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As the health care crisis and health care debates struggle on, many consumers are looking into supplemental insurance policies to cover the gaps in traditional insurance plans. Having health insurance can offer a great peace of mind but most traditional plans leave gaps that can just about swallow a family’s budget whole in a medical crisis.

What services does AFLAC offer?

Accident Indemnity

Disability Income Protection

Cancer Indemnity

Hospital Protection

Life Insurance

Dental

Long Term Care

Current Supplement policy holders will be permitted to keep existing Insurance policies, however as of June, 2010 enrollment will cease into ALL current plans. Existing Medigap policies (Policy holders) will be partitioned into one group and all plans purchased after June will be segregated into new policy groups. It is not necessary to purchase one plan over another (purchase the one that fits) because all plans purchased after June 1st will be in the “New” plan policy design. However, it is uncertain which Supplement providers will offer the new plans N and M. Since most insurance carriers offer several plans it is important to shop around for the best price. (For more help go to Medicare Advisor)

The right time to opt for your Medigap insurance coverage is the first six months after you turn 65. This is because open enrollment period remains active during this period. Your enrollment in Medicare Part B is a prerequisite. During this period none of the insurance companies can decline to offer you a Medigap policy on any grounds. Further you can choose those Medigap policies which cover the expenditure of prescription drugs. There are 12 standard Medigap coverage from Plan A to Plan L, whose healthcare coverage increase as we go up the alphabet.

New Medigap Design

Medicare Supplement N will have similar benefits to Medicare Supplemental Insurance plan D, (not F as others have suggested) but there will be a co-payment for doctor visits and a co-payment for emergency room visits. It is believed that this co-pay will apply after the 5 deductible is paid, however there is some uncertainty as to how the deductible and co-pay will be coordinated. The good news — these plans are expected to have premiums around 70% of the cost of Plan F or about 77% of current Medigap plan D. Medigap Plan M will also offer similar benefits to Medicare Supplement “D”, but will only cover 50% of the part A deducible, none of the part B deductible, but no co-pays. The cost of plan M is expected to price at approximately 85% of Medigap Plan F (or 92% of current plan D).

Industry experts, are enthusiastic about these changes as consumers will be attracted by the lower premiums. Unfortunately these plans were designed by academics and bureaucrats with zero understanding of what consumers want. We’re not certain the new plans fit exactly what consumers desire. I.e these plans (M & N) don’t include the 5 deductible nor do they include excess charges allowed by many states. However, we expect Medicare Supplement Plan N and Plan M to provide a real savings for consumers

Resource Author Francisco Rodriguez Higueras
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