The Best Medicare Supplement

The question that I am constantly asked during the course of a consultation on Medicare is ‘which is the best plan?’  My answer to the question of the best Medicare supplement is always the same.  It all depends.  Each person is different.  Needs are different.  Perception of reality is different.  If you ask my wife, which is better—two piece or one piece swim suit?  Her opinion will differ greatly from mine.

Best Medicare SupplementWhen it comes to Medicare, the first fork in the road is a choice between Medicare Advantage or Original Medicare and a supplement.  Once someone makes that first choice, the second fork in the road is between Medicare supplements.  There are potentially ten possibilities—Plan A—N.

Plan F has been the most popular plan among the bunch.  Because of that, some would say that Plan F is the best Medicare supplement, even though it is the most expensive.  Its appeal, however, is convenience and a sense of security.  With a Medicare Supplement Plan F, there are no co-pays, deductibles, or co-insurance.  You don’t have to worry about maximum out of pocket expense.  You plop down your red, white, and blue Medicare card, your Plan F card, and you’re done.  The bills may make Medicare and the insurance company cringe, but no matter.  You are covered 100% for the services that Medicare covers.  For that sense of complete, comprehensive coverage and convenience of payment, Plan F’s are the most expensive among the various insurance companies.

Plan F’s are expense for other reasons as well.  As medical expenses go up, so do Medicare supplement premiums.  You can almost count on an annual rate increase from the insurance company, especially for a Plan F.  Why is that?  Because people on Plan F use their benefits frequently.  Whether they go to the doctor no times or fifty times a year, the price is still the same.  Whether they go to the hospital zero times or a hundred times, the price is still the same.  No co-pays.  Just the same monthly premium.  Consequently member over-use increases cost, which is reflected in regular rate increases.

The Best Medicare SupplementPlan G, however, has a small deductible.  You pay the first $147 on Part B expenses, such as doctors’ visits, outpatient procedures, emergency room visits, etc.  After you pay the first $147, then the Plan G is like a Plan F.  Everything is covered.  The two benefits of a Plan G are 1) the premium for Plan G’s is lower, even with the deductible factored in, 2) the rate increases are smaller and less frequent.  Plan G people tend to not over use their benefits as much as Plan F folks.  A great deal is being written on this Plan G topic right now.  It is very arguable that Plan G is the best Medicare supplement.

Which is the best?  It all depends on you.  I tell my wife I would rather see her in a two piece bikini.  That is the best for me, and that is final!

What Our Clients Are Saying About Omaha Insurance Solutions

Tom V.

I was very impressed with the knowledge Chris has of the Medicare system. He explained the different options available to me thoroughly and overall, the process went very well. I would recommend Chris without hesitation to anyone trying to make decisions in regard to Medicare.

George & Maxine I.

My wife is getting ready to retire and She was getting so frustrated with all the agents just wanting to sell their companies’ plans. I went to Chris when I retired so I gave him a call to set up an appointment for my wife. Chris took the time to present all retirement plans. he explained all the pros and cons of each plan and let us decide on the plan that best suited her needs. My wife, Maxine, was very happy with the choices Chris presented & explained and put her at ease about the plan choice. Chris and his team are Very Very good and we will recommend Omaha Insurance Solutions to anyone who is getting ready to retire. Chris and his team do an excellent job of getting through the Medicare Mayhem!

Judy M.

I was referred to Chris by my financial advisor. I met with 2 other agents who just wanted to sell me ‘their’ plan. Chris took the time to explain the Medicare Advantage plans and the supplements with all their ‘letters’. He gave me peace of mind, knowing that I will probably have the best health insurance coverage I’ve ever had. I thank Chris for being a big part of this first chapter in my retirement!