The cost of getting proper medical attention is increasing every day. The advancement in the field of medicine has done wonders in recent years. This resulted in eradication of several complicated medical cases but in turn, it increased the overall cost of getting the medical facility. A few years back, one Original Medicare Plan was sufficient to get all the hospital and medical bills covered.
Why a person needs Medicare Supplement plans?
But the present scenario is completely different. It has been found by surveys conducted by several private insurance agencies that there are certain expenses that do not come under Original Medicare Plan. This is where Medicare Supplement plans come into play. As we already know, there is a certain percentage of the expense that is not covered by Original Medicare; Medicare Supplement plans create a bridge between this gap.
Initially, it may sound that the gap may be of a small amount of money but people get a reality check when they face such a situation in personal life. Medicare Supplement plans as the name suggest is a supplement plan. They cannot work as a stand-alone insurance. A person must have an Original Medicare Plan in order to become eligible for a Medigap plan.
These Medicare Supplement plans are generally sold by private owned insurance agencies. They have very systematically divided the plans into 10 categories, each with different benefits. The premium or cost of the policy is calculated accordingly. Now, there was a time Plan F was the most widely purchased plan among all other plans. The plan was popular because the person insured under this plan gets complete coverage but the premium was higher in comparison to other plans.
How changing economy effects the plan?
In 2017, Plan F is the least favorite plan among the crowd. It is even estimated by 2020, the Plan will be phased out and another plan will take its place. The next plan which is next in line to replace it is Plan G. Though it does not provide complete coverage of all medical expenses; the premium is quite low than its predecessor. Now, patients prefer to reduce the monthly burden of premium and pay a little from their own pocket.
The phasing out of one plan mostly is determined by the current economy of the country. The Medical Supplement plans are mostly for citizens who have mostly crossed the age of 65. So, the burden of premium very often becomes the driving factor for phasing out of different plans.