Thursday, June 4, 2020

Medicare supplement plans comparison

With 10 (yes, TEN!) different plans under the Medicare umbrella, there’s a lot to go through before deciding what you should or should not enrol in. We’ve gone through in brief, some of the key benefits for these ten plans to help you make some decisions.

These 10 plans are known as Medicare Supplement or ‘Medigap’ coverages and most of the benefits they provide are standardized across all states. There are occasional exceptions to this though so please make sure you check your state’s regulations carefully before enrolling.

Plans K and L are the only two Medigap Plan coverages that have an ‘out of pocket’ limit at $5,240 and $2,620 a piece, but this is only true only if you have reached your annual limit and have also spent the Part B deductible. Foreign travel emergency coverage is provided on all plans but is only paid to 80% on plans C, D, F, G, M & N. If you are not covered on something like a credit card for this type of emergency then it might pay to go with one or a combination of Plans A, B, K or L.

The Medicare Part B deductible is covered under all Medigap Plans except for Plans C and F. In contrast, the Medicare Plan A deductible coverage under one of the Medigap plans has a bit more variance. Medigap Plan A, doesn’t cover this at all. Plans B, C, D, F, G and N all provide full coverage but Plans K & M only provide 50% coverage and Plan L provides 75%. They might seem like tricky details to understand but they make a difference depending on your overall Medicare enrollment.

There are some addendum’s and caveats here as well though, for example Plan F is also available in a high-deductible option and Plan N usually pays 100% of Plan B coinsurance. As always, check the fine print before signing on the dotted line.