As the letters increase from A to J, the coverage generally
increases and the premiums are generally higher. Plans K and L
are lower coverage and lower cost alternatives. The high
deductible versions simply impose a deductible before the
insurance company pays any benefits as a way to cut your health
insurance premium costs.
One important thing to remember. You don't have to waste
much time trying to figure out which company's Plan F Medicare
Supplement is better than the other company's. The government
designed the coverage and the insurance company is just
providing these senior health benefits. Cost is the major
difference between two or more Plan F policies other than
customer service and quality of company issues.
Government contracted plans are the Medicare Advantage and
include Medicare Cost plans, HMO plans, PPO plans, and Medicare
Private Fee For Service (PFFS) plans. For these plans, the
insurance company and the government enter into a contract.
As a perhaps an oversimplification, the government essentially
provides the money and the insurance company provides the
benefits and plan administration. The concept is that private
industry can offer more benefits with the same money in
exchange for some plan restrictions on your part, and they
often do just that.
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