Medicare Supplement Plans 2015
For anyone looking for Medicare supplement plans in 2015, you’ve come to the right place! Not only do we offer FREE online quotes (Yes, we actually give you current rates from the top carriers unlike most websites!), but we also easily help you learn about the most popular plans. This will give you a great head start in choosing the right plan and company for 2015.
Medicare Supplement Plan G for 2015- Is it The Best Plan?
If you’re just turning 65 and starting to do research then you have likely heard of Plan F. It’s the plan that pays 100% of the gaps in Medicare. That doesn’t mean it’s the best plan though! Many agents tell people to just sign up for Plan F because it’s the “most comprehensive plan”. Well that’s true it is. It’s also the most expensive!
Why Plan G is Better
Medicare Supplement Plan G is identical to Plan F except for one small difference. On Plan G you simply pay the annual Part B deductible of $147 yourself each calendar year, and you only pay it one-time per year. Beyond that you will have no medical bills for all approved expenses on Plan G.
“Well if Plan F pays that deductible of $147 for you, wouldn’t that be better?”
It would only better if Plan F didn’t cost you more than $147 per year over Plan G. But, that is almost never the case. In fact in many cases you will find that you’ll pay substantially more than $147 for Plan F each year than you would for Plan G. All for having them pay the Part B deductible for you, with your money! It’s like handing your wallet over to the insurance company and having them pay a small bill for you using your money, but then paying them extra to do so! What a waste of your hard-earned money.
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Plan G Rate Increases – Lower than Plan F
Medicare Supplement Plan G has historically had lower rates increases each year than Plan F. This is because increases each year are based on the amount of claims being paid out of the group you’re in. Because many people are allowed to get Plan F in various circumstances without having to medically qualify, this increases the chance of higher rate increases. People are not allowed to enroll in Plan G and be guaranteed coverage like Plan F.
Which Plans Are Best?
With the industry changing slightly and several new companies constantly entering the market, there are a few things that remain constant when it comes to shopping for Medicare supplement plans. The one the most important factor that remains is the fact that every company still has the exact same coverage and benefits within each plan letter. Considering today’s economy many people are looking to save as much money as possible now more than ever. This means you should research all of the top supplement plans to make sure you not only get the coverage that you need but that you also do not overpay for it.
While many people in the past would simply enroll in a Medicare supplement plan F due to the 100% coverage that it offers, more and more people are shopping wisely and looking at plans like G or N. This is because you can save money in almost every scenario with one of these plans.
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Medicare Supplement Plan G
While Medicare supplement plans in 2015 do not change in benefits, more and more people will likely be looking at Medicare supplement plan G as their go to plan. This includes people who are just entering the Medicare System and turning age 65, as well as those looking to switch their Medigap plan to save money. One common reason that people switch plans and is due to high rate increases from their current carrier. If you have a Medicare supplement plan F then you should seriously consider looking at plan G to see if it fits your needs and just how much money you can save.
The only difference between plan G and plan F is who pays the Medicare part B annual deductible. While plan F pays this for you, in reality you are simply paying higher premiums for them to do so. With Medicare supplement plan G you will have lower monthly premiums and in exchange you will pay the annual part B deductible yourself.
Medicare Supplement Plan N
Another plan that many people might consider in 2015 is a Medicare supplement plan N. Plan N is similar to plan G in that you would still pay the annual part B deductible out-of-pocket. After you meet this deductible however, with a plan N you might have up to a $20.00 co-pay per doctor’s visit. As well if you visit the emergency room with a plan N and you are not admitted you will have to pay a $50.00 co- pay. Plan N also does not cover Medicare part B excess charges, however the premiums are lower for plan N than they are for both plan F and plan G.
Shopping for Medicare Supplement Plans in 2015
Those looking to purchase a supplement policy in 2015 need to be aware of some simple reminders on how to shop for coverage. The most important thing is to compare rates from multiple companies for the particular plan letter that you’ve chosen. Again this is because they all have the exact same benefits yet their premiums vary widely. It is extremely important that you do this because you could pay substantially more for the exact same coverage if you do not check rates from multiple companies.
Medicare Supplement Rates for 2015
The average person will pay a Medicare Part B premium of $104.90 in 2014. These premiums change slightly each year and the new amount for 2015 has not been released yet. These premiums are based on the income of the person on Medicare. As always there is no premium for Medicare Part A if someone has worked at least 40 quarters in the United States and paid into the system.
Medicare Supplement Rates for 2015 will vary by each insurance carrier. Companies do not change their rates each calendar year as most people would expect. In fact each carrier has a different time during the year that their rates can change. This makes it especially important to continually check the rates frequently using our FREE quote engine to make sure that you’re always paying the least amount possible for your Medicare Supplement plan.
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