Jesse Slome , Benzinga Contributor April
21, 2021 5:19pm
Faced with numerous and complicated options
many men and women turning 65 report significant levels of confusion when
having to choose their first Medicare plan option.
For those who are soon to be eligible for
Medicare a just published report may provide some mind-calming
information. The study of over 2,000 individuals who turned 65 in 2020
found that two plans were the overwhelming choice among those opting for
Medicare Supplement coverage.
Medicare Supplement, often referred to as
Medigap, is the choice of some 14 million Americans. Specifically, a
Medigap plan enables individuals to utilize any medical provider that accepts
Medicare.
In 2010 the federal government standardized
the types of Medigap plans, creating 10 options designated by A, B, C, D, F, G,
K, L, M and N. Beginning in January 2020 two of the more comprehensive
and popular plans, C and F, ceased being available to people newly eligible for
Medicare.
The first national study of 2020 buyers was
conducted for the American Association for Medicare Supplement Insurance. Medigap Plan G was the choice of 58.8 percent of the first
time Medicare enrollees followed by Plan N with 32.8 percent. In third
place was High Deductible Plan G selected by 5.8 percent.
Medicare Supplement Plan G covers any medical
benefit that Original Medicare covers, except for the outpatient deductible.
It helps pay for inpatient hospital costs, such as blood transfusions,
skilled nursing, and hospice care. Also outpatient medical services such as
doctor visits, lab work, diabetes supplies, durable medical equipment, x-rays,
ambulance, surgeries and much more.
After Medicare pays, Plan G pays all the rest
after you pay the once annual deductible ($203 in 2021). The plan also
offers some foreign travel emergency benefits.
Medicare Supplement Tips For
Those Turning 65
The first step for those turning age 65 should
consist of gaining an understanding of the available options specific to your
local area. Medicare plan choices and even coverage costs can be quite
specific based on where you live, right down to your Zip Code.
Comparing available medical providers,
provider networks as well as what costs are covered and those that are not
covered is essential to securing the best coverage for your particular health
care needs and preferences You have the most options to get the best Medicare Supplement
insurance during the 6-month Medigap Open
Enrollment Period.
This period begins the first day of the month
you're 65 or older and enrolled in Medicare Part B. For example, if you turn 65
and are enrolled in Part B in May, the best time for you to buy a Medigap
policy is from May to October. After this enrollment period, your option
to buy a Medigap policy may be limited if health conditions exist. Plus,
it may cost more. Additional open enrollment periods may be available in
certain states.
Seniors have more options than ever to learn
more about Medicare plan options. There are a growing number of call
centers ready to answer consumer questions. You may prefer to work with a
local Medicare insurance agent who should know more about local health care providers who
accept Medicare patients. The American Association for Medicare Supplement
Insurance offers an online Zip Code-based directory that lists agents
nationwide. The no-cost resource can help you connect with experts able
to answer questions and explain options.
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