Medicare Supplement

Secure Medicare Supplement Plans

Secure Medicare Supplement Plans
Medicare Supplement Plans for years have been wonderful resources for hundreds of thousands of Medicare Beneficiaries of the last couple of decades. The Premier Agency, AZ has taken a personal look at what will serve the market the best and how we can further assist clients with Medicare Supplement Plans.

We have taken an in-depth look into Medicare Supplement Plans and the history that has shaped what Medicare Supplement Plans have become. Why are they priced the way they are priced, and why do they cover what they cover. It is critical to understand not only what you feel like you can afford each month or every year, but also, what does Medicare not cover?

Medicare Supplement Plans are mostly designed to cover the portion of the cost that is left behind by Original Medicare parts A & B. There are a variety of different plans available, and some will cover more than others. Still, there are a few common threads with Medicare Supplement Plans.

Here is An Example For You

In most states, Medicare Supplement Plans are standardized plans. This means that they are all going to offer the same basic benefits, no matter what insurance company you are purchasing that plan from. For example, Insurance company XYZ is offering a Medicare Supplement Plan G for $144.00 a month for a 65-year-old Female, while Insurance Company ABC is offering the same exact plan, a Medicare Supplement Plan G to the same 65-year-old Female for $119.00 a month. This is a very common differentiator between different Medicare Supplement Plan Insurance companies who are selling the same basic plan. So, while you may be receiving the exact same benefits between the two companies (see chart below), it is reasonable to get a different price from one company to the next. The Premier Agency, AZ, is skilled at helping you find the company that will offer you the best premium for your Medicare Supplement Plan in Arizona.
Medicare Supplement Plan in Arizona
*Plan F is also offered as a high-deductible plan by some insurance companies in some states. If you choose this option, you must pay for Medicare-covered costs (coinsurance, copayments, deductibles) up to the deductible amount of $2,340 in 2020 before your policy pays anything.

**For Plans K and L after you meet your out-of-pocket yearly limit and your yearly Part B deductible ($198 in 2020), the Medigap Plan pays 100% of covered services for the rest of the calendar year.

***Plan N pays 100% of Part B coinsurance, except for a copayment of up to $20 for some office visits and up to a $50 copayment for emergency room visits that do not result as an inpatient admission.

**** Starting January 1, 2020, Medigap plans will not be allowed to cover the Part B deductible for new Medicare beneficiaries. This means Plans C and F will no longer be available to new Medicare beneficiaries starting on January 1, 2020. If you already have either of these two plans (or the high deductible version of Plan F) or are covered by one of these plans before January 1, 2020, you will be able to keep your plan. If you were eligible for Medicare before January 1, 2020, but not yet enrolled, you may be able to buy one of these plans.

Common Thread Between One Medicare Supplement Plan and the Next in Standardized States

Another common thread between one Medicare Supplement Plan and the next in Standardized States (including Arizona) is, Most are designed only to cover some or all of the expenses left behind, assuming Medicare covers the first portion of the bill. Long story short, most Medicare Supplement Plans in most states won’t cover any portion of your bill if Medicare does not cover a portion first. This often includes but is not limited to; Long Term Care; Experimental Medicine; Dental Treatment; Hearing Aids and outpatient Prescriptions Drugs (medications purchased at a retail pharmacy).

This can all be confusing, but we have made a graph for you to help you understand the simple breakdown available to you for Medicare Supplement Plan options, and we are always here to help you chose the plan that is right for you.

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