There are many choices for Medicare Supplement Plans. Currently, the plan offering the most comprehensive coverage is Plan G. There are several reasons why it’s our clients’ favorite.
Medicare Supplement Plan or Medicare Advantage
When enrolling in Medicare, you have many choices. You may choose to supplement your Original Medicare with a Supplement Plan. Another option is to switch to Medicare Part C.
Opting for Original Medicare with a Medicare Supplement Plan will give you access to the extremely broad Original Medicare network. Almost all doctors and hospitals accept Medicare. This is a benefit you would give up if you opt for Medicare Advantage.
Although Original Medicare is largely comprehensive, there are gaps. Medicare Supplement Plans address these gaps.. Remember with Original Medicare alone there are still deductibles to meet and copays/coinsurance due for services rendered.
Medicare Supplement Plan G addresses these gaps. It will cover basically everything except your Part B deductible. In 2022, the Part B deductible is $233. This tends to go up on a yearly basis.
This plan is the most comprehensive coverage available. It will cover:
- Part A Deductible
- Part A Coinsurance
- Part B Coinsurance
Because Plan G covers so much of your yearly healthcare costs, it’s very easy to calculate your annual costs. You can use the following formula:
Yearly Costs =12 X (Part B Monthly Premium + Plan G Monthly Premium) + Part B Deductible
The base Part B monthly premium in 2022 is $170.10. The Part B deductible is $233. The only unknown is your supplement plan premium.
Premiums are determined by a series of factors. Carriers will take into consideration your age, gender, location, carrier and possibly your overall health.
Of course, there may still be additional costs for things such as dental, vision, hearing, etc… Medigap plans do not cover these benefits. Make sure to enroll when you are first eligible to avoid medical underwriting.
Additionally, shop around because these plans are standardized. Benefits do not chance from carrier to carrier. Also, remember, if your doctor accepts Medicare, they accept you supplement plan. You can compare different plans on Medicare.gov or by working with a brokers. Enrollment for Medigap plans is year round, so don’t wait!
Call us at iHealthBrokers at 888-918-0518 or schedule an appointment today. Our services are 100% FREE.
Jesse Smedley is the Principal Broker for iHealthBrokers and the founder, president, and CEO of Smedley Insurance Group, Inc. and iHealthBrokers.com. Since the inception of SIG in 2007, Jesse has been dedicated to helping people save money on their health insurance by providing them with resources to educate themselves on all their health insurance options, both under age 65 and Medicare beneficiaries. He is featured in many publications as well as writes regularly for expert columns regarding health insurance and Medicare.