- Oct 18, 2009
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So, I'm finally going on Medicare on Oct. 1. Hooray?
Anyway, since Medicare is essentially an 80/20 ins. plan, at least for Part B, and Part A begins to peter out after 60 days confinement to a hospital, Medigap insurance is available to cover those costs. The 'Gap plans are standardized for all ins. co's, meaning every ins. co. that offers Medigap ins. has to offer the same exact coverage for each plan, which are denoted A-N. Plan F, which pays for everything so the person has no out of pocket expenses, is disappearing at the end of the year (2019.) Also, it is the most expensive plan offered.
So, ins. co. is almost irrelevant in chosing Medigap plans, other than sussing out the financial stability and strength of said ins. co's. Personally, I went with a Plan N from Mutual of Omaha at $95/mo. It pays for everything except my %185 deductible for Part B and no coverage for excess charges from MD's, etc. (Part B Medicare specifically covers outpatient medical services while Part A covers hospitalization.)
Couple of questions.....should I be looking into a Plan G? The difference between Plans N and G is:
Plan G covers any excess charges levied by physicians, etc., above what Medicare allows. This excess charge is limited to 15% above what Medicare allows for whatever. Shouldn't be an issue, but in case one has to have a CABG or cancer treatment and it's done by a physician who doesn't accept Medicare assignment, one could be on the hook for some $$$, but hopefully not a hella lot.
Plan N, by contrast, doesn't cover any excess charges and requires the patient to co-pay $20 for an MD's office visit and $50 co-pay for an ER visit, unless such visit results in hospitalization--then it's waived.
Neither pays the $185 deductible for Part B.
Both are the same in relation to Part A.
So, should I stick with my Plan N or look into a Plan G? I have a week and a half to change without penalty...still within my 30 day look-see time period. The premiums would go up $26/mo.
I could also move to a Plan F, but the premiums are horrendous....almost $200/mo. Guess there may be something to worry about with excess charges after all if the insurance from those three mentioned plans are vastly different (Plan N--$95/mo, Plan G--$120/mo, Plan F--$200/mo.)
So, what would you do? Money is not infinite.
And as an aside, who in their right mind takes Medicare Advantage plans? While they don't cost anything or much at all, they do nothing for covering the not covered expenses one is left with from Original Medicare. All I can see them doing is forcing you into a particular ins. co's network and be unable to use your ins. outside the network without suffering from huge out-of-network charges. Orig. Medicare, along with Medigap ins., have no network restrictions whatsoever.
So......whatcha do?
Anyway, since Medicare is essentially an 80/20 ins. plan, at least for Part B, and Part A begins to peter out after 60 days confinement to a hospital, Medigap insurance is available to cover those costs. The 'Gap plans are standardized for all ins. co's, meaning every ins. co. that offers Medigap ins. has to offer the same exact coverage for each plan, which are denoted A-N. Plan F, which pays for everything so the person has no out of pocket expenses, is disappearing at the end of the year (2019.) Also, it is the most expensive plan offered.
So, ins. co. is almost irrelevant in chosing Medigap plans, other than sussing out the financial stability and strength of said ins. co's. Personally, I went with a Plan N from Mutual of Omaha at $95/mo. It pays for everything except my %185 deductible for Part B and no coverage for excess charges from MD's, etc. (Part B Medicare specifically covers outpatient medical services while Part A covers hospitalization.)
Couple of questions.....should I be looking into a Plan G? The difference between Plans N and G is:
Plan G covers any excess charges levied by physicians, etc., above what Medicare allows. This excess charge is limited to 15% above what Medicare allows for whatever. Shouldn't be an issue, but in case one has to have a CABG or cancer treatment and it's done by a physician who doesn't accept Medicare assignment, one could be on the hook for some $$$, but hopefully not a hella lot.
Plan N, by contrast, doesn't cover any excess charges and requires the patient to co-pay $20 for an MD's office visit and $50 co-pay for an ER visit, unless such visit results in hospitalization--then it's waived.
Neither pays the $185 deductible for Part B.
Both are the same in relation to Part A.
So, should I stick with my Plan N or look into a Plan G? I have a week and a half to change without penalty...still within my 30 day look-see time period. The premiums would go up $26/mo.
I could also move to a Plan F, but the premiums are horrendous....almost $200/mo. Guess there may be something to worry about with excess charges after all if the insurance from those three mentioned plans are vastly different (Plan N--$95/mo, Plan G--$120/mo, Plan F--$200/mo.)
So, what would you do? Money is not infinite.
And as an aside, who in their right mind takes Medicare Advantage plans? While they don't cost anything or much at all, they do nothing for covering the not covered expenses one is left with from Original Medicare. All I can see them doing is forcing you into a particular ins. co's network and be unable to use your ins. outside the network without suffering from huge out-of-network charges. Orig. Medicare, along with Medigap ins., have no network restrictions whatsoever.
So......whatcha do?
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