What is a Medicare Supplement Plan, also known as a Medigap Plan? It is a supplement to your Original Medicare Part A hospital and Part B doctors and outpatient services. It will pay a portion of what Part A and B does not pay, which gives you a financial stop-gap for cost of services. You pay a monthly premium depending on the supplement plan you take, which includes annual increases.
To select a supplement plan do you look at the benefits, or look at the premium? Why select a supplement when you may be able to get an Advantage Plan with no or low premiums and more benefits? These are the questions we hear when consulting people new to Medicare. My suggestion is first, take a close look at your budget. You may be retiring, and your income could be changing. Secondly, think seriously about your present health condition and if you have doctors, medical providers and facilities you want to continue using. Third, do you want to pay for flexibility if you need serious medical attention in the future? With a supplement you can go to any doctor or facility that accepts Medicare without a referral.
What are the premiums for a Medicare Supplement Plan? Most states have 10 Medicare Supplement Plans. To keep it simple, they range from the richest benefit which is Traditional Plan G. This plan can cost $150 to over $200 per month when enrolling at 65, depending on your area and the carrier you select. The lowest premium is the High Deductible G Plan. This plan can be as low as $50 dollars a month when enrolling at 65, depending on your area and the carrier you select. Individual insurance carriers typically offer several supplement insurance plans which give you a choice of premiums and additional benefits, but each of these carriers must offer the required minimum benefits as required by the government.
Welch Insurance can help guide you to a choice that meets your needs now and in the future. Set a date for a short confidential conversation with a licensed agent to give you details.

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