If you are 65 or older, you may have questions about Medicare and Medicare supplements in 2018. With so many choices on the market, it can become quite confusing as to what coverage is available through basic Medicare and what supplemental plans offer.
What is Medicare?
Medicare is the United States government’s health insurance program for adults 65 and older. It is designed to assist in covering the cost of your health care, but it has its limitations. For instance, long-term care is not covered. This means that you need a supplemental policy to cover any additional costs. Medicare Advantage plans fill in the gap.
How Does Medicare Work?
How Medicare works is similar to any other insurance policy that you may have had through an employer. It has deductibles and co-pays that you are responsible to pay, and it has limits to its coverage’s. If your Medicare policy has a premium, the premium is deducted from your social security check. Other costs of the program are funded through payroll taxes.
Because of its limits, you may wish to consider purchasing a plan supplement. While not cheap, there are plenty that are very affordable Medicare supplement plans in 2018. In addition to medical plans, you may wish to compare 2018 prescription drug plans that will help with your drug costs.
It is recommended that you sign up for Medicare Supplement plan three months prior to turning 65.
The Parts of Medicare
Medicare is the term to define the government’s health insurance, but it is made up of a number of parts. You may only have 80% coverage and be responsible for the other 20%, or you may purchase a supplement that eliminates your 20%.
Here is a breakdown of the parts and Medicare supplement plans for 2018:
• Part A – This is the hospital insurance portion of Medicare. It comes at no cost to you once you turn 65. It has a zero premium.
• Part B – As long as you are eligible for Part A, you can sign up for Part B. Part B is the medical insurance portion of Medicare, and you will pay a monthly premium for it. Enroll in Part B as soon as you are eligible. If you wait, you may have to wait for the next open enrollment period, and then you may be subject to a monthly penalty for as you have your Part B policy.
• Part D – This part covers your drug costs, and there is an extra cost for this policy. If you are eligible for Parts A and B, then sign up for Medicare Part D. If you do not sign up when you are first eligible, you may be assessed a late enrollment penalty that is added to your monthly premium for as long as you have Part D coverage.
• Medicare Supplement Plan F – In addition to what is normally covered under Parts A and B, Part F provides coverage past the limits of the normal policy. It pays your deductibles and co-pays for Part B and the coinsurance and hospital costs for Part A. Also, it helps cover skilled nursing care facilities and travel-abroad medical emergencies.
• Medicare Supplement Plan G – With this plan, you get all of the basic Medicare coverage and Part A coinsurance, but you are responsible for the Part B deductible yourself. This plan includes other expenses like travel-abroad emergencies and skilled nursing facility care.
• Plan K – This plan is similar to other supplements, but it only pays a percentage of your costs rather than all of them. This policy will pay 100 percent if you reach the maximum out-of-pocket expenses for the year. It offers the same additional benefits as Plan G.
• Plan L – Similar to Plan K, Plan L has a higher premium and lower annual out-of-pocket expenses.
• Plan M – This 2018 Medicare supplement plan helps pick up expenses that are not covered by original Medicare, but rather than pay your Part A deductible, it only pays 50 percent of it. It does not cover the Part B deductible or excessive charges in 2018.
• Medicare Supplement Plan N – You get Plan K and L coverage with lower premiums than A through G. This plan has co-pays for office visits and emergency room treatment.
Since it is our job to get you the best rates for your Medicare supplement plans in 2018, we have put together this list of Medigap plans for 2018 to help you in your supplement comparisons. Rates can vary from state-to-state, so be sure to select your state from the drop-down list. Other factors that can affect your rates include age, county and possibly your health. Not all plans may be available from all providers in your state.
One thing to remember is that Plan C is always going to be Plan C regardless of which insurance company you choose for your Medicare supplemental policy in 2018.
There is a possibility that you may not see every insurance company or available Medicare supplement plan for 2018 advertised in your state or county, but it is possible that you will see many of the following major insurance companies in your area.
• United Healthcare Medigap Plans
• Gerber Life
• Humana Medicare Plans
• Mutual of Omaha
• Blue Cross Blue Shield 2018 Medicare Supplement Plans
• Aetna Medigap Plans
• Bankers Life
Buying a 2018 Medicare supplement plan does not have to be complicated. We have done all of the hard work for you; all you have to do is select your state and compare the top available plans in your area for 2018. Do your comparison research today.