Looking for a Medicare Supplement plan may seem difficult because there are many options. Here are some of the factors that may influence your decision.
Affordable Monthly Premiums
Medicare Supplement plans are intended to help you afford your Medicare coverage. You still have to pay the Part B monthly premiums and Part A premiums, if applicable. The monthly premium for Plan F will be $140. The monthly premiums for Plan G are in excess of $400. The monthly premium for Plan K is between $62 and $135. Plan N has an annual premium between $1,752 and $3,468.
Out-of-pocket Costs
There are two high deductible options in some states, for which the coverage kicks in after you reach the out-of-pocket deductible of $2,340 (in 2020). Plan K has an out-of-pocket limit of $5,880 and Plan N has an out-of-pocket limit of $2,940.
Coverage
These plans are standardized. There are ten plans available, with differing amounts of coverage for Part A and Part B expenses. Plans F and G offer the most coverage. These expenses include the Part A deductible and Part A hospice care coinsurance or copayment. It also covers skilled nursing facility care coinsurance. The Part B deductible and Part B coinsurance or copayment are also covered. Part B excess charges, your first three pints of blood, and 80 percent of foreign travel exchange are covered.
Plans K, L, and M have a portion of coverage. Plan K has 50 percent coverage for Part B copayment and coinsurance, blood, Part A hospice, skilled nursing facility care, and the Part A deductible. If you need coverage for a skilled nursing facility, this may not be the best option. Plan L has 75 percent coverage for the same areas. Plan N pays 50 percent of the Part A deductible.
Travel
Six of the plans include foreign travel emergency care; these are C, D, F, G, M, and N. They offer 80 percent coverage for care while outside the United States. This is important because Original Medicare offers virtually no coverage outside of the United States and its territories. Circumstances that do allow for Medicare coverage include medical emergencies when traveling from Alaska to the continental U.S., care onboard a ship within six hours of the mainland U.S., and care in foreign hospitals if you live in the U.S. but the closest hospital to your home is across the border.
To learn more about the different benefits of each Medicare Supplement Plan, reach out to Hitcho Insurance.
