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 Santa Rosa, CA?
You have to enroll in Medical Supplement plans in Santa Rosa via private insurance companies.
Those companies can sell whichever plans they want in Sonoma 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 Sonoma 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 Santa Rosa, 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 Sonoma 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 Santa Rosa, 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 Sonoma 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 Santa Rosa, 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.