2016 Medicare Supplement Insurance Plans
Our independent agency offers Medicare Supplement insurance plans direct from several highly rated carriers. Our quotes and information are accurate and unbiased. We can help you shop for the lowest rates with the most dependable Medigap carriers in your state of residence.
Medicare supplement insurance is only offered from private insurance companies. Prices are controlled by law; your rates will be the same no matter your source of purchase. Using a brokerage like ours eliminates the hassle of calling each company on your own. We offer their rates direct to you at no additional cost. We also educate our clients about discounts, renewal history, rate stability and customer service.
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 Medigap insurance. 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 three are popular because they cover most gaps and are 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 coinsurance not covered by Medicare, but it is also the most expensive. However, recent legislation was passed that eliminates the sale of any Medicare supplement that covers the Part B deductible starting in 2020. This includes Plans C, F and High Deductible F. Our agency is now seeing increased interest in Plans G and N due to this change.
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 still pays 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.
Supplemental Insurance Plan G And N Offer Good Value
Plan G is popular as it fills in all gaps in Original Medicare 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.
Like Plan G, Plan N does not cover the one-time, yearly Part B deductible. Additionally, it’s the only plan with office copays: A maximum of $20 for any type of doctor and $50 for the ER. Finally, Plan N does not cover Part B Excess Charges, but these are hardly ever encountered. Plan N is a great value when comparing benefits and monthly premiums, however. In many areas, it costs well under $100 a month.
Note: Some insurance carriers also offer a Select version of Plans C, F, and N. 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 C, F, & N 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 more 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. We do not see much demand for these plans here at our agency.
Medicare Part D Prescription Drug Coverage Enrollement
By rule, there are no Medicare supplement insurance plans sold today that cover prescription drug costs. Part D drug plans must be purchased on a stand-alone basis and cannot be bundled with your supplement. It’s wise to shop for part D plans independently of your Medicare supplement insurance.
We help our Medigap clients shop and compare drug coverage so as to find coverage that best suits their needs. There is no charge for this service with us. There is also a very good tool at the Medicare.gov 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 supplement 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.