Let’s clear up 1 thing now –
The term Medicare Supplement and the term Medigap are just 2 separate terms for the SAME thing. Some Resources use the term Medicare Supplement, and some use Medigap. If you review Medicare.gov as a resource they will use Medigap more than Medicare Supplement. But it’s key to remember that either way we are talking about the SAME thing.
Medicare Supplements are insurance policies designed to “fill the gaps” or “cover the out of pocket costs” in Original Medicare. (Parts A and B). The first Medicare Supplement plans were established in 1966, one year after Medicare was passed into law. The confusion about Medicare Supplements usually lies within the “Alphabet Soup” known as the Standardized Medicare Supplement Plans.
Medicare Supplement Plans are all Standardized by the Federal Government. Currently there are 10 plans available to purchase from individual insurance companies. The plans are identified individually by designated Letters. The 10 plans are Lettered A through N alphabetically. So, when you purchase a Medicare Supplement Plan, You are actually purchasing an individual lettered plan. The Plans available are:
A, B, C, D, F, G, K, L, M, and N.
So, you may purchase a Plan D, or a Plan F, or a Plan G and so on.
Each plan is different in the comprehensive coverage offered, and are purchased not only by premium amount, but also by an individual’s lifestyle. Every company offering Plans are not required to offer ALL plans. They ARE required to offer plan A, along with C and or F. But very few companies offer All 10 plans.
Another key here is that again, the plans are written and Standardized by the Federal Government. Meaning that if 10 different companies offer Plan F, Well, they are all offering the EXACT SAME THING! There is no difference in one company’s plan F over another. The thing to remember here is that the ONLY difference is PRICE and PRICE HISTORY. There are over 50 companies offering Medicare Supplement coverage in Kentucky, Tennessee, and Indiana. Equally there are 50 different premiums to the same plan. You can either do this VERY RIGHT, or VERY WRONG based on the company you decide to do business with.
When the Right Medicare Supplement is added to Original Medicare (Parts A and B) – This is the BEST COMPREHENSIVE HEATLH INSURANCE COVERAGE IN OUR COUNTRY.
NO Networks – Go anywhere you want for Healthcare, with NO restrictions.
Choice of Doctors and Hospitals – Go get the VERY BEST treatment
Very little to NO Out of Pocket Costs
As of Jan 1, 2020, Plans C and F will not be offered to any new enrollees, or folks who want to move from a different Plan to a Plan C or F. This is very important to know, because it can be very expensive down the road if you purchase a Plan C or Plan F now. Make sure you get a good explanation of this change and how it can affect your coverage in the future. Best way to do that? Attend a workshop, or contact Russell!
This is where Russell and his team come in to help. Russell can offer ALL of the top insurance carriers. When you and Russell decide on the Medicare Supplement Plan (A through N) that is right for you, he will then show you EVERY company offering that plan to you, EVERY company’s premium, and most importantly EVERY company’s PRICE INCREASE HISTORY. This is the best and ONLY way to make sure you do this RIGHT! Having the information needed to make an educated decision is what Russell provides. Russell’s Medicare Workshops spend a lot of time explaining and reviewing ALL Medicare Supplement Plans. What you learn in the Workshop about Supplement coverage is worth it’s weight in Gold.