For many Medicare beneficiaries determining how much they have to pay out of pocket for Medicare and Medigap can be quite tricky. It’s figuring out what essential coverage, Medicare Parts A, B, and D, is going to cost, only to find out that these three plans don’t fully cover you. Not only will additional Medigap coverage have a monthly premium, you will also need to determine how much the deductible and co-insurance will run. With most Medigap plans, beneficiaries can expect to be responsible for up to 20% of their outpatient medical expenses. It is important when planning for retirement that these estimated costs are considered so that you can be financially prepared.
Choosing a Medigap Plan
Medicare’s standardized supplemental insurance plans date back to 1990. Since then it has been simpler for Medicare recipients to compare the costs of these plans between providers which is clearly important for a number of reasons. Of the ten standard plans available there are two high premium plans that have more complete coverage then any of the other eight, Medigap Plans F and G. The benefit of choosing one of these two plans is that although the monthly premium is higher there is little to no out of pocket needs.
Participants that want a lower monthly premium and are okay with sharing the cost of treatment as they go along should consider Medigap Plans K and N. These plans both offer lower monthly premiums however offer fewer benefits. Participants will share more of the expenses as needed along the way.
There are a number of factors that go into determining your monthly premium. If you are enrolled in Medigap within your open enrollment period, you will not pay more based on pre-existing conditions however other factors do play a role. These include age, gender, tobacco usage, the policy you choose, when enrollment takes place, and discounts for more than one enrollee in a household. This will depend strictly on the carrier who is allowed to set rules for these discounts. A Medigap broker will help you determine which carrier is offering you the most coverage at the best rate.
Where you are located is another factor in determining the amount you will pay for Medigap plans. From state to state, zip code to zip code, Medicare supplemental plans premiums vary a great deal. Consider this: Medigap Plan F in Fort Worth, Texas can run between $149 – $180 per month for a non-tobacco using 65-year-old male whereas the same coverage in Los Angeles, California will run between $169 – $190 per month. Medigap in Florida is even costlier as this same person would most likely pay between $275 – $336 per month. This may just be one of the many reasons that many Medicare enrollees in FL choose a Medicare Advantage Plan instead.
It is also crucial to consider healthcare related expenses that are not covered through Medicare or Medigap what-so ever. Medicare does not help pay for expenses related to long-term care which is always a shock to seniors. It also limits the type of care and equipment it will pay for often have strict stipulations in place for home health care needs and medical equipment. Often in order for these items to be covered a doctor must be in charge of prescribe them and proving that they are necessary. Certain dental needs, vision care, and hearing costs may also not be covered as well.
The experts at eMedigap Plans, powered by Omega, have all the answers you are looking for when it comes to your Medigap Supplemental Insurance needs. More information can be found at http://emedigap-plans.com.