We know Medicare is often confusing.  Trying to understand all of the supplement options is time consuming.  Since 2009 we have had the privilege of helping 1000’s of individuals to determine which type of coverage provides the best coverage at the most affordable price.

There are many types of plans to choose from…

• Basic Medicare
• Medigap
• Medicare Advantage Plans
• Prescription Drug Plans

Working with an independent insurance broker will allow you an unbiased comparison of the different plans from many of the top rated companies.  You could also work with a “captive agent” who only represents one company and the plans they offer.  We believe our independence gives us the competitive edge of offering consumers what they really want, the ability to work with one individual, while comparing multiple companies.

Medicare supplement insurance in Oklahoma City, Oklahoma is available to people who are age 65+ and meet certain eligibility requirements.  Some people who receive Social Security Disability benefits are also eligible for a Medicare health plan.

Choosing coverage is often confusing because our employers handled this sort of thing during our working years, and you have little experience with health insurance.   One of the biggest fears is the feeling that you might make the wrong decision and pay dearly for it later.

At okcmedicare.com we want to be an assistant buyer, by providing you with a simple tutorial.  In becoming an educated consumer, you will be confident in understanding the choices now, and in the future as Medicare makes changes.

Lets start by taking a look at the coverage you get with basic Medicare, and no supplemental.

The deductibles are set by CMS and may change from year to year.  The 2020 Medicare deductibles are slightly higher than 2018, and the most of the Medigap plans will adjust coverage automatically to cover the difference.

The standard monthly premium for Part B Medicare (automatically withheld from Social Security check for those receiving monthly benefits) will also be going up for 2020.   The premium will be $9.50 more in 2020 than 2019, which amounts to $144.60  Some individuals may pay more or less than this amount, which is determined by several factors, one of which is your annual income.

So why do people buy a Medigap Plan?  Why don’t they just use Medicare, and nothing else?  

After taking a look at the deductibles of Medicare, you’ll realize there are a lot of huge gaps.   These are the amounts you are responsible for paying:

Part A: Inpatient Hospital

Days 1-60:  $1,408  ….You could incur this multiple times in a calendar year, depending on how long you are out of the hospital between stays

Days 61-90: $352/per day  …..If  you were in the hospital for 90 days, you could owe $11,270

Days 90+:  $704/per day  ……If you were in the hospital for 150 days, you could owe $54,208

Part B: Outpatient Medical

Annual Deductible:  $198

Coinsurance (after the deductible):  80/20… You are responsible for 20% of the costs, with no limit

So, those are the massive gaps in Basic Medicare, and luckily there are supplement plans to fill in these gaps.

Wow! If you’re like a lot of people we talk to, you’re shocked that Medicare has so many gaps.  Now we can look at the Medigap plans, also called Medicare Supplement.

There are 10 Medigap plans to choose from.  Each plan is standardized in benefit.  This can make it very easy to compare plans from one company to another.  However, the plans are identified with an alphabet letter, which can often can confused with the letters of Basic Medicare, A & B.

Below is an illustration of the 10 plans available to choose from.   This table can still be confusing at first glance, so we will break it down to make it easier.

Plans C and F are only available to those who were age 65 prior to 2020.  These are commonly referred to as “first dollar” plans, as they cover all deductible and co-insurance gaps.

For those who will be aging in to Medicare in 2020 and beyond, and wish to enroll into Medigap, they can choose any of the other plans.