Medicare benefits aren’t completely comprehensive, and for those in retirement, reducing out-of-pocket costs is the key to staying afloat. With Medicare Supplement plans, also known as Medigap plans, you can fill in the gaps left by original Medicare.

At South Florida Medicare Specialists, we have over 15 years of combined experience with Medicare Supplement plans in Palm Beach County to help you find the most affordable Medigap plan to fit your needs and save you the most amount of money. Read on to gain insights into what each Medigap plan covers and learn how these standardized plans can be found at rates you can afford.

Why Medicare Supplement Plans Matter

Under the federal Medicare program, you have standardized Medigap plans through private insurance companies. Medicare supplement insurance adds protection from unexpected costs, allows you to visit any doctor, specialist, or hospital that accepts Medicare, and your renewal is guaranteed, regardless of any health issues that may arise.

Coverage gaps filled by Medigap plans include coverage of original Medicare Part A coinsurance and hospital costs after benefits are used up. It also covers Medicare Part B coinsurance or copayments. Medicare Supplement insurance can cover Part A hospice care coinsurance and your deductible for inpatient hospital stays. Additionally, many Medigap plans cover 80% of emergency medical costs while traveling abroad.

Thanks to these Medigap plans, you have fixed costs that simplify your budgeting every month. Let us help you explore Medicare coverage options that work for you.

Why Medicare Supplement Rates Increase

There are typically three main drivers for the increase in premiums for Medigap policies:

  • Age-attained pricing: As policyholders age, the risks change, and that means greater probability of higher medical claims.
  • Medical inflation: The costs of medical care continue to rise, and this is often reflected in Medigap policies.
  • Carrier pricing changes: Insurance companies will raise rates to cover higher-risk, older enrollees.

Overview of Common Medicare Plans to Supplement Your Coverage

Plan G

Plan G is the most comprehensive of all the Medigap plans. With Plan G, all gaps in original Medicare are covered, except for the Plan B deductible. Plan G supplements original Medicare with higher monthly premiums, but it makes your expenses more predictable. It is the best Medigap plan for you if you need more comprehensive coverage while keeping out-of-pocket costs low.

Plan N

This Medigap plan provides lower premiums at a high value. With Plan N, you get your Part A deductible and coinsurance covered. However, it does not cover the Part B deductible or excess charges from original Medicare. It has lower premiums than Plan G, and is ideal for anyone who requires fewer medical visits and prefers lower premiums. With this Medigap insurance plan, you will pay as much as 15% more if you choose a doctor who doesn’t accept this plan.

High Deductible Plan G

With the high deductible option for Plan G, you will get the lowest premiums. However, this Medigap plan comes with the highest risk. You must meet the high annual deductible, and until that point, you will pay 100% of the costs until it is met. Still, it is a good plan if you do not want higher premiums and have no current health conditions.

If you want to switch policies or compare Medicare Supplement plans, Medigap open enrollment period is the best time to do it. Contact South Florida Medicare Specialists to get assistance with Medicare enrollment, compare plans, and find the right one that fits your needs.

What to Do If Your Plan Gets Too Expensive

When your Medicare Supplement plan gets too expensive, you can change Medigap policies at any time. However, if you’re not doing so during open enrollment, then you will need to address medical health questions to get your approval.

If your monthly premium has gone up, it helps to determine why that has happened. It may be due to age and go up with each passing year, or it may be based on your age when you got the plan. All insurers are required to offer the same benefits for every Medigap policy, but they can issue them at any price. It can save you money to compare rates for these plans, and South Florida Medicare Specialists can help you with that. We’ll show you the best way to get the same coverage or buy a Medigap policy for less without compromising what you need for your best health in your retirement years.

Compare Medigap Plans with Medicare Advantage Plans

Many people wonder what the difference is between Medicare Advantage plans, also known as Part C, and Medicare Supplement plans.

Medicare Advantage

Medicare Advantage completely replaces original Medicare, both Part A and Part B. These plans have low premiums that are sometimes $0, but the tradeoff is high out-of-pocket copays. You can only use local networks for HMO and PPO with Medicare Advantage, but you do have dental, vision, and hearing. One thing many people like about Medicare Advantage is that Part D is usually included, which covers prescription drugs.

Medigap or Medicare Supplement Plans

Medicare Supplement plans do not replace Part A or Part B, but rather, cover the gaps left behind. There are high premiums compared to Medicare Advantage, but your out-of-pocket expenses will be low. You do not have network restrictions with Medigap, but the tradeoff is that you may need to get a separate Part D plan if you need drug coverage. If you’re outside the enrollment period, you are required to undergo medical underwriting to receive approval.

How South Florida Medicare Specialists Help You Find the Best Medicare Plan

Get help reviewing your Medicare plan with South Florida Medicare Specialists. We can show you what Medicare pays and what it doesn’t, how to add the right Medigap plan, and how to find it at the best rates. With plan comparisons across multiple carriers, personalized recommendations, and ongoing plan review support, we help you save while getting \ coverage that takes care of you. Speak with a Medicare agent today to get started.