Medicare supplement plans are a great way to help fill in the gaps and supplement the costs of Original Medicare. Supplemental policies are not comprehensive medical insurance, but they can be invaluable at alleviating out of pocket expenses for aging adults. To help you understand your options, we are going to give an in-depth look at each Medicare supplement policy and what it covers.
Comparing Different Medigap Plans
There are ten standardized Medicare supplement plans, also known as Medigap policies. Not all policies are available in each state. However, Louisville, KY and throughout the state of Kentucky, all residents are fortunate to have access to all 10 plans.
Medicare Supplements are named with letters for simplicity purpose but have no correlation to the letter names of Original Medicare Part A and Part B, Medicare Advantage Part C, and Prescription Drug Coverage Part D. Here is the breakdown of each policy and how it works.
Plan A
Plan A is not to be confused with Medicare Part A, the two have no correlation. Medigap Plan A has the fewest benefits out of the 10 Medigap plan options. Because Medigap is offered through private insurance companies, the cost can vary but Plan A tends to be the most affordable.
Plan A helps to cover the hospital costs and coinsurance for Original Medicare as well as the first 3 pints of blood if a transfusion is necessary.
Plan B
Plan B is not to be confused with Medicare Part B, the two have no correlation. Plan B is only marginally more popular than Plan A and includes only one additional benefit: the payment of your Part A deductible. Other than that, Plan B is identical to Plan A.
Plan C
Plan C is one of the mid-range Medicare Supplement plans that is marginally more popular than either Plan A or B. Plan C covers 8 out of the 9 available Medigap benefits. The only other Medigap plan option with more benefits is Plan F. The only Medigap benefit that Plan C does not include is coverage of Medicare Part B excess charges. Again, Plan C is not to be confused with Medicare Part C, the two have no correlation. Medigap Plan C covers the following:
- Medicare Part A coinsurance and hospital costs
- Medicare Part B coinsurance or copayment
- First 3 pints of blood
- Part A hospice care coinsurance or copayment
- Coinsurance for skilled nursing facility
- Medicare Part A deductible
- Medicare Part B deductible
- 80% of foreign travel emergency care
Plan D
Medigap Plan D should not be confused with Medicare Part D, which is the prescription drug coverage option for Medicare beneficiaries. Plan D covers 7 of the 9 possible Medical benefits including everything Part C has with the exception of your Medicare Part B deductible.
Plan F
Plan F is the most popular option available today and also covers the most Medicap benefits. It may also be one of the most expensive options, but has a high-deductible option that can lower your premiums. If you choose the high-deductible Policy F, you must meet a yearly deductible of $2,300 before it covers anything. Medigap Plan F covers all 9 of the available Medicare Supplement Insurance benefits which includes:
- Medicare Part A coinsurance and hospital costs
- Medicare Part B coinsurance or copayment
- First 3 pints of blood
- Part A hospice care coinsurance or copayment
- Coinsurance for skilled nursing facility
- Medicare Part A deductible
- Medicare Part B deductible
- Medicare Part B excess charges
- 80% of foreign travel emergency care
Plan G
The only difference between Medigap Plan F and Plan G is the Medicare Part B Deductible. This is covered in Plan F, but is not covered in Plan G.
Plan K
Plan K is a cost-sharing policy. That means that it reduces your costs, but doesn’t offer full coverage. For example, instead of covering the entire Medicare Part A deductible, it only pays 50%. Plan K does include an out-of-pocket limit, and if you hit that limit your Plan K will start paying 100% of covered costs. In 2019, the out-of-pocket limit was $5,560.
Plan K is not a very popular option because it requires more out of pocket costs than any other policy.
Plan L
Medigap Plan L is also a cost-sharing policy, similar to Plan K – but works a little different. Plan L pays for 75% of covered services, and you pay the other 25%. The out-of-pocket maximum in Plan L is also much lower. In 2019, the out-of-pocket limit is $2,780 rather than $5,560 in Plan K.
Plan M
This is one of the newer Medigap policies, introduced in 2010. It is a mid-range policy, similar to both Plan N and Plan D. It offers partial coverage for 7 out of 9 benefits including:
- Medicare Part A coinsurance and hospital costs
- Medicare Part B coinsurance or copayment
- First 3 pints of blood
- Part A hospice care coinsurance or copayment
- Coinsurance for skilled nursing facility
- 50% of Medicare Part A deductible
- 80% of foreign travel emergency care
Plan N
Plan N was also introduced in 2010, alongside Plan M. Plan N is identical to Plan D, except for the Medicare Part B coinsurance coverage. Plan N is also subject to two copayment structures, requiring up to $50 for certain emergency room visits and up to $20 for physician office visits.
If your brain feels a little bit like alphabet soup, we understand. This is a lot of confusing information. Each of the Medicare Supplement plans is similar with just slight (but important) differences. To make things even easier, here is a chart that puts all of this side by side.
| Medicare Supplement Benefits | A | B | C | D | F | G | K | L | M | N |
|---|---|---|---|---|---|---|---|---|---|---|
| Part A co-insurance and hospital costs | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Part B co-insurance or co-payment | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 50% | 75% | ✓ | ✓ |
| First 3 pints of blood | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 50% | 75% | ✓ | ✓ |
| Part A hospice care co-insurance or co-payment | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 50% | 75% | ✓ | ✓ |
| Co-insurance for skilled nursing facility | ✓ | ✓ | ✓ | ✓ | 50% | 75% | ✓ | ✓ | ||
| Medicare Part A deductible | ✓ | ✓ | ✓ | ✓ | ✓ | 50% | 75% | 50% | ✓ | |
| MedicarePart B deductible | ✓ | ✓ | ✓ | |||||||
| Medicare Part B excess charges | ✓ | ✓ | ✓ | |||||||
| Foreign travel emergency | 80% | 80% | 80% | 80% | 80% | 80% |
Medicare Supplements in Kentucky: How Does It Work?
The state of Kentucky offers all ten standardized Medicare supplement plans through private insurance companies like Humana, Aetna, United Healthcare, Anthem, and Cigna. Regardless of which private insurance company you purchase it from, Medicare Supplement plans with the same letter have the same coverage.
However, each insurance company can determine its own monthly premium. So costs may vary from plan to plan, even for the same benefits.
Your location can also affect your premiums. If you live in Louisville, KY in Jefferson County, you may pay more or less than someone who lives in LaGrange, KY in Oldham County for an identical Medicare Supplement plan.
With so many plans to choose from in Kentucky, it can be confusing or even frustrating to narrow down which policy is best for your needs and budget. That’s where the independent Medicare agents at Braden Insurance Agency come in. We know everything there is to know about Medicare supplement plans in Louisville, KY and throughout the state of Kentucky. So let us help find the best policy for your needs and budget. Schedule a free, unbiased consultation today.
Choose From Different Medicare Supplement Companies
Medicare supplement plans are offered by private Medicare insurance companies, not the government. However, each policy is standardized and the coverage is identical regardless of which company you purchase from.
Since Braden Insurance is an independent agency in Louisville, KY, they can offer Medicare supplement plans from any of the companies at the best price. We work with all the major players in Medicare Insurance including Humana, Aetna, United Healthcare, Anthem, Cigna and more.
The independent agents at Braden Insurance Agency are on standby to answer all of your questions. Call today to schedule your completely free and unbiased Medicare supplement plan consultation. We will help you find the right plan for you.
Enrollment Period Window for Medigap Policies
You are eligible to purchase a Medigap policy as soon as you are eligible for Medicare when you turn 65. Within the first six months, you have a guaranteed right to buy a Medicare supplement plan and cannot be refused for any reason.
If you miss the first six month window, you can apply later at any time but may be charged a higher rate or rejected based on your health history.
Medigap Policies: You Don’t Have to Make the Decision Alone
During your free, no pressure, unbiased consultation at Braden Insurance, we cover all aspects of your Medicare needs including:
- We will discuss your coverage needs.
- Talk about what kinds of plans you can afford.
- Our agents will shop around at different companies for the Medigap plan you want at a price that fits your budget.
- Together, we will review different plans' pricing structure so you understand how costs may change as you age.
Understanding Medicare supplement plans can be difficult and choosing the right one can be even worse. Our independent agents here to help you make sense of your options and guide you along the path to make the right decision.
When you are ready to purchase Medicare supplement plans, work with a company who truly cares. Braden Insurance Agency will make sure you get exactly what you need.
The post Medicare Supplement Plans: Compare Different Policies Side-By-Side appeared first on Bradeninsurance.com
Braden Insurance Agency Inc.
3069 Breckenridge Ln
Louisville, KY 40220
502-454-9191
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