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Top 5 Supplemental Insurance Plans For Baby Boomers

Supplemental Insurance Plan F    


One of the most popular supplemental insurance plans amongst baby boomer remains Plan F. The popularity of Plan F amongst baby boomers is due the fact that the plan offers coverage on areas that Medicare does not.

This includes both outpatient and hospital deductible. The plan covers copayments as well, which a baby boomer would otherwise have to pay. Other benefits provide by Plan F include hospice care, nursing facility, Medicare Part A and Part B deductible, Medicare Part B excess charges, and foreign travel for medical emergencies.

Baby boomers who opt for a supplemental insurance program alongside their Medicare plan will not be giving any money out of their own pocket. Instead, they will be receiving full medical coverage.

Remember, Part A and Part B will only cover some of your outpatient and hospital expenses, meaning you will have to pay any additional fees that result after your visit, unless you have a supplemental insurance program, specifically Plan F.

For example, you do not have supplement insurance program. In the event you need medical care, you will owe the hospital an estimated $1,300 when you admit yourself. If you need to undergo surgery, you will have to pay 20 percent of the bill. If you had opted for Plan F, you will not have to worry about the additional expenses your Medicare plan does not cover.

Supplemental Insurance Plan G  


After Plan F, Plan G lands the second spot as the most popular supplemental insurance program for baby boomers. Baby boomers that are willing to give a small yearly deductible should opt for Plan G. Plan G covers almost everything that Plan F covers, except it does not offer baby boomers with Part B deductible.

Still, even with Plan G, baby boomers will be able to save money, almost $300 each year, which is not bad. The supplemental insurance plan provides medical coverage for areas Medicare does not cover.

Even though Plan G does not provide baby boomers with Part B deductible, know that in 2016, the deductible amounts to only $166. For the first year you visit the hospital for care, you will have to pay the Part B deductible, but after that, Plan G will pay all of your hospital expenses. In brief, Medicare will pay 80 percent of an individual’s outpatient costs while the insurance supplement will pay the remaining 20 percent.

Regardless of the number of days you have to stay at the hospital, Plan G will cover your entire hospital expenses. Without Plan G coverage, you would have to pay an estimate $1,300 deductible and with it, you will not have to pay a cent, as the supplemental insurance plan would have all your expenses covered.

Supplement Insurance Plan N    


Since 2010—the introduction year of Plan N, the supplement insurance plan has become popular amongst baby boomers that prefer to pay a lower premium in return for receiving a small yearly deductible and small copayments.

Plan N covers hospital costs and coinsurance for Part A and Part B, nursing facility costs, foreign travel emergency, Medicare Part A deductible, and hospice care. Plan N does not offer coverage for some hospital visits, meaning you will have to pay $20 visits and 50$ for visits to the E.R. However, people admitted into the hospital will have these charges waived. Unlike Plan F and G, Plan N does not cover excess charges.

Doctors not participating in Medicare may charge patients 15 percent and more of the medical costs. This means the patient will have to pay an additional 35 percent after the Part B deductible. If you this is not your concern, you can select Plan N as your supplemental insurance plan.

Baby boomers that do not require regular visits to the doctors, going only once or twice each year, should consider selecting Plan N. In comparison to Plan F, Plan N offers them about 30 percent lower premiums.

Supplement Insurance Plan L  


Supplement insurance Plan L is a cost-sharing policy, providing baby boomers with lower premiums. People who opt for Plan L will have to pay their insurance company 75 percent of their covered medical expenses and they will pay the remaining 25 percent. People with this plan will have to pay Part B deductible as well as for any excess charges that occur.

Plan L places a cap on the policyholder’s expenses. In 2016, $2,480 is the maximum established limit for Plan L. In the event your medical expenses reach or go above $2,480, Plan L will kick in, covering all your expenses hereafter.

The cap makes it easier for people to agree to share the 25 percent of the medical costs. Anyone who faces medical distress one year will have the knowledge of knowing that will not be paying more than the cap limit. For instance, you need to visit the hospital for surgery and your Plan L cap is $1,000.

You will pay $250 and plan L will pay the remaining $750. If your medical costs go over the cap limit, Plan L will pay for all approved expenses for the year. People who make a good living may opt for Plan L.

Supplement Insurance Plan A  


Even though Plan A provides baby boomers with fewer benefits compared to other supplement insurance plans, it is still viable option for people. One of the most important benefits under any supplement insurance plan is covering at least 20 percent of the costs of outpatient care, something that Plan A does.

Perhaps, the most noteworthy benefit of Plan A is that in most states, individuals under the age of 65 can opt for this program. Anyone who requires medical care due to a disability before they turn 65 can select Plan A to provide them with medical coverage.



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