Medicare Supplement Benefits Are Based on Plan Letters
Medicare Supplement (aka "Medigap Plans") have benefits that are based on 10 plan letters that help to cover the gaps created by "Original Medicare" which is Part A and Part B Medicare.
KEY POINT: If you get a Medicare Supplement plan then it's likely you may need to purchase a Part D - Prescription Drug Plan
In our opinion, Medicare Supplements are excellent and highly recommended if you can afford the monthly premium.
Why a Medicare Supplement?
- No Networks
- They Travel Well
- Are accepted by any Dr that accepts Medicare
- Excellent in cases such as a serious illness (i.e. cancer)
What Is A Medicare Supplement
What Are The 10 Medicare Supplement Options And What Do They Cover?
Please refer to the chart below.
You will see a Plan Letter at the Top (A, B, C, D, F, G, K, L, M, and N), and on the left you will see the benefits available.
You need to link up the benefits to the plan letter to see how much that specific plan letter will cover the cost.
Example: Medicare Part A Deductible under Plan G is 100%. This means Plan G will cover 100% of the deductible for Medicare Part A.
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Medicare Supplements Have A Monthly Premium
Medicare Supplements do have a Monthly Premium. It's likely that the monthly premium will increase a bit each year.
We are big proponents of Plan G because you already know the fixed out of pocket costs that you will have for the year.
Plan G mostly covers 100% of the costs of listed benefits as shown above and all you have to pay for is the monthly premium, prescription drugs, and the Part B Deductible.