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Seniors who wish additional insurance coverage beyond their Medicare Parts A and B have two options – Medicare Advantage (MA) Plans or Medicare Supplement plans. The latter is sometimes referred to as Medigap insurance. While the differences are extensive, the primary difference between the MA and Supplement coverage is that supplements provide coverage while traveling, some even outside the U.S. Medicare Advantage plans, however, cover the costs of medical care only within the senior’s residing state. If you’re a snowbird – that is, your home state is one of the colder northern regions of the U.S., but you spend the winters in a warmer U.S. climate – your best bet is undoubtedly an Aetna Medicare Supplement Plan. Once you’ve determined that your preference is for a Medicare Supplement rather than a Medicare Advantage plan, you’ll want to understand the ten levels of coverage available. With the exception of Massachusetts, Wisconsin and Minnesota, each level offers the same coverage no matter in which state you reside. This means that Plan F will give you the same coverage, supplementary to your Medicare Parts A and B, whether you’re living in California or Florida, for example. The difference will be in the cost of the monthly premium. In narrowing down your search, there are some standard filters you can begin with. For example, if you travel outside the United States, and with insurance coverage for emergency care when you do, your only Medicare Supplement options would be Plans C,D,F, G, M and N. Should Plan F appeal, you needn’t be dismayed by what is generally a higher premium than other plans. Many carriers offer a second higher-deductible Plan F option. For overseas travelers, Plan F is the most popular. Here are the basics of Medicare Supplemental Plans 2017 levels:
Wisconsin, Massachusetts and Minnesota require that each Medicare Supplement Insurance carrier offer Plan A, as with other states. To this regulation these three states also add a requirement that any carrier offering Plans other than Plan A must include Plans C and F.
Medico and Americo offer top-notch Medicare Supplement plans, as do several other carriers. Here, then, are the other eight of the top 10 Medicare Supplement insurance companies, with some examples of their plans in various states. For several we’ve provided monthly premium approximations as well:
Seniors considering a Medicare Supplement but concerned about the monthly cost – generally greater than Medicare Advantage programs – can be assured of a wide range of premium options. Very generally, a female age 65 in good health could expect to pay within a range of approximately $40-$180 in monthly premiums for a Medicare Supplement plan. While this might seem less attractive than the MA option, many of which charge no monthly premium, a Medicare Supplement plan might well save you money. The savings in out-of-pocket fees for deductibles, co-payments, hospital stays that exceed what Medicare Plan A covers, and so forth, could be considerable. One should closely gauge travel plans and the need for medical care when choosing between the many options. Comments are closed.
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