Navigating the Future of Medicare Supplement Plans: What You Need to Know
As healthcare costs continue to rise, understanding your Medicare options is more critical than ever. Medicare Supplement plans, also known as Medigap plans, play a vital role in bridging the gap between Original Medicare coverage and the out-of-pocket expenses you may incur. These plans are underwritten by companies like Excellus Health Plan, Inc., which operates as Univera Healthcare, and are designed to provide peace of mind and financial predictability.
The Role of Benefit Ratios and Consumer Guides
When choosing a Medicare Supplement plan, it’s important to understand the concept of a benefit ratio. For Univera Healthcare policies (EXC-83, EXC-85, EXC-86, EXC-87, EXC-88, EXC-89, EXC-100, EXC-101, EXC-104), the expected benefit ratio is 83%. This means the company anticipates returning 83% of future premiums as benefits to policyholders, averaged across all individuals with the plan.
Accessing a Consumer’s Guide to Health Insurance for People Eligible for Medicare is a crucial step in the decision-making process. These guides, available from your local Social Security office or directly from insurers like Univera Healthcare (download the guide here), provide comprehensive information about your rights, and options.
Understanding Plan Options: D, G, and G+
Univera Healthcare offers a variety of Medicare Supplement plans to suit different needs. Plan D covers the Part A deductible and features no copays for doctor visits nationwide after the Part B deductible is met. Plan G also covers the Part A deductible and offers similar benefits to Plan D.
Plan G+ presents a different approach. Even as it offers the same benefits as Plan G, it includes a $2,950 deductible. This higher deductible translates to a lower monthly premium, appealing to those comfortable with managing a larger upfront cost in exchange for long-term savings. This is similar to the concept of high-deductible health plans gaining popularity in other sectors.
Pro Tip: Carefully consider your healthcare utilization patterns when choosing between Plan G and Plan G+. If you anticipate frequent medical visits, Plan G might be more cost-effective. If you are generally healthy and rarely require medical care, Plan G+ could save you money on monthly premiums.
The Growing Importance of Nationwide Coverage and Predictable Costs
One of the key benefits of Medicare Supplement plans is the nationwide coverage they provide. If you travel frequently or spend time in different regions, a plan from Univera Healthcare ensures you can access care from any doctor who accepts Medicare, without needing referrals. This is particularly valuable for “snowbirds” or individuals with mobile lifestyles.
these plans offer financial stability by limiting your out-of-pocket costs for Medicare-covered services. This predictability can be a significant advantage, especially for those on fixed incomes.
What Medicare Supplement Plans Don’t Cover
It’s important to note that Medicare Supplement plans typically do not include prescription drug coverage or dental care. If you require prescription drug coverage, you’ll need to enroll in a separate Medicare Prescription Drug Plan (Part D). Similarly, you may need to purchase a separate dental plan for comprehensive dental coverage.
Did you know? Enrolling in a Medicare Advantage plan and a Prescription Drug Plan (PDP) will automatically disenroll you from your Medicare Advantage Plan.
The Relationship Between Excellus BlueCross BlueShield and Medicare
Excellus BlueCross BlueShield, the parent organization of Univera Healthcare, is an independent entity and is not affiliated with or endorsed by the State of New York, the federal government, or the federal Medicare program.
Frequently Asked Questions
Q: Can I use any doctor with a Univera Healthcare Medicare Supplement plan?
A: Yes, you can see any doctor who participates in Medicare. You also don’t need a referral to see a specialist.
Q: Am I covered if I travel outside of my home state?
A: Yes, your coverage goes with you wherever you travel within the United States.
Q: What’s the difference between Plan G and Plan G+?
A: Plan G+ has a $2,950 deductible, resulting in a lower monthly premium. Plan G has no deductible but a higher monthly premium.
Q: Do I have to file claims myself?
A: No, Medicare Supplement plans typically have automatic claims filing, eliminating the need for paperwork.
Ready to explore your Medicare Supplement options? Contact Univera Healthcare today to speak with a knowledgeable representative and find the plan that’s right for you. Learn more about Univera Healthcare’s Medicare Supplement Plans.
