is $203. Having Medicare beneficiaries pay at least their Part B deductible makes sure beneficiaries are contributing to their health care expenses and helping to fund Medicare, which is why the legislature made the change.

Look at the Costs

Your costs under a Medicare Supplement plan will include monthly premiums and a deductible. Once you meet the deductible, the policy will cover the promised amount of your out-of-pocket costs from Medicare Part A and Part B.

With comprehensive coverage comes higher premiums, which you can weigh against your anticipated health care expenses. Those with significant health care spending benefit most from these high coverage policies, such as F and G.

In some states, you may be able to purchase a high-deductible Plan F or Plan G. These plans have the same coverage as their original counterparts, but the plan does not begin to pay for your expenses until you have paid the high deductible. With this high deductible come lower monthly premiums, making these plans an excellent choice for people with few anticipated health care needs and the budget to afford the high deductible in case of an emergency.

Plans K and L have an out-of-pocket maximum, meaning that once you have paid that much in out-of-pocket costs toward your Medicare Part A and Part B needs, your plan will cover the rest of your covered expenses in full.

Plan N covers 100% of your Medicare Part B expenses, except for copayments for office visits and emergency room visits.

Consider Your Health Care Needs

Perhaps the most important thing to consider when comparing Medicare Supplement plans is how much cost protection you need based on your health care spending. 

Do you have a disability or medical condition that involves regular visits to the hospital or an outpatient facility? Know that under Original Medicare, there is no out-of-pocket maximum. Multiple visits to the hospital within the year could mean you would pay the Part A deductible more than once. And the 20% of the Medicare-approved amount you owe as Part B copayments can add up quickly when there is no limit. The cost protection from Medicare Supplement plans can safeguard your savings and allow you to access the health care you need without financial worry.

Not sure about the level of coverage you need? Speak with a licensed agent from Malhotra & Assoc. Insurance to find the plan that best fits your budget and your health.

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