Medicare supplements are used in order to cover co-payments in addition to several services that are not covered by the original Medicare plan. There are twelve different medicare supplement plans, also known as medigap plans. The most popular option is Medicare Supplement plan F.
This plan, like all medigap plans, has the same benefits no matter which insurance carrier you purchase them from. If you stay in the hospital for between sixty-one and a hundred and fifty days, the plan offers co-insurance for these costs. In addition to this, Medicare Supplement plan F provides 365 more days that can be used during the policy’s existence. It offers deductibles for Medicare Part A and Part B, and twenty percent of the Part B co-payment. Foreign emergency coverage, co-payments for nursing facilities, and the first three pints of blood donations are also included. Excess charges from Part B are covered by the plan.
Essentially any one of the major health insurance carriers has Medicare Supplement Plan F as one of their options. Several of the companies offering it include State Farm, AARP, Blue Cross Blue Shield, Mutual of Omaha, and Anthem. If you want to take a look at other carriers offering the plan, Medicare offers a tool that makes it easier for beneficiaries to find the right company. A Medicare supplement finder can be found on the Medicare website.
The best company to go through will almost always be the one offering the best rate. The reason for this is that medigap plans are regulated by the federal government, and insurance companies are required to offer a series of benefits in order to refer to the plan as Plan F. That said, some of the rates may change as you age, so make sure you understand how the premiums are determined before choosing a company.