2016 Medicare Supplement Insurance Plans
We offer 2016 Medicare Supplement insurance plans direct from several highly rated and dependable carriers. When you become eligible for Medicare at age 65 (or due to disability), if you’re losing group health insurance, or if you simply want to compare rates – we can help.
Medicare supplement insurance is only offered from private insurance companies and usually through licensed agents. Prices are controlled by law, so your rates will be the same no matter your source of purchase. Using an independent agency like ours eliminates the hassle of calling each company to shop rates. We offer their rates direct – at no additional cost. We also educate our clients about discounts, renewal history and rate stability.
Outlined below are the ten standardized Medicare Supplement insurance plans available for purchase. There are “Select” versions of Plans F and C as well as a High Deductible Plan F offered from certain carriers.
Comparing The Ten 2016 Medicare Supplement Insurance Plans
|Medicare Supplement Plan:||A||B||C||D||F||G||K||L||M||N|
|Part A Hospital Coinsurance||✔||✔||✔||✔||✔||✔||✔||✔||✔||✔|
|Lifetime Reserve Days||✔||✔||✔||✔||✔||✔||✔||✔||✔||✔|
|365 More Hospital Days||✔||✔||✔||✔||✔||✔||✔||✔||✔||✔|
|Parts A and B Blood||✔||✔||✔||✔||✔||✔||50%||75%||✔||✔|
|Part B Coinsurance||✔||✔||✔||✔||✔||✔||50%||75%||✔||✔*|
|Part A Hospice Coinsurance||✔||✔||✔||✔||✔||✔||50%||75%||✔||✔|
|Skilled Nursing Coinsurance||✔||✔||✔||✔||50%||75%||✔||✔|
|Part A Deductible ($1,288)
|Part B Deductible ($166)
|Part B Excess Charges||✔||✔|
|Foreign Travel Emergency||✔||✔||✔||✔||✔||✔||✔|
|Preventive Care Coinsurance||✔||✔||✔||✔||✔||✔||✔||✔||✔||✔|
|2016 Out of Pocket Limit||$4,960||$2,480|
Key: A ✔ means the benefit on the left is covered by the corresponding supplement up top. For example, Plan F checks all boxes and fills in all gaps in Medicare Parts A & B.
*Plan N has a $20 copay for office visits and $50 copay for ER visits.
Watch Our Medicare Supplement Presentation Explaining The Various Plans
We also have written a two-part series that asks and answers the most common questions we encounter about Medicare supplements. This is a great place to start learning about these policies. You can access it here:
Most Popular Medicare Supplement Insurance Plans F, G & N
In our experience, the most commonly purchased Medicare supplement insurance policies are Plans F, G and N. These policies garner the most interest as they are very comprehensive and also offered by several competing carriers. This competition helps to keep premiums low for new enrollees and those who are shopping for better rates.
Plan F is the most comprehensive plan available and therefore the most popular. Traditional Plan F covers all deductibles, copays and/or coinsurance not covered by Medicare, but it is also the most expensive. (That being said, recent legislation was passed that eliminates any sales of all supplements that cover the Part B deductible. This includes Plan F. Because of this development, we are seeing more interest in Plans G and N.)
Plan G is also popular as it covers everything Plan F does except for the small Part B deductible. For 2016, the annual Part B deductible is only $166. It was $147 for years 2013-2015. Plan G premiums can be up to $20 a month less than Plan F which makes Plan G a financially smart choice.
Plan N has copays for doctor’s office and ER visits and it does not cover the rarely encountered Part B Excess Charges. It’s still a good value in terms of the benefits provided and monthly premiums however. In many areas, it can be well under $100 a month.
Plan F also comes in a high deductible version that currently has a $2,180 deductible for 2016 – the same amount as 2015. This deductible must be met before the High Deductible Plan F supplement will pay benefits, but Medicare will still pay its portion as it normally would. HD Plan F rates are the lowest available in most states and are easily distinguishable from traditional Plan F.
Some insurance carriers also offer a Select version of Plans C and F. In exchange for lower rates, Select plans require the use of a predetermined network of doctors and hospitals for routine (non-emergency) services. Owners of Select Plans F & C are not restricted to networks for emergency services however.
Did you know:
- Over 10,000 people are turning age 65 daily for roughly the next 15 years
- Plan F is the most popular Medicare supplement with nearly 50% enrollment
- There are approximately 45 million people enrolled in Medicare
- By 2030, nearly 20% of the population will be 65 or older
- Medicare can charge you more for Part B and Part D based on your income
Cost Sharing Medicare Supplement Plans For 2016
Plans K, L and M are supplements with some amount of cost sharing for the insured. They are designed to compete with lower cost Medicare Advantage plans and are similar in that the insured is responsible for more out-of-pocket expenses should they arise.
Cost sharing supplemental insurance plans are popular for those who want to keep their monthly premiums low while not worrying about the network restrictions associated with Medicare Advantage coverage. Not very many carriers offer these plans however as they don’t tend to be very popular.
Medicare Part D Prescription Drug Coverage
By rule, there are no longer any Medicare supplement insurance plans that cover prescription drugs. In many cases, prescription drug coverage can be incorporated into a Medicare Advantage plan and sold as a bundle, but that’s not the case with Medicare supplement coverage.
This simply means that Part D drug plans must be purchased on a stand alone basis and cannot be combined with any supplement plan. Oftentimes, this coverage can be purchased from the same insurance company, but it will always be a separate policy with a separate premium.
It is important to note the distinction that some Medicare Advantage plans include prescription drug coverage, but by rule no Medicare supplement insurance plans will include prescription drug benefits. You cannot be enrolled in both a supplement and an Advantage plan at the same time.
We help our clients find the most suitable Part D prescription drug plans by pricing their current rx’s and pharmacy(s) of choice. There is also a very good tool at the Medicare website called Plan Finder that can assist in Part D drug pricing.
Contact Us To Compare Quotes, Rates & Benefits
Hyers and Associates is an independent insurance agency specializing in Medicare insurance plans. We license with all of our carriers direct – and offer all of our plans at no additional cost to you.
Contact us today to compare 2016 Medicare supplement insurance quotes and benefits from several carriers side by side.