After all the debate and discussions on Medicare plans, there is a rise in overall growth of policies. Medicare, Medigap, or Medsup are one and the same. They are insurance plans, which cover certain extra cost uncovered by the part A and part B of the original Medicare plan. You will get different benefits depending on the premium youchoose for your family. Overall, there are ten plans. Each of them islabeled with alphabets.
Do I need Medicare supplement plans?
It is hard to give adefinite answer. However, yes it is better to be safe than sorry. If you can afford a decent supplement plan then you should consider buying it. Even though you have basic plans for you. A study and analysis of your yearly expenses on medicine will give you an idea about it. Consultation with your family doctor also helps in selecting the right plan.
How does it work?
The answer issimple. You need to have Plan A and Plan B to buy supplement plans. Then you can buy a Medicare plan, which suits your need. For example, if you buy plan F, then you will get the same benefits under that plan irrespective of the insurance company you choose. You can be anywhere in the country to obtain all of the benefits.You can buy plans in following categories
- Community no-age-rated – Same benefits regardless of your age.
- Attained-age-rated – Premium may increase and plan starts from the age you first bought the plan.
- Issue-age-rated – Premium is based on your age when you first bought the plan. Younger the age lower the premium.
Are these plans standardized?
Some states do not have same standards, even though you can get all the benefits under the same plan. Some states like Wisconsin, Minnesota,andMassachusetts use their own standards.
Can I select any plan that I want?
Yes, you can. However, you need to choose an insurance company, which offers the plan you want for yourself or for your family. Not all the insurance providers offer all plans. They too have to follow few rules to offer aparticular type of insurance. For example, if a company sells Medigap insurance then it should include plan A in its system.
What are different types of plans?
Medicare part A and Part B are the original plans. The plans from A to F (except E) are supplementary insurance plans. Along with these, there are five more plans. They are G, K, L, M,and N. So totally, we have 10 Medicare supplement plans (A, B, C, D, F, G, K, L, M,and N). You can compare different plans for better understanding.
What are the new plans of 2018?
There are no new plans.However, there are slight changes in policies and the premium cost. In 2017, the plans K and L had out of pocket limitation of $5,120 and $2,560 respectively. The plan and benefits remain the same.
Because of availability of different plans, people can choose Medicare plan best suited for them. It is important to compare all of the plans before opting one. Make sure that, the plan you choose reflects your need. Overall, these Medicare supplement plans can help people, who are in need and facing out of pocket cost issues.