How much will you need to pay for your Medicare Supplement? Well, the answer to that is, it depends on the plan type and the amount of coverage you want. When people talk about a Medicare “supplemental” policy, they are mostly referring to any of the HMO, PPO and Medigap plans.
The Medigap plans (F,G,N, etc.) are otherwise known as “Medicare Supplement”, and you would get this in addition to your Original Medicare A and B. There is a monthly premium associated with having this type of plan.
These plans also do not include Rx drug coverage or dental, vision, and hearing. You would need to purchase these benefits separately. But all in all, the coverage with Medigap is comprehensive and can reduce or eliminate out of pocket costs associated with medical coverage.
For some of the most popular Medigap plans, the pricing starts anywhere from around $75 -$100 per month on up, depending on the state where you live, your age, and health status.
The other types of plans are called Medicare Advantage or HMO and PPO “network” plans that are not supplemental to Medicare, but actually, combine all of your Medicare benefits into one plan. These plans can also include other benefits as well such as Rx drug, dental, vision, hearing, and fitness memberships.
There may or may not be a premium associated with these plans. The availability of these plans also will depend on the area where you live. Most plans of this type will have an out of pocket maximum per year. There are typically co-pays and coinsurance for doctor visits, procedures, and hospitalization stays.
Everything is “a la carte” and once you have reached your maximum out of pocket for the year on these plans, then everything else is covered for the rest of the year.
Once you get to the start of the new year, the out of pocket resets. These plans can work well if you do not see the doctor very often, as the co pays can add up.
The best way to find out which type of plan may be best for your situation is to work with an experienced broker like us who offers all of the plans with the top companies in your area. We can offer unbiased advice and find the best plan to fit your needs. And it won’t cost you any more to use our services; prices are the same as buying directly from the insurance company.
You get a free benefit of agent support and our ability to shop the market for you. Not all companies are the same when it comes to rate increases. We use special market analytic software that provides us with the most up to date information on each company. Give us a call at (800) 783-5901 to go over all your options.
