Medicare is federal insurance for senior adults. You are eligible to start receiving when you turn 65. The age requirement will be going up to 67 by 2033. Most individuals pay a premium for this insurance, just like you would with an employer-sponsored insurance plan. There are several plans available. Everyone gets Part A, which is for Hospital bills, Part B is the medical insurance, and Part D, supplemental coverage that covers prescriptions. There are new supplemental plans available for 2022 that you may not yet know about that address Medicare coverage gaps.
The state and federal governments standardize these “Medigap” plans. Be mindful that Medigap policies cover coinsurance only if you have paid the deductible unless the Medigap policy is chosen also pays the deductible. Take note that Medicare Parts end at “D.” There are PLANS “G,” “N,” and “F” that are Medigap supplemental insurances. We can take a look at each of these.
Medicare Supplement Plan G in CO For 2022
This plan will cover 100% Medicare Part A coinsurance and hospital costs, Medicare part B copayments, your first three pints should you need blood, Part A hospice care copayments, skilled nursing facility care coinsurance, Part A deductible, Part B excess charges, and 80% of foreign travel emergencies. It will not cover Part B deductibles. This plan is widely regarded as an exceptional plan. It covers the most with the best price.
Medicare Supplement Plan N For 2022 in Colorado
This plan is a close second choice if the Plan G supplement is too expensive for you. Plan N covers 100% of Part A coinsurance, hospital costs, Part B copayments, the first three pints of blood you may need, skilled nursing facility care, Part A deductible, and 80% of foreign travel emergencies. The premium for Plan N is less than they are for Plan G. It does not pay for Part B excess charges, but those are an uncommon expense. You will be responsible for that expense on your own.
Learn more: Medicare Supplement Comparison Chart 2022
Plan F Colorado 2022
This plan is no longer offered. You seniors out there that still have it can continue with it. However, If you drop it in 2022, you cannot renew it in 2022. You can renew it, but expect significant price hikes. Current subscribers of this plan will be sharing the cost of everyone’s health expenditures while gaining no new members. The price can only go up because more and more members will require higher levels of care as they age. Plan F is 100% full coverage for Medicare Part A coinsurance, hospital costs for 365 days after the Medicare benefits are used up. It covers 100% of Medicare Part B coinsurance or copayment, the first three pints of blood Part A hospice care, or a skilled nursing care facility, Part A’s deductible, but not Part B’s deductible, and 80% of foreign travel emergencies.
Many companies are offering Medicare supplement plans. You want to make sure you shop around enough to make sure you get the best price you can with the best coverage of services that you need the most. It can be a bit of a gamble to try and decide if you are going to need it.
Do you need expensive prescriptions? Has your health been very robust? If you have preexisting health conditions, will you be more at risk for a virus? If so, you might want to look at plans that give you the best deal on hospitalizations. I realize these are uncomfortable considerations, but they must be looked at realistically.
To learn more about Medicare supplement plans or if you have any questions, give us a call at 855-249-0191 for a consultation and free quote comparison with one our experienced insurance agents.