Wisconsin Medicare Supplement Plans
Wisconsin Medicare Supplements are not standardized in the same way as the majority of the United States. WI is one of three states that uses a system of “base + riders for Medicare Supplement plan benefits.
When you are turning 65, this can be very confusing, with telemarketers calling and your mailbox being stuffed with cards everyone claiming they have the best Medicare Supplement.
Most of them will be talking about a plan G, which is the most cost effective plan. Just one problem, you will not find a plan G in Wisconsin. You can match the benefits with the right combination of riders, but not many agents outside Wisconsin will understand this fact.
To match the benefits of the Plan G, you will need to get the “Base” and the following riders:
- Part A deductible Rider
- Part B Excess Rider
- Home Healthcare Rider
- Foreign Travel Rider
With the above set-up 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 can change, and is set by CMS who runs Medicare, as of this writing it is $147.00 per year. The deductible is only for the Part B services, which is for the doctors services and out-patient medical supplies such as oxygen or wheel chairs.
When talking to friends and family, you may hear that their 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 might sound like a great option and that it would be nuts to pay a deductible with a plan G when the plan F pays it for you, I will explain why you will save money by paying the deductible out-of-pocket.
With the Plan G supplemental plan you pay the deductible, but the plan is lower in premium by about $300.00 per year. That means you would be paying an insurance company $300.00 to pay a $183.00 deductible. I call this a convenience fee, after you subtract out the amount of the deductible that leaves $117.00 you can either give to the insurance company or put in your pocket.
I know if we were sitting at the table discussing this and I said you give me three hundred dollars to pay a two hundred dollar bill, you would tell me to get lost.