Medicare Supplement Plans – What Are the Differences?
This Medicare Supplement Plans comparison chart below is reproduced directly from Medicare’s Guide to Medicare Health Insurance. Most people are familiar with their traditional Medicare coverage, which covers their Medicare Part A and Part B.
However, they may not be aware of the different Medicare Supplement Plan G that are available through private companies. Some of these plans are optional and some are mandatory depending on your current Medicare Plan and the plan enrollment period.
The first step in comparing the various Medicare plan g options is to determine which ones you want to include in your Medicare program. Your next step should be to learn more about the three different types of Medicare Supplement Plans. The basic differences among these three types of plans are standardized rates, standardized premiums, and standardized deductibles. All three options, however, contain unique benefits and different ways to pay for them. Let’s discuss the differences in detail.
Most people are familiar with the standard Medicare coverage that is either in PPO or POS plans. Their disadvantage, however, is that they require enrollees to pay their out-of-pocket expenses. Also, seniors enrolled in PPOs or POS plans cannot choose their doctors and are limited to getting services from a list of approved doctors.
Furthermore, seniors in PPO or POS plans are not allowed to receive any Medicare Advantage benefits, such as the guaranteed issue rights. All these disadvantages make Medicare Supplement Plans available through private companies a more viable option.
The third type of Medicare Supplement Plans is those that incorporate Medicare Part B coinsurance and Medicare Part D coverage. These plans do not have all the Medicare coverage benefits of the traditional PPO and POS plans.
They do, however, reduce the senior’s out-of-pocket expenses. Most of these Medicare Supplement Plans offer reduced premiums and copays for the most common Medicare Part A and Part B drugs, in addition to providing some coverage for hospital costs. They also include benefits for dental expenses and some vision insurance.
If you enroll in a Medicare Supplement Plan that offers coverage for several Medicare benefits, it is important to understand which of these plans covers the items you need the most. Many plans offer coverage for some of the items seniors need the most while leaving others out.
For example, the Medicare Supplement Plan that covers prescription drug costs does not cover the costs of other necessary medications. To learn more about which Medicare supplement plan covers what, contact the Medicare website or a local Medicare representative.
When comparing the various Medicare Supplement Plans available, you should compare not only the costs and co-pays but also the discounts available. Although you may save money overall by going with a lower premium plan, you may not get the same discount on every visit to the doctor. Higher deductibles can reduce your overall premiums but will result in higher out-of-pocket expenses.
Whichever type of Medicare Supplement Plan you select, it is important to understand how the plans work and whether there are any differences in the Medicare Part A and Part B premiums or deductibles for each plan. As with Medicare Parts A and B, you can save money on both parts of the program by choosing the “Medigap” option.