Medicare can seem a tad confusing, but we’re here to help make it easy for you! Minimizing your out-of-pocket expenses is a very important part of the process. Because Medicare does not cover all of your medical bills many people also have Medicare Supplemental Insurance in Texas.
Original Medicare has a few “parts” to it. These parts cover both hospital and doctor’s expenses. The do not cover all expenses however.
Why You Might Need a Medicare Supplement
Medicare Part A
- This covers hospital expenses if you’re admitted. Part A deductible must be paid if this happens, which is currently over $1100. If you are released and stay out of the hospital for 60 days or more and go back in you’ll have to pay the deductible again. You must also pay coinsurance if in the hospital for certain amount of days. These expenses can get very costly!
- Part B helps pay for physician’s services. Medicare will first generally pay 80% of approved charges, however you must pay the additional 20%. A Medigap Plan can help pay the rest. Part B also has an annual deductible that either you or your supplement will pay.
Finding the Right Medigap Plan
In most states there are a lot of different Medigap plans available. They are designated in letters which are A – N. Because every company offers the same coverage , it’s important to check the rates of each one. Supplement Insurance in the form of a Plan F for instance, is the same coverage regardless of company. The rates between each company can and often is quite different though. That’s where we come in. Let one of our agents help you find the lowest rates for Medicare Supplement. We’ll work for you and not the insurance companies.
Which Plans Are Best?
When looking at the many Medicare Supplement plans in Texas that are available there are a few that stand out as the most popular. These plans are Medigap Plan F, Plan G, and Plan N. They’ve got some of the best coverage and relatively low monthly rates.
Medicare Supplement Plan F
This plan gives you 100% coverage of the gaps in Part A and B Medicare. Like all Medigap Insurance plans there is no network with this plan. Simply visit any doctor, specialist (no referral needed) or hospital in the country that accepts Medicare. Medigap Plan F also has no deductibles or co-pays, and there’s no coinsurance to pay.This is the most comprehensive Medicare Supplemental insurance in Texas.
Medicare Supplement Plan G
This is a great plan with only one small expense that you must pay each year. The only difference between Plan G and Medigap Plan F is that you must pay the annual Part B deductible yourself out-of-pocket once per year. After this deductible is met the plan pays everything 100%. Plan G almost always costs less than Plan F even after you pay your deductible, and historically in most cases the annual rate increases are lower. For people age 70 and above the savings are even greater in most states. Depending on the difference in cost this might be the best choice for those who don’t mind paying the deductible themselves.
Medicare Supplement Plan N
This plan is quickly becoming a favorite amongst people on Medicare due to it’s low premiums, compared to Plans F and G. In exchange for lower premiums there are a few more out-of-pockets costs, however for those who are healthy or don’t mind paying a co-payment this plan is an excellent option.
With Plan N you must still pay the annual Part B deductible just as in Plan G, though after this is met you will have up to a $20 co-payment per doctor’s visit. This deductible is variable depending on what you visit the doctor for, however it will never be more than $20. As well, on Plan N if you visit the emergency room and you are not admitted you will have to pay a $50 co-payment. One other difference between Plan N and Plan G is that this plan does not cover Part B excess charges.
Whichever Medigap plan fits your needs the best, our experienced agents can easily find you the best rates. We’ll check the top companies year-after-year to save you the most money on your Medicare Supplemental Insurance in Texas! Call us today at 512-402-7900.