Wifey and I will be retiring sometime early 2019, date to be determined. Looking forward to more Disney and other trips and we intend to spend the entire month of Feb in Fla but before the fun we have some decisions to make. We'll need a Medicare supplemental plan and it all seems pretty confusing. We'd welcome advice from those who have gone through this. As I understand it the plans have letters of the alphabet for names and it appears that Plans F and G are popular. Also the state one lives in matters. We've got time before we decide but we want to have the info in advance. Our preference would be for a plan with little or no co-pay and I realize such would have higher premiums.
Thanks in advance for any insight offered.
Bill From PA
Good for you, Bill. Retirement, well deserved for you both.
This is a pretty good basic explanation of the items you should become familiar with. It is from Medicare and written it pretty simple language so most people can understand it. It can be complicated.
https://www.medicare.gov/sites/default/files/2018-07/02110-medicare-medigap.guide_.pdf
Speaking of Medicare
parts, they are parts A (hospital), B (doctors) and D (prescription meds). There is also a C, which is like a Medicare HMO. Medigap
plans run from A to N (with some letters missing, for who knows why) and provide various supplemental levels covering Medicare's deductibles and coinsurance for Medicare parts A and B. You always have to keep parts and plans separate in your head.
Plans F and G are the most comprehensive and are the most commonly purchased plans. The difference between plans F and G is that G does not pay the part B annual deductible. However, the annual premium savings of G over F is typically more than the part B deductible that is not covered. For most people, G is the more frequent choice. One caveat on Medigap policies is that the benefits of any Medigap policy (letter to letter) are the same regardless what insurance company it is purchased from. And that is a good thing. Premiums will vary, albeit generally a small amount, and service from one company to another may vary, but the benefits for a given plan letter will be the same, company to company.
Part D, as said, covers Rx's. Not as simple (if you thought the above was simple) as Medigap coverage. Benefits, deductibles, co-insurance, covered drugs, as well as premiums, vary from company to company. And they can and do change every year. The best recommendation for part D is to go online to the Medicare website, part D area. Put in the information requested...name, SS#, birthdate, zipcode, and a list of any meds currently being taken or anticipated to be taken in the coming year. The website will rank all the plans in your area, including medicines that will actually covered, generic alternatives (if any), premiums, deductibles, co-insurances and doughnut hole coverage. Doughnut hole coverage levels, or lack of it, is for another thread. This exercise for part D should be done every year during open enrollment time (generally Oct/Nov). All of those items can change every year and where you might have the best plans for you and wifey (I always get a kick out of your term there, Bill, 'wifey'
) one year, it may not be the next. And the two of you may well have different plans D's depending on medications each of you may take year to year.
The whole Medicare process can be a bit of a task to work through, but it needs to be done. Hope this helps some, Bill.
PS:We still have to tip a few pints at Rose and Crown.
(not to be taken as financial or insurance advice)