Which Medicare Supplement Insurance Plan is Right for Me?
No one plan is right for everyone. There are 11 total Medicare Supplement insurance plans which are also sometimes called Medigap plans. The coverage for these plans range from full or comprehensive coverage to deductible plans, and as you might expect, the costs can vary dramatically. All of the 11 plans are standardized by Medicare, so there are no differences in the plans themselves from company to company. So let’s take a look at some representative plans. You can view the full Plans Chart on this website to see the detailed coverage provided by each plan.
Full Coverage Plans—Plan F is the most comprehensive plan. It pays for all of your expenses that are approved, but not paid by Medicare. This includes your deductibles, copays and coinsurance that Original Medicare does not cover. Plan F is typically the most expensive of the plans, and is well suited for those who anticipate they will have medical expenses and/or those who want the peace of mind in knowing that all approved expenses will be covered.
Deductible Plans—The high-deductible Plan F is similar to the Plan F in that after your deductible is met, it pays for all of your expenses that are approved but not paid by Medicare. For 2015, the deductible amount is $2,180. This amount typically changes each year. This plan probably works best for those who are healthy and anticipate low medical expenses and/or those who are willing to take some risk in exchange for a much lower rate.
An important point to remember is that Original Medicare still pays its portion of your medical expenses first—for example, Medicare generally pays 80% of your Doctor/Medical Expenses and you are responsible for 20%. Only this 20% applies toward your deductible. Think of the high-deductible Plan F as a plan where you pay the difference for the smaller expenses, but if you have major health expenses, your maximum for the year is $2,180 and then your Medicare Supplement high-deductible Plan F picks up all other expenses approved but not paid by Medicare.
Mid-Range Plans—There are a full range of 9 plans in between the full coverage and deductible plans—so if you’re not comfortable with either of these two options, you have plenty more to choose from.
Price Ranges for the Plans
On this website, you can view price ranges for all 3 categories to get a feel for the difference in pricing “View My Pricing Now” link-- and how much you can save. Or you can call one of the Americare Group licensed agents who can provide information to help you make a decision and actual quotes for the plans toll-free at 1-877-512-5484—there is no cost or obligation.