2. You can enroll in Medicare Parts A & B and add a Medicare Supplement plan and Part D drug plan

Many people elect to remain on Original Medicare (Parts A & B), but also purchase a Medicare Supplement “Medigap” Plan. These plans are standardized by Medicare no matter which company you choose. Plan G has the exact same medical benefits with any company who sells it. There is also no network when selecting most Medicare Supplement plans.

Even if your doctor normally doesn’t accept a carrier (like Aetna), they will accept Aetna as a Medicare Supplement plan. This is because Original Medicare is still the primary insurance and the providers deal directly with them. They have no contact with the Supplement company you choose. It is a very simple way to get your Medicare coverage.

We generally don’t hear too much from clients needing to contact their Medicare Supplement plans. If there is an issue with a claim, you would need to contact your primary insurance (Original Medicare 1-800-MEDICARE) to get their part sorted out first. If Original Medicare approves the claim and pays, the Medicare Supplement Plan must also pay according to their coverage.

Popular Medicare Supplement Plans:

Most popular Medicare Supplement plan: Plan G

Plan G has the best coverage for most people.

It has the best coverage, unless you were eligible for Medicare before 2020 and qualify for Plan F. Plan G will pay for nearly all your Medicare-related costs except for the Medicare Part B deductible. The Medicare Part B deductible is only $240 for 2024. After you pay this, Plan G will pay for medical care such as doctor visits, blood tests or outpatient medical treatment.

Pros and cons of Plan G:

Popular plan that covers nearly all of your health costs
Often a better value than Plan F based on the cost of the plan and medical care
Cheaper plans may be a better deal if you rarely visit the doctor

Most coverage in a Medicare Supplement Plan: Plan F

Plan F covers more than any other Medicare Supplement Plan, since it will also cover the Part B annual deductible, but you can only buy Plan F if you qualified for Medicare before Jan. 1, 2020. Plan F covers all of your Medicare costs that you normally would pay for out of pocket, including deductibles, copays and coinsurance.

Pros and cons of Plan F

Has a full set of benefits that pays for nearly all medical costs
Gives you peace of mind about day-to-day costs, such as a copay for a doctor's office visit
It is one of the most expensive options
Not available to new Medicare enrollees

More affordable plan with good coverage: Plan N

Plan N has very similar coverage to Plan G but the premiums are generally lower. Plan N is a budget-friendly option with coverage that's nearly as good as Plan G, but less expensive. The difference is, with Plan N, you have to pay $20 for doctor visits and $50 for trips to the emergency room. Plan N also doesn't cover what's called Medicare Part B excess charges (This is a rare situation when your doctor charges more than what Medicare will pay). You can find out if your doctor will not charge extra fees here:

Does your provider accept Medicare as full payment?

Pros and cons of Plan N

Plan N is usually around $20-$50 less per month than Plan G
Coverage similar to what you get with Plan G
Extra copays could cancel out savings from choosing Plan N
You could have extra fees if your doctor doesn't accept Medicare's prices

Let us help you discuss the pros and cons of the various Medicare Supplement plans available to you and compare rates. These plans are standardized, however, the companies are able to charge whatever they want for the exact same coverage. It is quick and easy to get a Medicare Supplement quote and we will never pressure you.

Keep in mind, Original Medicare nor a Medicare Supplement covers prescriptions. You will need to add a Part D drug plan unless you already have other credible drug coverage. Be sure to confirm that your other drug coverage is credible, or you could be faced with a late enrollment penalty.

We will help you evaluate the various drug plans available in your area based on your specific situation (prescriptions you take, your pharmacy, etc). Some of our clients have come to us and realized they were paying way too much for their drug plan.

This information obtained from www.medicare.gov

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