There are 11 standard Medicare supplement plans (8 for those who become eligible for Medicare after January 1, 2020). Here are brief overviews of three of those plans.
Every Medicare Supplement carrier must offer Plan A. Plan A covers basic benefits that include the 20% co-insurance for Part B expenses, and a hospital co-pay after the first 60 days.
However, Plan A does not cover the Part A hospital deductible, which was $1,556 (as of 2022).
Medicare-eligible persons interested in a lower-premium plan often select Plan N. Plan N enrollees must pay a $20 co-pay for office visits, and a $50 co-pay for emergency-room service along with the Part B deductible, which was $217 (as of 2022).
Under this plan, additional costs may apply if your physician does not accept Medicare assignment.
Plan G and F (Our Recommendation)
We recommend Plan F for those who were eligible for Medicare prior to January 1, 2020, and Plan G for those who become eligible for Medicare January 1, 2020 and later. These are the most comprehensive plans available. Some of their benefits are:
- Part A (hospital and relates expenses) are covered in full. There are no deductibles, copays, or coinsurance with G or F. Hospital expenses are covered in full up to 515 days (if continuous). More days are covered if you are discharged for 60 days or longer.
- Medical expenses are covered in full.
- No copays or coinsurance as long as you select a Medicare provider and the treatment is covered by Medicare (Plan F also covers the Part B deductible, which is $217 in 2022).
- High-deductible plans are also available.
Part D Medicare Prescription Drug Coverage
To cover your health prescriptions, we encourage our clients to select Part D, a prescription drug plan. Part D is an annual-calendar-year contract offered through private insurance companies.
As of 2022, there are 25 plans available in California. These plans are written by individual insurance companies and must meet or exceed the plan specifications ordered by Medicare. For example, the plans must pay at least 75% of the cost after the deductible until the out-of-pocket maximum has been reached, then they pay 95% of drug costs in the catastrophic level. The maximum annual deductible for 2022 is $480, although most carriers waive the deductible for generic drugs.
We’re able to help you select the plan that’s most appropriate for your prescription-drug needs. It is important to review your Part D plan each year during Open Enrollment, which is from October 15th to December 7th—but we can help you do that as well.
Medicare requirements and supplemental plans can be confusing, and many people don’t know where to start. That’s where we come in.
For 40 years, we’ve been providing San Luis Obispo with expert knowledge of Medicare, so we know exactly how to help you find the Medicare solution that’s right for you. No need to research anything. Just contact us today to set up a FREE consultation.