Which plan is best for you? It all depends on the amount of medical expenses you incur each year. If the direct costs of a Medicare Advantage plan cost more than the premium of a traditional supplemental plan in any given year, it would be better to pay for a supplemental plan. This is an important decision that deserves valuable consideration and advice from an experience broker. Required coverage of Medigap coverage plans is mandatory and regulated by the Medicaid and Medicare Centers. Plan F also has a “high deduction” plan because it will not pay for any Medicare-covered services until the plan beneficiary pays a minimum of $2,000. Once this deductible is reached, Plan F will cover 100% of the co-insurance, co-payments and deductibles of Parts A and B, including hospice co-insurance and preventive services.
The basic and original coverage provided by Medicare is Part A (hospitalization) and Part B (doctor visits and necessary medical equipment). There are currently at least 11 supplemental plans called Medigap policies that fill the coverage gaps related to Parts A and B. One of them is Plan F. It is important to know that not all companies offer the 11 supplemental plans. However, if they offer at least two of them, they must offer Plans C and F. Plan F premiums usually cost between $65 and $295 per month. The premium varies by insurance company and the state in which you live.
The new Modernized Medicare Supplement Plans will also include two new plan cards that are likely to be very attractive to those who currently have a Medicare Advantage Plan. These two plans are the Medicare M Supplement Plan and the Medicare N Supplement Plan. With Medicare supplement plans, you are also responsible for paying the Medicare Part B deductible, which is $155 for 2010. In addition to this deductible, there are no copies in the doctor’s office and the plan will pay the deductible amount of 20% co-insurance.
Plan N was introduced on June 1st. 2010 is. This policy also provide options for cost-sharing for the recipient, as is the Medicare M Supplemental Plan, however, with Plan N, they are in the form of co-payments. Basically, if you are willing to pay 100% coverage, Plan F is designed to meet your personal needs. With Medicare Supplement Plan F, your only expenses will be your monthly premiums. For more information about this supplemental plan, you can visit the official Medicare website or talk to a licensed insurance professional.