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Friday, January 21 2011
Saving Money on texas Medicare Supplements
For years, I personally have been helping Texans with all types of health insurance. When dealing with major medical plans for individuals, families and the self employed, it seems that everyone is always shopping for the best deal. Rightfully so, they should be. The problem with major medical plans is even with the rate increase that happen every year, people opt to look for new coverage due to also having a lot of out of pocket risks. So, lowering their monthly cost and trying to take on less risk, drives major medical consumers to find the most comprehensive coverage they can at the best price available.
 
With people 65 years of age and older, there is not as much shopping that goes on. It is a constant trend that almost always stops once someone is on a Medicare supplement plan in Texas. When I do have the opportunity to do a free, no-obligation Medicare review for individuals and end up saving them hundreds annually on their premiums without loosing any of their benefits, most people always wonder why they did not have this comparison sooner.
 
The only reason I can think of that Medicare beneficiaries become complacent with there coverage, is quite simply their coverage. Let me explain, being that all Texas Medigap insurance plans are meant to literally fill the gaps left by Original Medicare, if the right plan is chosen it eliminates any and all out of pocket medical costs other than the monthly premiums. In most cases, when someone ages in to Medicare, they find themselves paying less per month for their coverage and less liability on covering deductibles, co-insurance, and co-pays.
 
For example, a Texas Medicare Supplement Plan F covers 100% of what is not covered by Medicare Parts A and B. So, someone on a Plan F paying less per month than what they use to pay for their major medical coverage, usually considers themselves quite lucky compared to what they use to have. Also, I have had a lot of client tell me that they were scared to change their coverage due to them maybe not getting as good of coverage as what their old Texas Medicare supplement offered.
 
Here’s the deal. All Medicare supplement plans in Texas are “standardized” by the Federal and State Government. So, there is no difference, other than cost, from one insurance company’s Plan F than another insurance company’s Plan F. So, by not having annual reviews and checking to make sure you are not paying too much for the same benefit, you could be spending hundreds of dollars more annually than you should be. Contact an agent today to see how we can help and receive your no obligation Texas Medicare Supplement Insurance Quotes.
Posted by: Cameron Kirchoff AT 01:45 pm   |  Permalink   |  0 Comments  |  Email
Friday, November 05 2010
Texas Medicare supplement plans
When searching for the right Texas Medicare Supplement Insurance Plans for your specific needs, understanding all of the Plans A – N and how they cover out-of-pocket expenses is very important information to know. You do not want to pick the wrong Plan and find out that you are not covered for something when you thought you were.
 
In my years in insurance, the two most popular Texas Medigap policies were Plan F and Plan G, but there was a pretty significant difference in the old Plan G compared to the New Plan G. What I mean by old Plan G and new Plan G is the changes that were made on June 1, 2010. This is when the Federal Government released what are known as the New Modernized Medicare Supplements. Some Plans were removed and new plans were added, some basic benefits were removed and some were added, you can find out more about these changes by visiting our Medicare 2010 Page.
 
Staying with Medigap insurance Plans F and G, the way that both Plans cover your basic benefits is very similar to what it used to be. A Medicare supplement Plan F, either old or new, has always been known as the plan that covered 100% of what Medicare did not pay for of approved charges. Even with the new Modernized Medicare supplements, this statement still holds true. Click the link to see the benefits covered by a Texas Medigap Insurance Plan F.

As you can see, your risk of any out-of-pocket expenses on a Medicare supplement Plan F is nothing other than your monthly premium, when dealing with Medicare approved charges.

Now, as for a Medicare supplement Plan G, the recent change has made this Plan more popular and compressive for most people. Medigap Policy Plan G has never covered the Medicare Part B deductible. For 2010, this annual deductible is $155. The old Plan G also only covered 80% in excess charges of Medicare’s approved reimbursement rates. This left many individuals not knowing exactly what their out-of-pocket risk would be. With the release of the new Modernized Medicare supplements, this changed the 80% coverage of excess charges to 100%, meaning that the only difference between a Texas Medicare Supplement Plan F and Plan G is the annual Part B deductible. Click on the link the view the benefits covered by a Texas Medigap Insurance Plan G.

Why is this so important to know? This could be a way to obtain almost full coverage, but at a lower monthly premium than most Medicare supplement Plan F in Texas. It is simple math really. If the only difference between a Plan F and a Plan G is the Part B annual deductible, which is $155 for 2010, than you can do the math to see which Plan offers the lowest annual out-of-pocket cost.

Hopefully you can follow me with this. If you were to take the annual premium of a Medicare supplement Plan F in Texas and subtract that from the annual premium of a Medicare supplement Plan G in Texas, than you would have a total that you could subtract the Part B annual deductible from to see which plan offered the lowest annual cost.
 
Even if a Plan G is cheaper than a Plan F, do keep this in mind; every year your annual Part B deductible can change. It was $135 in 2009 and increased to $155 for 2010. So make sure that the difference in premium is substantial enough to make the right decision for your coverage. For more information on different Medicare supplement plans in Texas, contact an agent today for your free, no-obligation Texas Medicare Supplement Quotes.
Posted by: Cameron Kirchoff AT 01:50 pm   |  Permalink   |  Email
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