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FAQ

MEDICARE FREQUENTLY ASKED QUESTIONS

Frequently Asked Questions

HOW MUCH DO MEDICARE SUPPLEMENTS COST?

Depending on the plan you choose (listed in chart above), the prices of Medicare supplements can range anywhere from around $70/mo all the way up to $200-$300/mo. Along with a small annual increase each year by each carrier, there are different factors that play into the price based on age and health. If you're just turning 65 and you're in good health you can expect to begin at the lower end of the spectrum. If you're in your late 70s, you can expect to be somewhere in the middle to higher end of the price ranges.

Bear in mind that when you first turn 65 you have all options on the table during your Initial Enrollment Period. If you elect to enroll in a Medicare Advantage plan during this time (or anytime thereafter), insurance carriers aren't obligated to approve your supplement coverage at any future point. This makes it vitally important to make an informed decision when you're initially enrolling.

IS PRESCRIPTION DRUG COVERAGE INCLUDED?

There aren't any supplement plans that come with Part D (or prescription) coverage. Getting Part D is an additional enrollment step whenever you're signing up for a Medicare supplement policy. If you'd like more information on Part D plans, click here to view the section of Medicare.gov which allows you to view all of your options.

WHICH PLAN IS THE BEST OVERALL?

In a general sense, the Plan G tends to rank among the best "bang for your buck". As always, this will depend on your unique circumstances and what you're looking for.  

CAN ANYONE QUALIFY FOR MEDICARE SUPPLEMENT PLANS?

Definitely not. 

There's a lot of confusion out there about the "annual enrollment period" and whether you're allowed to enroll in "any" plan you want to. This is not the case. As mentioned in the first question on this list, once you've opted for the Medicare Advantage plan during your Initial Enrollment Period, or at anytime thereafter, your "guaranteed coverage" options are reduced significantly! From that point on, approval for coverage is always dependent on varying factors.  

IS PLAN F GOING AWAY?

YES!

There are certain exceptions for those who may be "grandfathered in", but the plan is to stop allowing new enrollees in the year 2020. 

Because of this, many retirees are switching over to a different plan before they really start to see a big jump in their premiums.

If you've been on a Plan F, or you're thinking about enrolling in a Plan F, we highly suggest that you sit down with a licensed professional and discuss the pros and cons before doing so.

WHAT PLAN IS BEST FOR YOU?

All Medicare supplement plans throughout the United States have government regulated benefits which all providers must adhere to.

The only difference between "this" company's Plan F and "that" company's Plan F is the price.. the benefits are exactly the same!

comparison of governement regulated medicare supplement insurance plans provided by retirement insurance options at american senior benefits southwest

*A high deductible Plan F is available is some states as well. The monthly premium is significantly lower than the standard Plan F listed above, but an annual deductible of $2,300 must be met prior to any benefits being paid out.

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