1. J Scott BurkePRO
    President, Newbury Inc., Evansville, Indiana
    To supplement Medicare it's best to have a Medicare Supplement Plan. These are standardized plans in most states.

    The highest level of coverage is the Plan F Medicare Supplement. It pays 100% of the co-pays and deductibles for Medicare covered treatments. The others to consider are Plan G which is the same as Plan F except you pay your Medicare Part B deductible which is less than $150 per year currently. You will often save $200 to $300 annually on your premiums choosing a plan G supplement over a Plan F.

    You can also consider the Medicare Plan N Supplement for an even lower premium but you will take on more doctor co-pays and a few less benefits.

    There is a high deductible version of Plan F where you have a much lower premium but you pay the first $2,070 in expenses each year but are covered 100% for costs above that.

    Medicare and your supplement do not cover prescription medicines so most people buy a Medicare Part D plan for those.

    None of these plans cover dental or eye doctors so some people buy additional coverage for those.

    All companies sell the exact same standardized Medicare Supplement Plans so it is the easiest type of insurance to shop and compare and lower your cost. A Plan F with one company may be as much as $500 per year cheaper with a different company and the coverage is exactly the same.

    It's best to use an insurance broker who sells for many companies rather than sign up directly through one specific company. When there is a rate increase (they ALL have them) your broker can just re-shop the plans for you and help you get back to a lower premium.
    Answered on April 4, 2013

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