Medicare Supplement Plans, also known as Medigap plans, are excellent healthcare plans provided by private insurance companies who have been contracted by Medicare to sell them to seniors on their behalf.
The Insurance companies have the mandate to set up the prices, but they follow the terms of Medicare when it comes to the lineup. There is a total of ten plans, where each of them carries its coverage. Some offer full coverage, and others provide partial but high-level coverage. But on the same note, some offer a low coverage, yet they are part of the supplement plans.
It’s important, therefore, to have a critical look at each one of them, after assessing your need and choose the one that meets your healthcare needs. The three high coverage plans are Plan F, G and N, which are also the most popular and reputable. Most people go out looking for coverage plans that will cause them to pay a minimal figure from their pockets. These three plans offer much-needed coverage.
Plan F covers all the expenses under the supplements. These are the copayments, deductibles excess charges and skilled nursing coinsurance. But what is more, the plan goes ahead to cover for three pints of blood on an annual basis, 80% on the foreign travel expenses which are quite a considerable amount if paid from the pockets.
Medicare Supplement Plan G covers for all these expenses except for Medicare Part B deductibles. In contrast, plan N covers similar costs to Plan G, except for excess charges under part B and some minor co-payments.
According to BusinessDen.com, some Medigap policies also cover services that Original Medicare doesn’t cover, like medical care when you travel outside the U.S. If you have Original Medicare and you buy a Medigap policy,
Differences between Medicare Supplement and Medicare Advantage Plans
In as much as these plans have several similarities, there are a few of them which make them unique from each other. Medicare Advantage plans operate within the panel of network providers as opposed to Supplement plans which are accepted anywhere if the facilities accept Medicare. Advantage plans, on the other hand, act as a replacement to Original Medicare while Supplement plans complement what is already being offered in Medicare.
These and many more differences exist, and it is imperative that you have a look at our website for more information and make an informed decision.