Medicare supplements help cover the costs of Original Medicare, and can make a great addition to your healthcare insurance plan.
InvoBH has the insight to make sure you understand your Medicare insurance. Here is our introduction to Medicare supplements to get you moving forward.
What Are Medicare Supplements
A Medicare supplement, or Medigap plan, will provide coverage for the various out-of-pocket costs of Original Medicare. There are 10 plans, each with their own benefits and relative price—A, B, C, D, F, G, K, L, M, and N.
The cost of your specific supplement plan will vary based on the amount of coverage you purchase, the area you live, and the provider’s rating system. There are 3 ratings systems—community, issue-age, and attained-age.
It’s important that you sign up for a supplement plan as soon as you are able. The best time to enroll is during the 6 months following your 65th birthday, where the process known as medical underwriting is not an issue.
Medicare Supplement Plans
All plans will include some combination of these benefits/coverage:
This is the coverage provided by Plan F. All plans will have some amount of these benefits, but no more than this.
Medicare Supplement Plan Comparison
The more benefits included in the plan, the more it will cost. Of the 10 options, plans A, B, K and L cost the least. They also, however, offer the smallest amount of benefits. When comparing plans, you will have to negotiate your coverage needs with your budget.
For something in the “middle-of-the-road,” plans D, M, and N are great options. Plans D and N, as a matter-of-fact, offer identical coverage—they do, however, have different payment methods and monthly costs.
The plans with the most coverage are C, F, and G. However, Plans C and F are only available to those who were eligible for Medicare before January 1, 2020.
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InvoBH Has The Medicare Supplement Resources You Need—Call Today
Whether you’re just getting started with Medicare or are already an expert, InvoBH is here for you. If you need help navigating Medicare in Kirkwood, Missouri, InvoBH can help. Call us today at 314-669-4308.