Did you know that in 2022, nearly 14 million people were enrolled in Medicare supplement (or Medigap) plans? That number continues to grow each year, showing just how important these plans are for people. These plans cover different healthcare costs, like hospital stays, outpatient care, and even regular check-ups.

But with so many plans available, how can you be sure you are making the right choice? Below, this Medicare supplement provider in Wanatah, Indiana is going to explain how Medigap plans work, and how they are different from one another.

Medicare supplement plans cover costs Original Medicare does not.

Medigap plans don’t replace your Original Medicare. In fact, they work alongside it to improve your coverage.

Original Medicare covers about 80% of your medical costs. But that leftover 20% can add up fast. If you need a hospital stay or outpatient surgery in the future, that 20% could mean thousands of dollars coming out of your own pocket. According to a 2016 study by the Kaiser Family Foundation, Medicare beneficiaries spent an average of $5,460 every year on healthcare costs they had to cover themselves, and that is a lot of money for most people.

Medigap plans protect you by covering these extra expenses. But because there are different plans to choose from, you will want to spend some time finding a plan that best suits your needs. A professional Medicare supplement provider in Wanatah, Indiana can simplify this decision-making process by helping you focus on your health priorities and budget.

There are many Medigap plans, and each offers different coverage and benefits.

Each Medigap plan is labeled with a letter, like Plan F, Plan G, and Plan N, and each plan offers something a little different. For example, Plan F is known for covering almost all extra costs, but it is no longer available for people who enrolled in Medicare after 2020.

If you want the best coverage without paying Plan F’s higher premiums, Plan G is usually the next best choice. It covers nearly everything except the Medicare Part B deductible. If you are okay with making small co-payments here and there but still want good protection against big medical bills, Plan N can be a good option. These are two of the most popular Medigap plans, as 53.2% of new Medigap enrollees in 2023 chose Plan G, and 39.5% chose Plan N.

There are also lesser-known options like Plan K and Plan L. These plans focus on cost-sharing, where you split some of the costs with the insurance company. Either of the two can be a good option if you want lower monthly premiums.

If all this feels confusing, your Medicare supplement provider in Wanatah, Indiana can walk you through all the options and make it easier for you to decide.

Your medical needs and budget should guide your choice of a Medigap plan.

When choosing a Medigap plan, the first thing you need to consider is your medical needs. According to the Centers for Medicare & Medicaid Services (CMS), 69% of Medicare beneficiaries had two or more chronic conditions. If you know you will need frequent doctor visits or treatments, a comprehensive plan like Plan G can be your best option because it covers more.

You should also consider your budget. A plan with higher monthly payments can look expensive, but such plans usually come with lower out-of-pocket costs later when you need medical care. On the other hand, plans with lower monthly payments could translate to higher bills when you go to the doctor or hospital.

Some plans also offer better coverage for healthcare needs when you are away from home, which is something to keep in mind if you travel frequently.

A knowledgeable Medicare supplement provider in Wanatah, Indiana can help you look at all these factors and find a plan that checks all the right boxes.

Looking for a Medicare Supplement Provider in Wanatah, Indiana?

Are you ready to work with an experienced Medicare supplement provider in Wanatah, Indiana who can help you find the best Medigap plan for your needs? If so, Senior Care Insurance Services is here to help. Contact us today to begin the process.