Medicare Supplement Plans - Easily Explained

By Author: Tyra Phillips
Total Articles: 78
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Medicare Supplement Plans are purchased by almost all seniors who are turning 65 and enrolling in Medicare for the first time. They provide extremely good benefits and cover the gaps between what original Medicare pays and the amount doctors and hospitals actually charge. Purchasing a Medicare Supplement will not only limit your out of pocket costs for medical expenses, but it will also ensure you have access to high quality healthcare for the rest of your life.

Medicare Supplement Plan F is the most popular Plan available because it is the most comprehensive. This plan covers both the part A and part B deductibles, as well as the 20% coinsurance that Medicare does not pay. In addition, Medicare Supplement Plan F has a foreign travel benefit and covers Part B excess charges. Every company offers Medicare Supplement Plan F, which means you can find an affordable option if you shop all companies for the best price.

Medicare Supplement Plan G is the second most popular plan on the market. This plan is exactly like Plan F, except you have to pay the annual Medicare Part B deductible, which is $155 for 2010. Plan G ...
... is often between $10 and $30 cheaper per month than Plan F, which means it can be a more cost effective option depending on where you live and how old you are. This plan can be beneficial for people who never visit the doctor, but don't want to risk buying a plan that exposes them to unlimited out of pocket costs.

Medicare Supplement Plan N was just introduced to the marketplace on June 1st, 2010 and has been a big hit among seniors. Most people who are interested in Plan N like it because of the low monthly premium. This is a big attraction, but keep in mind with this plan not only will you pay the Medicare Part B deductible, but you will also have $20 co-payments for doctor visits and $50 co-payments for emergency room visits. Experts anticipate many people who like Medicare Advantage Plans will switch to Medicare Supplement Plans during this year's Annual Enrollment Period, and the majority will likely choose Plan N.

One of the best Medicare Supplement Plans is Plan C. This is an exceptional plan with a great benefit package. In fact, it is exactly like Plan F except it does not cover Part B excess charges. In some areas Part B excess charges don't matter, which means Plan F and Plan C are essentially the same. However, Plan C is not very popular in most areas because it is only a few dollars cheaper than Plan F, and lacks the additional benefit.

Medicare Supplement Plans are very beneficial for seniors who want to limit their out of pocket expenses and receive excellent health care. While Medicare Supplement Plan F is the most popular, Plans G, N, and C should also be considered when purchasing a plan. Consulting an insurance broker who carries every company and offers every plan is the best method to obtain quotes, get information regarding upcoming changes, and insight into company specific issues.