Medicare Supplement Insurance
Medicare Supplement Insurance is often called Medigap because it pays for the gap between what you are charged for healthcare and what Medicare pays for.
The best Medicare Supplement Plan is “Plan F.”
It usually pays all of the cost, so that you pay nothing out of pocket. It pays more than any other plan. Sound expensive? There’s really not much difference between the monthly premium for “Plan F” and the least expensive “Plan A.” But you’ll have a lot more out of pocket expenses if you choose “Plan A.”
Let’s do a quote to see what an “Plan F” would cost you.
When I meet with clients who are turning 65,
they are often confused about Medicare’s parts and plans.
Here are the basics:
• Medicare Part A – Covers most hospitalization costs after the $1288 deductible.
• Medicare Part B – Covers about 70% of most out patient expenses.
You need a Medicare Supplement Insurance Plan to pay the $1288 hospital deductible and the rest of the out patient expenses.
• You can apply for Medicare Supplement Insurance at age 64 ½ without answering any medical questions. After age 65 ½ there is a short list of medical questions.
I always tell my clients that the best Medicare Supplement Policy is the “Plan F” because:
• It pays virtually everything that Medicare doesn’t.
• You can go to any doctor or hospital who accepts Medicare.
• It’s easier to budget to pay the monthly premium than to pay big bills when you’re sick.