Wisconsin Medicare Supplements
Wisconsin Medicare Supplement Plans
Wisconsin Medicare Supplements are not standardized in the same way as most of the United States. WI is one of three states that uses a “base + riders” system for Medicare supplement plan benefits.
When you turn 65, this can be very confusing, with calls from telemarketers and your mailbox full of cards, all claiming to have the best Medicare supplement.
Most of them will be talking about a plan G, which is the most profitable plan. Just one problem, you won’t find a Plan G in Wisconsin. You can match the benefits with the right mix of riders, but not many agents outside of Wisconsin will understand this fact.
To match the benefits of Plan G, you must obtain the “Base” and the following annexes:
- Deductible Clause A
- Part B Excess Rider
- Home health care rider
- Foreign travel rider
With the settings above for your Wisconsin Medicare Supplement, you will get the exact benefits of the standardized plan G.
This Medicare supplement plan should leave you with only the Part B deductible, for out-of-pocket costs. The Part B deductible is subject to change and is set by CMS, which administers Medicare; at the time of this writing, it is $147.00 per year. The deductible is only for Part B services, which is for outpatient physician services and medical supplies, such as oxygen or wheelchairs.
When you talk to friends and family, you may hear that your Medicare Supplement pays for everything and they never see a bill. They have the equivalent of a plan F, or a Plan F in another state.
While this may sound like a great option and you’d be crazy to pay a deductible with Plan G when Plan F pays it for you, I’ll explain why you’ll save money by paying your deductible out of pocket.
With the Plan G supplemental plan, you pay the deductible, but the plan premium is lower by about $300.00 per year. That means you would pay an insurance company $300.00 to pay a deductible of $183.00. I call this the convenience fee, after subtracting the deductible amount which leaves $117.00 that you can give to the insurance company or put in your pocket.
I know that if we were sitting at the table discussing this and I told you to give me three hundred dollars to pay for a two hundred bill, you would tell me to get lost.