Medicare Supplemental Insurance
Medicare Parts A and B cover around 80% of approved medical and hospital costs. So guess who is going to cover the remaining 20%... That’s right, you. That is, unless you have supplemental insurance. Medicare Supplemental or Medigap Supplemental coverage consists of a number of plans ranging from letters A-N that could cover up to the entire 20% of remaining approved costs – leaving you with little to no out of pocket costs.
Medicare Supplement Plan F offers the most extensive coverage, with Plans C and G following close behind. Of course, Plan F is going to have the highest premium, but generally speaking, your out-of-pocket costs with a Plan F, should you end up going to the hospital or doctor, would be significantly less. Plan G is another good plan to look into. The only difference between a Plan F and a Plan G is you are responsible for the Part B deductible with Plan G.
Although there are numerous plans and carriers, the plan benefits do not change between the carriers. Plan F with Mutual of Omaha is the exact same coverage as the Plan F with Gerber Life. Most of the time, the only difference between the two companies’ plans will be the premium.