How much does a Medicare Supplement Plan Cost? Well, the answer to that is, it depends on the plan type and the amount of coverage you want.
When people talk about a Medicare “supplemental” policy, they are mostly referring to any of the HMO, PPO and Medigap plans.
Medigap Plans, also called Medicare Supplement Plans, are lettered A through N. You would get this in addition to your Original Medicare A and B. There is a monthly premium associated with this type of plan.
For some of the most popular Medigap plans, the pricing starts anywhere from around $75 -$100 per month on up, depending on the state where you live, your age, and health status.
What Medigap Plans Don’t Cover
These plans also do not include Rx drug coverage or dental, vision, and hearing. You would need to purchase these benefits separately.
But all in all, the coverage with Medigap is comprehensive and can reduce or eliminate out of pocket costs associated with medical coverage.
How Do Medicare Advantage Plans Work?
The other types of plans are called Medicare Advantage or HMO and PPO “network” plans. These are not supplemental to Medicare, but actually, combine all of your Medicare benefits into one plan. These plans can also include other benefits as well such as Rx drug, dental, vision, hearing, and fitness memberships.
Depending on the county where you live, there may or may not be a premium for these plans. The availability of these plans also will depend on the area where you live. Most plans of this type will have an out of pocket maximum per year.
There are typically co-pays and coinsurance for doctor visits, procedures, and hospitalization stays.
All the co-pays for services are “a la carte”. The Plan has a maximum out of pocket for the year. After the max out of pocket, the plan covers all medical costs 100% for the remainder of the plan year.
January 1st is the start of the new Plan year, and this is when the out of pocket resets.
These plans can work well if you do not see the doctor very often, as the co pays can add up.
How To Find Out Which Medicare Plan Is Best
The best way to find out which type of plan may be best for your situation is to work with an experienced broker like us who offers all of the plans with the top companies in your area.
We can offer unbiased advice and find the best plan to fit your needs. And it won’t cost you any more to use our services; prices are the same as buying directly from the insurance company.
If you have questions on any of the plans, then give us a Call at (800) 783-5901 or Email us at Info@usamedicareplan.com Our service is 100% FREE and we’re happy to help you.