Most senior citizens on Medicare often have difficulty choosing the Medicare Supplement Plan with the best value. We believe Medicare Supplement Plan G offers the best value when compared with any of the 10 Medicare Supplement Plans that are currently offered. When you are going on Medicare for the first time--often upon reaching the age of 65--you will quickly learn that you need to purchase Medicare Supplemental Insurance, and will find that it is often overwhelming trying to decide exactly which plan to go with.
One of the main reasons for confusion is because of the hard-to-understand verbiage that Medicare uses. Many Medicare terms sound the exact same, yet mean something completely different. When it comes down to comparing all 10 of the Medicare Supplemental Plans available on the market, you will likely feel confused on which one is best for you--for your individual needs.
We realize that it may initially seem very confusing to narrow down the plans, but it is quite simple in fact, and we will explain why. Although there are a total of 10 plans to choose from, over 95% of senior citizens that purchase a Medicare Supplement Plan today will either purchase a Plan F, Plan G, or Plan N. This is due to the strikingly similarities in coverage between these different plans. Medicare Supplement Plans are designed in a letter system ranging from Plan A -- Plan N, with Plans E, H, I, and J not being offered any longer. One might think that Plan A has the most basic coverage, and Plan N has the greatest level of coverage--this is not true in any form. The ranging of the different Medicare Supplement Plans has nothing to do with how much coverage the plan has. When you place the plans in order from which plan is least comprehensive to most comprehensive, the order would actually go like this (from least to most comprehensive): A, B, K, L, M, N, D, G, C, F.
When you actually compare the cost/benefit ratio on all plans, Medicare supplement plan g seems to make the sense--providing the best value for your money. Here is the reasoning. The only difference in coverage between the Plan F and the Plan G is that Plan F pays all gaps by Medicare at 100%, and the Plan G does as well although requires you to pay the Medicare Part B deductible, which is $140 in 2012. The Plan F premium will cost approximately $20-30 more per month on average which adds up to about $240 - $360 more per year in cost, although the only difference is that Plan F does not require that small $140 deductible. You are better off paying that deductible on your own and putting the $240 - $360 premium savings in your pocket.
When you compare the Medicare Supplemental Plan G with the Plan N, you will also realize a better value. Plan N requires you to pay that deductible (same price as Plan G), but in addition, Plan N also requires you to pay a $20 co-pay for doctor office visits as well as a $50 co-pay for emergency room visits. Co-pays can quickly add up to a significant sum of money if you have a problem and need to use the doctor often. The price with Plan N is also not much less than the Plan G, and often only costs $15 - $20 less per month, so that extra money is well worth the investment into the Plan G. Again, we recommend Plan G as being the best valued plan that is most cost-effective for most senior citizens today.
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