You may wonder why do I need a Medicare supplement when
I have Medicare. Medicare does not fully cover all your medical expenses and only covers 80%. The other 20% is either covered out of your own pocket or a Medicare supplement.
Medicare supplements are there to help supplement Medicare; it’s in the name. Medicare Supplements help you have less out of pocket expenses. They also don’t restrict you to a specific provider, meaning when you have a supplemental policy, you are not confined to a certain network of doctors or specialists. Medicare supplements offer coverage that is guaranteed to be renewable as long as you pay your premiums on time. No company can drop you from coverage for any reason other than absent payment. If you have a Medicare supplement, it can travel and go wherever you go and always have you covered. You never have to worry again about visiting family and getting sick and not being able to find a provider.
Medicare supplement plans are regulated by the government, and there are 11 options which are plan A, B, C, D, F, High F, G, K, L, M, and N. The three most popular plans are plans F, G, and N. All plans are standardized so if you get a plan F with Company A it would be the same plan F as Company B.
We will be seeing a change in plans and plan options in January 2020, but it will not affect everyone. I will be explaining this further and discuss MACRA on next week’s post! Below is a chart with all the available plans offered and what they cover.