If you’re planning to add or change Medicare Supplement insurance coverage in 2019, there are some things that you should know before you move forward. That’s because there are many different Medicare Supplement insurance plans available – and depending on which option you go with, you might find that the coverage may or may not be sufficient for your particular needs.
For 2019, there will still be ten different Medicare Supplement plans to choose from. Plan A provides the most basic set of “core” benefits, while Plan F provides a much more extensive array of coverage.
Likewise, in order to help with keeping premium costs down, there is also a “high deductible” version of Plan F whereby the benefits will not start to pay out until a yearly deductible has been met. It is important to note that, if you are interested in purchasing Medicare Supplement Plan F, you must do so prior to January 1st, 2020.
That’s because, based on the 2015 Medicare Access and CHIP Reauthorization Act (MACRA), no new Plan Fs may be purchased after that time. (If, however, you are already covered by this plan, you may keep your coverage in force). The same also holds true for Medicare Supplement Plan C.
It is important to note here, though, that while you may be able to keep these plans – and they may still be serviced by the insurer you purchased them through – it is possible that the premium price going forward could rise significantly.
For those who find that Medicare Plan F has the most appropriate set of benefit options, there could be a viable alternative in purchasing a Medicare Supplement Plan G. That’s because Plan G provides all of the same coverage as Plan F, with the exception of coverage for the Medicare Part B annual deductible. Take a look at Plan N, too. The big difference between Plan F and Plan C is they both cover the annual Medicare Part B deductible. Plan G and Plan N do not.
Because all Medicare Supplement insurance plans of the same letter are required by law to offer the same set of benefits – regardless of where they are purchased from – you won’t find a difference in the Plan G benefits from one insurance carrier to another.
What you might find, though, is a difference in the premium price – and in some cases, this premium could be significantly more. For that reason, it is important to check and compare the Medicare Supplement Plan G prices with at least three or four Medicare Supplement insurance carriers before you make a commitment to purchase a policy.
If you still have questions regarding Medicare Supplement plans and prices, or about how this type of coverage can work in conjunction with Medicare Part A and Part B, you can find information directly on Medicare’s website by going to www.Medicare.gov, and then clicking on the “Supplements and Other Insurance” tab.
It can also be beneficial to discuss your particular health care needs – and how having Medicare Supplement insurance coverage can help – with an insurance professional who specializes in Medicare plans.
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Author Bio: Ben started Prepare for Medicare in 2014 to help people help people get objective answers to questions about Medicare. He’s held leadership roles at numerous Fortune 500 Medicare health insurers in product development, sales, marketing and strategy for over 20 years.