Medicare Supplemental Insurance is a set of plans available to anyone over the age of 65 or disabled.
Original Medicare and Medicare Part A and Part B have gaps in their coverage.
That means you would still have to pay out-of-pocket expenses when you need medical assistance.
Having good Medicare Supplemental Insurance means you fill those payment gaps in your current Medicare.
Medicare Supplement plans are policies offered by health insurance selling companies. They are also called Medigap health insurance plans.
The most popular Medicare Supplemental Insurance is called Plan F, but there are many other plan options as well, depending on where you live.
Who should consider getting Medicare Supplemental Insurance?
The day you turn 65, you should immediately consider getting a Medigap policy F, G, K, L, M, or N.
That’s because during the 6 months after you turn 65, you are guaranteed to be approved for the policy you apply for. No matter what pre-existing conditions or comorbidities, you will not be able to be denied.
In addition, for those 6 months, private insurance companies also must offer you the plans at their best available rates!
MedicareSupplemental Insurance is important for those who anticipate frequent doctor visits.
Those who have fixed income and don’t want devastatingly unexpected out-of-pocket costs would also benefit from taking a look at Medicare Supplement plans.
Lucey Wealth Advisors recommends Medigap Plan F to those who want the most comprehensive coverage and want the most predictable medical expenses possible.
It’s helpful to know that Medigap policies are guaranteed renewable once you’ve enrolled in them. Your insurance company isn’t allowed to cancel your coverage because of health problems.
How do you enroll in Medicare Supplemental Insurance in Millbrae, CA?
You have to enroll in Medical Supplement plans in Millbrae via private insurance companies.
Those companies can sell whichever plans they want in San Mateo County. However, every company is at least required to offer Plan A.
Note that Plan A is not the same as Part A, Plan B is not the same as Part B, so on and so forth.
There are legal requirements to enrolling in a Medigap plan in San Mateo County.
First, you have to be currently using Original Medicare or Medicare Part A and Part B. If you are enrolled in a Medicare Advantage plan, it is illegal to get a supplemental insurance plan.
However, if you are canceling your current Medicare Advantage and switching to Original Medicare, Medigap plans are an option for you.
There have been talks out there that Plans C and F are getting canceled. That’s not exactly true, it’s just harder to qualify for them.
Unfortunately, Plans C and F aren’t available to people who just became eligible for Medicare on or after January 1st, 2020. This is because those newly eligible to Medicare aren’t allowed to get a plan that covers Medicare Part B deductible.
Medigap policies are individual. If you want one for your spouse as well, you two would have to get plans separately.
What is the best plan for you?
There are 10 possible Medicare plans you can get, depending on what your chosen insurance company offers.
Plan F is by far the most popular of all Medicare Supplement plans in Millbrae, CA. It’s very commonly offered by carriers because it’s profitable and popular.
Plan F has the most comprehensive coverage. It covers:
In addition, Plan F covers up to 80% of foreign travel medical expenses, which makes it a fantastic choice for those who are frequent travelers. Plan F also covers the three pints of blood.
Plan G, on the other hand, is great for anyone who likes the benefits of Plan F but doesn’t qualify for it. The main difference between G and F is that Plan G does not cover Part B deductible.
A big question, therefore, is do you want to pay for Part B deductible?
Medicare Part B deductible in 2021 is $203. So you would have to pay $203 in doctor’s visits or medical expenses before your insurance carrier helps you out and you pay the coinsurance instead (if there is any).
If you visit doctors, specialists, or need medical attention frequently, it’s highly recommended to get Plan F because it has the most comprehensive coverage. You would likely save money over time.
What are the coverage exceptions in San Mateo County?
Of course, even though Plan F allows you to almost never pay out-of-pocket costs, there are still exceptions.
Medicare Supplemental Insurance in Millbrae, CA does not cover long-term care, dental, vision, or hearing devices/tests.
The Medigap Plan F will also NOT cover things like acupuncture, prescription drugs, or cosmetic surgery.
If you do need prescription drugs that are expensive, Lucey Wealth Advisors would typically recommend you to get Medicare Part D since that does cover prescription drugs.
How much are Medicare Supplement Plans in San Mateo County?
You pay for each plan with a monthly premium to your insurance company.
The answer for the exact price though is that it depends. Insurance companies can offer coverage at considerably different rates.
For example, Plan F could cost you an extra $140 a month, whereas Plan G could cost you $110. But these rates can greatly vary depending on when you buy it, where you buy it, your current health, etc.
That’s why we recommend making a plan with Lucey Wealth Advisors before or as soon as you hit 65 years old. That’s the cheapest and best time to enroll in a Medigap policy.
Where to get the best health-related financial advice?
Lucey Wealth Advisors operates in Millbrae, CA.
We have been giving valuable health- and retirement-related advice for years.
Through effective long-term strategies, we help protect you and your family’s financial and medical wellbeing.
If you would like any counsel or are wondering how we tackle health insurance concerns, feel free to call us at 888-828-3394 at any time.
Millbrae is a city located in northern San Mateo County, California, United States. To its northeast is San Francisco International Airport, San Bruno is on its northwest, and Burlingame on its southeast. It is bordered by San Andreas Lake to the southwest. The population was 21,536 at the 2010 census.
The Ohlone people have been living in the Bay Area for hundreds of years. The closest villages to what is now Millbrae were located by the banks of San Bruno Creek, and they are known as Urebure and Siplichiquin. A third nearby village—whose original name is unknown—is called CA-SMA-299. The local Ohlone people are today called the Ramaytush Ohlone; however this name is a linguistic designation that arose relatively recently. Prior to colonization, the Ohlone did not operate as a single consolidated unit; they identified more with their local tribe and village than with the nation at large. The several local tribes that lived in the area prior to colonization coalesced into the modern Ramaytush people following the precipitous decline of their population in the 1800s.
In 1827, sub lieutenant José Antonio Sánchez, who was stationed at the Presidio, was granted permission by Mexican governor José María de Echeandía to occupy the rancho for “grazing and agricultural purposes”, as grazing land for Mission Dolores and the Presidio of San Francisco. The original Sixteen Mile House, a historical restaurant and rest stop, was a direct link to Millbrae’s early days. The rest stop was built in 1872 by members of the Sánchez family, the original landholders of the Rancho Buri Buri, which at one time comprised parts of present-day Millbrae and Burlingame.
Darius Ogden Mills purchased land in the 1860s from José de la Cruz Sánchez and family of Rancho Buri Buri to build a country estate. The former Mills estate was bordered by what is now Skyline Boulevard, Bayshore Highway U.S. Route 101, Millbrae Avenue and Trousdale Drive. The estate became known as ‘Millbrae’ from ‘Mills’ and the Scottish word ‘brae,’ which means ‘rolling hills’ or ‘hill slope.’ The Millbrae estate mansion burned down in June 1954. After the fire the estate was subdivided and sold, with the bulk of the land going to the Paul W. Trousdale Construction Company in 1953 and eventually becoming the location for Mills High School, Spring Valley Elementary School, and Peninsula Hospital.
Here are some finance-related links: