Overview
Medicare Supplement Insurance plans, also known as Medigap, are private insurance policies designed to cover most of the out-of-pocket costs not paid by Original Medicare (Parts A and B). These standardized plans can help pay for deductibles, coinsurance, and copayments, providing valuable financial protection and peace of mind for Medicare beneficiaries.
Video: Medicare Supplements Explained
Georgia-Specific Information
In the state of Georgia, Medicare Supplement plans are regulated at the state level. However, these plans are identical to what you could purchase in another state. The only difference between a Medigap plan sold in Georgia and one sold in another state is the monthly premium.
Types of Georgia Medicare Supplement Plans
There are 10 standardized Medigap plans available in Georgia, each offering a different combination of benefits and costs. These plans are identified by letters A, B, C, D, F, G, K, L, M, and N. We recommend choosing either Plan G or Plan N.
Medicare Supplement Plan G
Plan G is the most popular since it’s the most comprehensive one available.
You’d just need to pay your annual Part B deductible then you’re done paying for healthcare apart from prescription drugs and the services Medicare doesn’t cover, like routine dental and vision care.
Medicare Supplement Plan N
Plan N is the same as Plan G except for 2 things:
- You’ll have a copay of up to $20 per office visit/$50 per emergency room visit.
- You’d have to pay Part B excess charges in the very rare case (2% of all claims) a doctor assesses them. People who choose Plan N instead of Plan G do so because it’s less expensive per month, and its annual rate increases have been lower than Plan G.
Estimated Cost of Georgia Medicare Supplement Plans
The cost of a Medigap plan in Georgia varies based on several factors, including your age, gender, tobacco habits, ZIP code, and whether you choose Plan G or Plan N.
On average, a Medicare Supplement Plan will cost about $100-$200 per month.
Your exact price will be based on your age, gender, state of residence, health, tobacco habits, and whether you choose Plan G or Plan N.
Below is a table with some sample monthly Medicare Supplement Plan prices in Georgia.
| Age | Female Plan G | Female Plan N | Male Plan G | Male Plan N |
|---|---|---|---|---|
| 65 | $145.33 | $100.17 | $167.17 | $115.08 |
| 70 | $152.08 | $109.92 | $174.75 | $126.33 |
| 75 | $172.33 | $123.92 | $198.25 | $142.58 |
| 80 | $196.00 | $141.50 | $225.50 | $162.83 |
| 85 | $225.83 | $164.83 | $259.67 | $189.58 |
Best Medicare Supplement Insurance Companies in GA
Here are some of the best Medicare Supplement insurance companies in Georgia, based on price, reputation, and how long they’ve been in the market:
- Aetna
- Blue Cross Blue Shield
- Humana
- Mutual of Omaha
- UnitedHealthcare (co-branded with AARP)
Finding A Lower Medicare Supplement Rate
You can change your Medicare Supplement anytime as long as you’re healthy enough to pass medical underwriting. In the best case, if you get an unreasonable rate increase one year you can hop over to a competitor’s plan and get the exact same coverage. In the worst case, you get sick and have to stay with the plan you have.
Medicare Supplement plans are a commodity. There’s absolutely no difference between one company’s Plan G and another’s, or one company’s Plan N and another’s, aside from the price you pay and the company insuring you.
Know Your Rights
Medicare Supplement plans offer consumers certain rights and protections. Be aware of these rights when considering a Medigap plan:
Guaranteed Issue Rights: You have the right to buy any Medicare Supplement plan available in your area during your Medigap Open Enrollment Period without being subject to medical underwriting. This period typically starts when you’re 65 and enrolled in Medicare Part B.
Free-Look Period: In most states, you’ll have a free-look period during which you can review your Medigap policy and return it for a full refund if you’re not satisfied. Check with your insurance provider for specific details.
Choosing the Right Georgia Medicare Supplement Plan
When selecting a Medigap plan in Georgia, consider your overall health, budget, and anticipated medical needs.
If you have frequent doctor visits or expect to require more healthcare services, a more comprehensive plan like Plan G could provide better coverage and financial protection, despite higher premiums.
If you’re relatively healthy and looking for basic coverage at a lower cost, Plan N might be a better fit.
Once you’re enrolled in a Medigap plan, you have guaranteed renewable rights, meaning the insurance company cannot cancel your policy as long as you pay your premiums on time.
How Stroman Insurance Advisors Can Assist You
When it comes to selecting the right Medicare Supplement plan, it’s wise to compare offers from multiple insurance companies to find the best policy that suits your needs and budget. Our Medicare brokers know this process inside and out.
Stroman Insurance Advisors can help you navigate the complex world of Medicare Supplement plans. We partner with various insurance companies and aim to find you the most suitable policy, ensuring you have comprehensive healthcare coverage.