Medicare supplement plans more tips here, also called “Medigap” plans, are standardized plans provided through private insurance companies that are designed to fill in the gaps left behind once a person has Medicare coverage. Medicare Supplement plans offer the same basic coverage as Medicare, but are often more expensive than their primary Medicare coverage. These plans are usually selected when Medicare is not an option for one’s health care needs. Medicare Supplement Plan F and J both fall into this category.
Medicare Supplement Plan G is the most expensive of the three different categories of Medicare Supplement Plans. Like Medicare Advantage Plans, Medigap plans are standardized. The only difference between these two types of coverage is the standardized plan letter. The letters A through L remain the same, while the letters M through Z vary. The same rules apply for choosing a medical physician, but if you select a plan that does not offer the top level of coverage you want, you will have to pay for that coverage elsewhere.
Medicare Supplement Plan J is the lowest cost Medicare supplement plans. It offers coverage for outpatient hospital expenses only. Plan J is not available in every county across the country, so you may have to call an agent to determine if you will be able to participate in this plan. If you do not select Medicare supplement insurance plans that offer the level of coverage you want, you will likely have to accept higher premiums to pay for the same level of coverage.
Medicare Advantage Plans may not pay for the costs of your out of pocket expenses if you have Medicare Supplement Plan J. If you select a plan that does not offer J, you will have to pay 100% of the cost of your hospital stay. Medicare Supplement Plan K, on the other hand, will pay for 100% of the cost of your outpatient care. In contrast, Medicare supplement plans may not pay for your inpatient care. If you select a plan that does not offer coverage for inpatient care, you will have to pay for this care out of pocket.
Medicare Supplement Plan F may also be called Medigap Flex, ado, or My Medicare. It is a third party supplemental insurance plan that pays the costs of both inpatient and outpatient care. Your Medicare Part D provider will pay the Medicare Part B deductible and then the insurance company kicks in with the Medicare Part A deductible. When you sign up for this plan, you will agree to an annual deductible, co-payments, coinsurance, and other specific rules regarding your Medicare Part A and Part B.
Medicare supplement plans work together with the original Medicare program, to provide you with the basic benefits necessary to maintain your quality of life. Before you decide which plan is right for you, be sure to carefully consider the questions described above. If you have Medicare now and are considering changing insurance companies, or just want more options for the benefits you receive, talk to a licensed Medicare representative. They will help you understand the details of Medicare supplement plans and answer any questions that you may have.