Why Medicare Supplement Plan N Might Be Right For Your Needs

By B. Loughead

As of June 1st, 2010 the landscape of the Medicare Supplement market changed significantly with the advent of Medicare Plan N (and M). At that time, the US Government required all companies who were marketing and selling Medicare Supplement plans to abide by the newly modernized and upgraded Medigap chart. Supplement Plans M and N were a part of this modernization process and promised to be better choices for both existing and new Medicare beneficiaries. Now the only question was, are these plans right for you?"
                                                                                                           

What Medicare Supplement Plan N Covers

Although it is similar to Medicare Plans D and F, Medicare Plan N utilizes a system for sharing costs in order to keep a person's premiums down. Unlike Plans D and F, it will cover all or a portion of the deductibles incurred in Medicare Parts A and B. A new co-pay structure was implemented in exchange for insurance premiums that could be up to 30% lower than what they were. Under Plan N, doctor visit co-pays are $20 and emergency room visit co-pays are $50.
In addition to the change in the co-pay structure, if a hospital admission is required because of the visit to the ER, the $50 co-pay will be waived. In addition to the above, Medicare supplement Plan N provides 100% coverage for deductibles under Part A but no coverage for Part B deductibles.

The Medicare basic core benefits are not covered under Plan N including:

• all expenses after Medicare benefits run out for in-patient hospital care
• coverage for in-patient hospitalization charges under Part A
• emergency benefits when traveling internationally
• initial 3 pints of blood
• Part A co-insurance for palliative medication in hospice care
• Part B co-insurance expenses

It is estimated that the premiums incurred under Medicare Plan N will cost about 77% of Plan D and 70% of Plan F premiums. For individuals with budget concerns, Plan N will most likely be better than any of the Medicare Part C Advantage plans.

Additional Considerations

Many individuals claim that Medicare supplement Plan N was the better option for them because the out-of-pocket expenses are considerably lower and there are no restrictions where networks are concerned. Additionally, not every healthcare insurance provider offers Plan N so you will need to search for those companies who do offer it should you want this coverage. Be sure that you spend time researching to this before committing to any insurance provider.

Summit Medigap is an independent insurance agency that specializes in Medicare supplement insurance. We make Medicare seem easy™. For more information about Medicare supplement insurance or to compare medicare plans visit SummitMedigap.com or call us at 1-888-40-Summit (888-407-8664). We have helped many clients in Florida, Georgia, North Carolina, South Carolina, Michigan, Colorado and Texas to name a few.

The Difference Between Medicare Advantage And Medicare Supplement Insurance

By B. Loughead

 

Medicare is the US Government's federally administered nationwide social insurance that was established in 1965. Americans who are 65 years of age or older are guaranteed access to health care through this program. However, younger individuals with disabilities or who are in the end stage of renal disease are covered by Medicare. Medicare benefits are broken down into four categories as follows:

• Part A - hospital insurance                                   

• Part B - medical insurance
• Part C - Medicare Advantage plans
• Part D - prescription drug plans

Part A covers any hospitalization that is required while Part B covers visits to the doctor as well as any medical equipment that the patient may need. Consequently, there are gaps in these coverages which can be covered by either a Medicare Advantage or Medicare Supplement plan.
Private companies offer Plans that work with Medicare and oftentimes include prescription coverage. They can be HMO's, PPO's, or private services but they will not negatively impact you despite receiving Medicare benefits. Secondary health insurance policies related to Medicare coverage are known as Medicare Supplements. They are also referred to as "Medigap" policies which are standardized by the Federal Government. As with Medicare Advantage Plans, Medicare Supplements also work with Medicare.

Both types of plans are similar to one another with certain aspects, but there is also a considerable difference between them as well as many different options. They provide additional coverage to your existing Medicare, but one of the primary differences is that Medicare Advantage premiums are usually lower than Medicare Supplement plans. They include benefits and prescription drug coverage that your original Medicare does not. Out-of-pocket expenses are also higher.

There are certain services that Medicare Supplements do not cover and there is no provider network with Supplement plans whereas there is with Advantage plans. Although there are provider networks, you will pay additional costs for going outside of that provider network. Another significant difference between Advantage and supplement insurance is that Advantage plans limit the times during the year that you can enroll in one of their plans.

Conversely, Supplement plans allow you to enroll whenever you want throughout the entire year. Finally, you are required to have both Medicare Parts A and B in order to enroll in Medicare Advantage and Medicare supplement plans. More information regarding either type of plan is available at Medicare's official website. You should talk with a licensed professional from an independent insurance broker before making any decisions.

Summit Medigap is an independent insurance agency that specializes in Medicare supplement insurance. We make Medicare seem easy™. For more information about Medicare supplement insurance visit http://www.SummitMedigap.com/ or call us at 1-888-40-Summit (888-407-8664).

How To Compare The Different Medicare Supplement Plans

By B. Loughead

 

As it currently stands, there are 7 additional Medicare Supplement plans to choose from (F through N) in addition to plans A, B, C, and D. Each plan's benefits differ in one way or another with one exception and that is the fact that basic benefits coverage is required of all of them. In

1990, Medicare standardized their different plans in order to decrease the amount of confusion that consumers were experiencing as they compared different coverages offered by the different healthcare insurance providers.

As a result of this standardization, it is easier for the consumer to understand the comparison of these different benefits and the associated cost comparisons between healthcare insurance providers. As a result, the terms "MediGap plans" and "Medicare supplement" basically mean the same thing and are commonly used interchangeably. As a result of having so many Medicare plans to choose from, it is important to research each one in order to decide which will be best for your personal needs and situation.

One of the first things to be aware of when searching for supplement plans and comparing the ones you find is that many websites who advertise these are only there for one reason and that is to collect your personal information. In many cases, insurance providers will purchase leads or develop lead generators to accomplish this instead of actually doing what they advertise. Basically, these companies don't know the proper ways of developing new business so they resort to these somewhat underhanded methods.

Many of these companies make it appear as though they actually sell the different Medicare supplement plans but the reality is that they will collect your personal information and sell it to numerous insurance agents. Here are two ways that you can tell if they are legitimate healthcare insurance and Medicare supplement plan providers. First of all, there will be a toll-free number to call and secondly, there will be a statement promising that they will never sell your personal information to anyone else.

Do price comparisons of these different Medicare plans when searching through the different companies that offer them. The better insurance brokers will be able to provide you with these comparisons from those insurance providers operating in your local area. In most cases the prices will differ despite the fact that the supplement plans they offer are identical. Remember, it is better to do plenty of research in order to make a well-informed decision when purchasing the Medicare supplement plan that is right for you.

Summit Medigap is an independent insurance agency that specializes in Medicare supplement insurance and we will never sell your personal information to anyone. We make Medicare seem easy™. For more information about Medicare supplement insurance visit http://www.SummitMedigap.com/ or call us at 1-888-40-Summit (888-407-8664).

A Basic Guide To Medicare Advantage Plans (Part C)

By B. Loughead

 

The coverages of Medicare Parts A and B as well as additional benefits are combined under Medicare Advantage plans (Part C). Most of these plans will also include prescription drug coverage or Medicare Part D. If you want to enroll in one of the Advantage plans that are available through private companies, you can do so provided that you already have or can qualify for regular Medicare coverage. You won't need all three of these coverages nor will you have the need for any type of Medigap coverage if you enroll in Plan C.

The Differences Between Original Medicare and Medicare Advantage Plans

Although everything that Medicare usually covers is covered by a Medicare Advantage plan, there are some differences between them to be aware of. Most of the time, the difference is in the amount you pay for health care out-of-pocket. Some of those differences include:

• co-insurance or paying a different percentage share of your medical bills
• co-pays
• deductibles
• Network of providers available
• In Network vs. Out of Network

Additionally, emergency medical and urgent care is included in Medicare Advantage plans (Part C). In some instances, routine dental, routine vision, and/or wellness programs may also be covered by some plans. Most will include Part D coverage. However, Part C coverage does not include any hospice care, even with a Medicare Advantage plan, as it is still covered under Medicare.

The Different Types Of Medicare Advantage Part C Plans

In order to determine which type of Part C plan will facilitate your needs, you need to review the different types of plans that are currently available. There are several different plans including the following:

HMO - Health Maintenance Organization Plan
MSA - Medical Savings Account Plan
PFFS - Private Fee-for-Service Plan
POS - Point of Service Plan
PPO - Preferred Provider Organization Plan
SNP - Special Needs Plans

Information regarding these six different types of plan is available online simply by using the abbreviation or what it stands for as the keywords for your Google search.

Part C Enrollment

In closing, the enrollment process for Medicare Advantage plans (Part C) will differ based on which private insurance carrier you select. However, enrollment periods are identical regardless. Enrollment is allowed once you are eligible for Medicare, but there is a 7-month waiting period that begins 90 days prior to your 65th birthday and continues for 120 days afterwards. Finally, if you are less than 65 years of age and are receiving SSDI (Social Security Disability Insurance), you will qualify once you have been receiving SSDI for 2 years and 1 month.

Summit Medigap is an independent insurance agency that specializes in Medicare supplement insurance. We make Medicare seem easy™. For more information about Medicare supplement insurance visit http://www.SummitMedigap.com/ or call us at 1-888-40-Summit (888-407-8664).

What Is Medicare Supplement Plan G? Is It Right For Me?

By B. Loughead

Medicare Supplement Plan G Protects You Against High Out-Of-Pocket Expenses

What is Medicare Supplement Plan G?

Plan G (and Plan F) are the only supplemental insurance plans that will cover medical and related expenses known as Medicare Part B "excess charges." Excess charges refers to the difference between what Medicare will pay for and what you are charged by your physician or health care provider. Basically, Plan G protects you against excessive out-of-pocket expenses resulting from treatments that exceed what Medicare approves.

Benefits And Coverage Of Medicare Supplement Plan G

There are certain basic Medicare benefits and coverage provided by Plan G which are broken down as follows. The basic benefits include:

• first 3 pints of blood per year
• Part A co-insurance for hospice services
• Part A co-insurance for hospitalization plus an additional 365 days of coverage once Medicare benefits have ended
• Part B medical co-insurance and hospital out-patient co-payments (usually 20% percent of expenses that are Medicare-approved)

Along with these benefits, Medicare Plan G also provides you with coverage for the following:

• 100% of excess charges incurred under Part B
• care in a skilled nursing facility
• emergency medical help when traveling internationally
• hospitalization deductible (Part A)

Additional Considerations Regarding Medicare Supplement Plan G

Where coverage of those bigger expenses is concerned, Plan G is the popular choice for handling what isn't covered by Medicare. These larger expenses could be substantial and cause financial hardships for those individuals who do not have supplemental coverage. Here is a scenario of what you could be up against when staying in the hospital and not having Plan G coverage.
First of all, any hospital stay will have a deductible in excess of $1,000. For stays of 60 days or longer, co-insurance payments are extremely expensive. More importantly, once you exceed 150 days in the hospital there is no coverage at all. Charges not covered by Medicare include any doctor's services, laboratory tests, and procedures done on an out-patient basis. Your first three pints of blood will even have to be paid out-of-pocket.

On a closing note, taking the time to review your coverage is definitely in your best interest. Today, there are a number of healthcare insurance providers who offer Medicare supplement Plan G coverage. So if you do not have additional coverage to handle the expenses listed above, now might be a good time to consider getting some should you need that type of coverage later on.

Summit Medigap is an independent insurance agency that specializes in Medicare supplement insurance. We make Medicare seem easy™. For more information about Medicare supplement Plan G or to compare plans online visit http://www.SummitMedigap.com/ or call us at 1-888-40-Summit (888-407-8664). Review plans from all the top "A" rated carriers instantly from our website. Your one-stop-shop for Medicare Supplement Insurance.

A Brief Overview of Medicare Part A And B

 

Medicare came into being in 1965 when then US President Lyndon Johnson signed Title XVIII, an

amendment to the Social Security Act into law in order to provide individuals aged 65 or older with health insurance. Additionally, younger individuals with disabilities or those suffering with end stage renal disease were also covered. Originally, the program was Medicare Part A and B with "A" being hospitalization coverage and "B" covering medical expenses (i.e. doctor's visits) and required medical equipment.

Medicare Part A - Hospital Insurance

Covers hospitalization which includes staying overnight on an in-patient basis. It includes being in a semi-private room, your food, and any tests that have to be administered. It also covers staying in a skilled nursing facility to recuperate from injuries or surgeries provided the individual has met specific criteria (the breakdown of those criteria is available at the Medicare website). Part A also has a deductible of $1,184 (as of 2013) and it's important to remember this is a "per benefit period" deductible rather than an annual deductible.

Part A covers up to 100 days maximum when staying in a skilled nursing facility while the maximum stay is 90 days for in-patient hospital stays. Additionally, individuals requiring hospice care and are suffering with a terminal disease and who have 6 months or less to live are also covered under Medicare A. Covered treatment includes medications, pain relief, and symptom control.

Medicare Part B - Medical Insurance

Some medical products and services that are not covered under Part A will be covered under Part B usually for out-patient purposes. Part B is a deferrable option provided the beneficiary or their spouse is still employed and is receiving employer-provided healthcare coverage. Part B coverage goes into effect once the person has paid their $147 deductible (as of 2013). From that point on, Medicare covers 80% of approved expenses while the individual is responsible for the remaining 20%. Many people look for a Medicare Supplement Plan to cover what Part A & B does not cover.

How Medicare Part A And B Differ

Aside from the aforementioned general breakdown of Medicare Part A and B, there are other differences between the two. In addition to hospitalization and the coverages above, Part A includes blood transfusions and home health services. Part B covers other aspects that Part A does not. Occupational and physical therapy as well as out-patient care are usually covered under Medicare Part B.

Medicare Part A and B will have certain benefits that may apply to your circumstances, depending on the health coverage you need. For more information regarding Medicare Part A and B, you are welcome to visit the official Medicare website.

Summit Medigap is an independent insurance agency that specializes in Medicare supplement insurance. We make Medicare seem easy™. For more information about Medicare supplement insurance visit http://www.SummitMedigap.com/ or call us at 1-888-40-Summit (888-407-8664).

What Is Medicare Supplement Plan F?

By B. Loughead

  

The basic and original coverages provided by Medicare are Part A (hospitalization) and Part B

(doctor visits and required medical equipment). Currently, there are at least 11 supplement plans referred to as Medigap policies that fill any coverage gaps involved with Parts A and B. One of these is Plan F. It's important to know that not every company offers all 11 supplement plans. However, if they do offer at least 2 of them, they are required to offer Plans C and F. Plan F premiums typically cost between $65 and $295 per month. The premium will vary depending on the insurance carrier and the state you live in.

Coverage Provided By Plan F

The coverage required of Medigap coverage plans is mandated and regulated by the Centers for Medicaid and Medicare. Plan F also has a "high deductible" plan because it will not pay for any type of services covered by Medicare until the plan beneficiary has paid an out-of-pocket minimum of $2,000. Once that deductible has been met, Plan F will cover 100% of the co-insurances, co-pays, and deductibles of Parts A and B including hospice care co-insurance as well as preventative services. If you get the regular Plan F you will have no deductibles or coinsurance. When speaking to an insurance professional it's important to make sure which Plan F you are being quoted.

Comparisons

There are only two supplements that covers any deductible expense of Part B, one of which is Medicare supplement Plan F. Additionally, this is the only supplementary plan that covers excess Part B charges. These charges typically accrue if doctors can legally charge more than what Medicare considers as reasonable service charges. Other supplement plans will usually pay for expenses that Medicare classifies as allowable. Finally, the excess amount that is allowable according to Medicare is covered by F.

Is Plan F Right For You?

Medicare supplement Plan F is viewed as one of the most popular plans because it covers 100% of the gaps encountered with Plans A and B meaning that it provides the highest amount of coverage of any of the Medigap insurance plans. For many individuals, the plan may seem a bit confusing initially. However, if you answer a few questions, it will not only explain the plan more thoroughly, you will be able to decide whether or not it is right for you.
Basically, if you are someone who is willing to pay for 100% coverage, then this plan is tailored to meet your personal needs. With Medicare supplement Plan F, your only expenses will be your monthly premiums. For more information regarding this supplement plan, you can visit the official Medicare website or speak to a licensed insurance professional.

Summit Medigap is an independent insurance agency that specializes in Medicare supplement insurance. We make Medicare seem easy™. For more information about Medicare supplement Plan F or to compare plans visit http://www.SummitMedigap.com/ or call us at 1-888-40-Summit (888-407-8664).