In our complementary Medicare 101 educational webinars, we discuss the difference between Medicare Advantage (Part C) and Medicare Supplement choices. They are very different. This page covers Medicare Supplement plans.
When you choose to have Original Medicare Parts A and B as your primary coverage, you can add a Medicare Supplement, often called Medigap to cover the Parts A and B deductible and Part B 20% co-share amounts.
In the federal 2020 Medicare Supplement Guide you will learn the plans are standardized throughout the US. At DGAlcorn & Associates, our clients have most frequently enrolled in one of the following plans:
|Plan F||Highest premium. You pay $0 deductible / 0% co-share.|
|Plan G||Lower premium. You pay the Part B deductible.|
|Plan N||Lower premium. You pay the Part B deductible and an office visit copay.|
|High Deductible||Lowest premium. You pay the Parts A and B deductible and 20% co-share up to $2340. Afterwards, 100% coverage with 0% co-share.|
New York State Department of Financial Services offers a helpful online tool [click here] to compare Medicare Supplement plan premiums by Plan Code and insurance company in your county.
Q: So if every Plan F offers the same coverage, what explains the difference in the monthly premium between the different insurance companies?
A: Claims experience. A simplified example: If Company X has a large pool of clients with a diverse mix of health conditions, an increase in medical claims is spread around the pool. On the other hand, if Company Z has a smaller pool of clients with a high percentage of expensive claims, those costs get spread over a smaller group and premiums are higher.
For your convenience, copies of plan details are available for your review. (Double click the link to open) Then, use the form below to contact an agent advisor for further discussion and enrollment assistance.
DGAlcorn & Associates Agent Advisors are licensed and appointed to represent several insurance companies offering Medicare Supplement plan in New York State.
Please complete the form below. After you click the blue submit button, your will see a confirmation page while your agent advisor is being notified to contact you by telephone or email.