Medicare Supplement Insurance & Medigap Plans

In this short video Mike explains Medicare Supplement | Medigap Insurance.

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Medigap plans A-N, also known as Medicare Supplement plans, play a crucial role in helping individuals cover the gaps left by Original Medicare. When comparing these plans, it’s important to understand that they are standardized by the government, meaning the basic coverage remains the same across different insurance companies that sell them while having access to any doctor or hospital that accepts Medicare. The key difference lies in the premium cost, the history of their rate increases, and additional benefits offered by each plan. The popular plans are plan F, G, and N.
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Plan F pays all the gaps. It is only available for people who turned 65 prior to Jan. 1, 2020, and consequently is seeing high rate increases.
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Plan G pays all the gaps except for the Medicare Part B calendar year deductible ($240 in 2024). Hence your out-of-pocket maximum is equal to the part B deductible.
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Plan N is like plan G in that it does not cover the part B deductible. Plan N usually has lower premiums than G but adds a $20 co-pay for in-office doctor visits and $50 co-pay for ER visits that don’t result in an inpatient admission. Plan N does not cover part B excess charges, while plan G does. A very small percentage of doctors may charge excess charges up to 15% higher than Medicare rates.
Houston Independent Insurance
Understanding your specific healthcare needs and budget is crucial when choosing a plan. Another factor to consider in the comparison of Medigap plans is the pricing structure. Insurance companies may employ different methods to determine premiums, such as community-rated, issue-age-rated, or attained-age-rated pricing. Community-rated plans charge the same premium to everyone, regardless of age, whereas issue-age-rated plans base premiums on your age at the time of purchase. Attained-age-rated plans, on the other hand, may start with lower premiums but increase as you get older. It’s essential to carefully evaluate these pricing mechanisms to ensure that the plan you choose aligns with your long-term financial considerations.

In conclusion, when comparing Medigap plans, individuals should weigh the trade-offs between comprehensive coverage, premium costs, and pricing structures, and the pros and cons of individual insurance companies. Each plan comes with its unique set of advantages and potential drawbacks, so it’s crucial to align your choice with your health needs and financial situation. Call Mike at 281-787-7358 to help you navigate the complexities and find the most suitable Medigap plan for your individual circumstances.

What Our Customers Say

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Paula Grote
Paula Grote
2024-01-19
Mike Bauer is amazing. He always does what's best for his clients even if it means he doesn't profit from the transaction. I will continue to use Mike and highly recommend him to anyone!
Peggy Born
Peggy Born
2023-11-18
This month was my second time working with Mike on Medicare decisions. He was very helpful and knowledgeable - and helped me understand and make informed decisions. I have recommended him to several friends and will continue to do so. He is very patient and kind.
Merle Moon
Merle Moon
2023-11-17
Mike Bauer has provided expert service to my wife and I in navigating our entry into the world of Medicare. He has been a key resource in helping us choose the best options for our needs and provided hands on guidance in the signup process. True professional!!
Grama Judi
Grama Judi
2023-11-13
Excellent follow up and service.
William Herrington
William Herrington
2023-11-08
Mike is definitely a great resource to use when you have so many options to choose from on Medicare drug plans.
Jojo Smullen
Jojo Smullen
2023-11-02
Mike is Fantastic! Highly recommend!!!
Roger
Roger
2023-11-02
I met with Mike Bauer at Houston Independent Insurance for not only his knowledge in Medicare insurance but also because Mike also has a great personality! I trust Mikes insight and suggestions. If Mike finds something that could benefit me and my needs he contacts me and let’s me decide if I want to make any changes. Thank you Mike, I appreciate what you do and I respect how you do it! Roger Cox
Charlie Morris
Charlie Morris
2023-10-19
Very helpful with a friendly atmosphere!
Cynthia Morris
Cynthia Morris
2023-10-17
Mike Bauer has been able to save my husband & myself money every time we have had to reevaluate our policies Thank you Mike
Ed Emig
Ed Emig
2023-10-14
Mike guided my wife and I through the maze of options we needed to consider in starting Medicare Part B and associated supplemental plans. I don't think I'll ever understand this as well as Mike does, but he explained things carefully and thoroughly so I am confident I was able to make informed decisions that are the right ones for my family. I highly recommend him for anyone who has to deal with Medicare decisions.

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