Medicare Supplement Plans in Tennessee (Medigap)
How Medicare Supplement plans in Tennessee work
While Original Medicare covers most of your health care costs, it doesn't cover everything. If all you have are Medicare Part A and Part B (Original Medicare), you could be responsible for a number of deductibles and copayments. These can add up to thousands of dollars in extra out-of-pocket costs.
To protect against these expenses, many Tennessee residents purchase a separate Medicare supplement plan, also known as Medigap. Medicare Supplement plans, also known as Medigap plans, are private insurance plans that may pay for the deductibles and copayments of Original Medicare. With these plans, you pay a monthly premium payment and the insurance will help pay for your out-of-pocket costs when you need medical care.
Medicare Supplement plans in Tennessee never provide prescription drug coverage. If you want extra coverage for your medications, you may want to purchase a Medicare Part D plan to go with your Medicare Supplement plan.
Types of Medicare Supplement plans in Tennessee
There are 10 types of Medicare Supplement plans. These plans are organized by the letters A through N, like Plan A or Plan C. Each plan offers a different level of coverage for Medicare copayments and deductibles. For example, a Plan C policy covers nearly all of your out-of-pocket costs but may be more expensive per month while a Plan K may have a lower monthly premium but may leave you responsible for some of the Original Medicare deductibles and copayments.
Medicare standardizes the benefits offered by each plan, so a Medicare Supplement Plan A in Tennessee would be the same regardless of which company offers it. However, the amount you would owe in premiums and other out-of-pocket expenses could be different depending on the carrier.
Comparing Medicare Supplement plans in Tennessee
As you look for a Medicare supplement plan, there are a few points to keep in mind. First, while all 10 types of Medicare Supplement plans are available in Tennessee, they aren't all available in every county. The plans available to you and their costs depend on where you live. You will have the choice of several different plans though. While comparing, remember that each Medicare Supplement plan in Tennessee offers a trade-off between coverage and the monthly premium. The less expensive plans generally leave you responsible for more cost-sharing so their total annual cost will end up being more than your monthly premium payments. Try to estimate how much you'd pay in copayments per year from each plan so you can get a better idea which Medicare Supplement plan is best for your budget.
Also consider that while Medicare Supplement plans in Tennessee have standardized benefits, they don't have standardized premium costs. If you find a plan you like, it's worth comparing a few companies to see if any company offers a better deal. Finally, if you need prescription drug coverage, you may want to enroll in a Medicare Part D plan as well.
Data provided by the Kaiser Family Foundation.