Best Medicare Supplement Plans 2018

With Medicare changing costs each year, most people are searching the Internet for the best Medicare Supplement plans 2018. Let’s take a brief look at some of the differences between the best Medicare Supplement plans 2018. 

As you may know, Medicare Supplement plans are standardized.  This means that a plan of a certain letter has the same benefits no matter which carrier you choose.  For example, a Plan F with one carrier has the same benefits as a Plan F with any other carrier. And although most plans, like Plan F and Plan G, offer similar basic benefits, some additional benefits may also be offered.

Plan N and High Deductible Plan F are a little different.  If you decide on a Plan N, you will pay up to $20 for a visit to the doctor and up to $50 for an emergency room visit.  You are also responsible for the $183 annual Part B deductible. If you decide on a High Deductible Plan F, then you will have a $2,240 deductible for 2018.  You have the flexibility to choose which plan best meets your specific needs.

Best Medicare Supplement Plans 2018

The most popular plans are Plan F and Plan G; however, Plan F will phase out in 2020 and new Medicare members will not be able to sign up for this plan. But, if you currently have Plan F, you can keep your plan. 

Best Medicare Supplements Plans 2018:

  • Plan F
  • Plan G
  • Plan N
  • High Deductible Plan F

Medicare Supplement plan benefits adjust with the changing Medicare costs. For example, when Medicare deductibles rise, Medicare Supplement plan benefits will increase to match those increases.

Please review our two top plans (Plan F & Plan G) in the chart below. You will see the NEW Medicare costs for 2018 along with the comparison of what Medicare will pay, what Plan F or G will pay, and what you will pay.  You can click the image to enlarge it.

Plan F & G Chart 2018

Finally, to view the best Medicare Supplement plans 2018 in your area, from a variety of carriers, please CLICK HERE. If you have any further questions, feel free to contact MWG Senior Services at 877-759-5760, or by email at seniorservices@morganwhite.com. Our advisors are always ready to assist you with any questions or concerns you may have!

Annual Enrollment Period

The Annual Enrollment Period is quickly approaching! Do you need help with your Prescription Drug Plan?

The Annual Enrollment Period:

Mid October through the first part of December is often referred to as “Open Enrollment Period” or “Annual Enrollment Period”. They go hand in hand, and here’s why.  During this time, you can not only make changes to your stand-alone drug plan, but you can also make changes to your Medicare Advantage plan (depending on which one you have).  We recommend having someone like us in your corner to assist you through these changes.  Our only requirement for this annual assistance is that you sign up with a Medicare Supplement or Medicare Advantage plan through our advisors.  If you do not currently have one of those plans through us, give us a call today and one of our advisors will be glad to help.  They can be reached at (877) 759-5760, option 1.    

The Annual Enrollment Period comes every year at the same time, beginning October 15th and ending December 7th.  Some clients are under the impression that the Annual Enrollment period is the only time you can change or get a Medicare Supplement.  This is not true. The good thing about Medicare Supplements is that you can change them anytime throughout the year.  This Annual Enrollment Period is only for making changes in a stand-alone prescription drug plan or a Medicare Advantage plan.

Part D Late Enrollment Penalty:

One very important thing to remember is, if you do not obtain a drug plan when you are first eligible, you could receive a late enrollment penalty which is assessed by the Centers for Medicare & Medicaid Services (CMS). The penalty is 1% for each month you go without drug coverage and will always be added to any drug plan or Medicare Advantage plan when you enroll. If you have employer coverage and are on Medicare, I encourage you to check with your employer’s human resource department to ensure the coverage that you have is considered creditable drug coverage.

How can our services benefit you?

The drug plans change every year, so you will need to review your plan annually to see what changes are approaching.  That’s where MWG Senior Services can help!  We offer a FREE service to all our Medicare Supplement and Medicare Advantage clients each year by helping to review your drug coverage to see what changes are being made for the upcoming year. The drug plans are so highly regulated and have so much information to take in, it is hard to know which way to go. We do all the work for you! Already have a supplement with someone else?  No problem!  Any of our advisors can help you look at supplemental options that could help you save some money!

Have questions or need help with your Medicare supplemental options Call MWG Senior Services at 877-759-5760 or email us at seniorservices@morganwhite.com.

When can I buy a Medigap policy?

Are you turning 65 soon?  You might find out that looking through Medicare options is like trying to put together a 1,000-piece jigsaw puzzle.  Fortunately, in this and upcoming blogs, we have selected some frequently asked questions to talk about in more detail.  Today’s article is about buying a Medigap policy.  

We hear this question all the time; “When can I buy a Medigap policy?”  The good news is you can buy Medigap (Medicare Supplement) at any time throughout the year and you don’t have to wait until October 15 – December 7.  The stipulation is, you might have to go through underwriting to qualify for a different Medigap policy. 

In this blog, we will outline:

(1) When you can purchase a Medigap policy without having to go through underwriting.

(2) What is underwriting?

(3) When you can change your Medigap policy if you aren’t happy with it. 

If you purchase your Medigap policy when you are first eligible for Medicare, you can purchase any policy sold in your state without having to go through underwriting.  This means if you have any health problems, you can purchase a Medigap policy at the same rate as a healthy person, if you purchase it within your open enrollment period.  Each person’s open enrollment period will start the first day their Medicare Part B is effective and it will last for 6 months. 

If you decide to change your Medigap policy outside of your open enrollment period, typically you will go through underwriting.  This means, if you have some health problems, the insurance companies could either deny coverage or charge you more due to certain health conditions.  Keep in mind, even though Medigap policies are standardized, the health questions are not.  So, just because you may not qualify for one carrier doesn’t mean that you will be turned down for another carrier.  Check with our advisors to see if there is an option that fits your needs. 

If you are about to lose your group health coverage, you might be eligible for Guaranteed Issue, which is another way you can purchase a Medigap policy without having to go through underwriting.  There are many different qualifications for a Guaranteed Issue period.  Please click here to learn more about your Medicare rights.

To compare prices of different Medigap policies and carriers available in your state, click here.

Now that you know you don’t have to wait until October 15 – December 7 to make changes to your Medigap policy, and you know a little more about changing your Medigap (Medicare Supplement), please don’t hesitate to give us a call at (877) 759-5760 or send us an email at seniorservices@morganwhite.com with any questions you may have pertaining to your specific situation.  Be sure to mention you heard about us through our blog!  Have a great day! 

Source:  Medicare.gov