Medicare provides some very basic insurance coverage for medical expenses. This is why many people who have signed up for Medicare purchase additional coverage, usually in the form of Medicare supplements. We want to examine those supplemental coverage plans and show you how you can do a Medicare Supplement plans comparison for 2019 to both save money and get the best coverage for yourself.
It’s important that you do compare the plans and the rates for those plans. You need to end up with the most suitable coverage for your situation. If you don’t take the time to compare the plans and just chose blindly or just go with the plan that everyone else is choosing, you could end up paying far too much for medical insurance or not getting enough insurance to cover your expenses.
Medicare insurance should be saving you money, and you can only do that by choosing the right plan for you. What worked well for one of your friends or family members, even if their case is similar, may not be the best choice for you. By finding most appropriate plan for your needs, you will save money, and that savings will add up over time to be substantial. You could be flushing thousands of dollars down the drain by not taking the time to compare coverage plans, so we want to show you what to compare and how to save some money on medical coverage.
Know When You need Supplemental Coverage
You need to start by knowing what supplemental coverage has to offer and whether you even need it or not. You may actually be just fine with the basic Medicare insurance plan and not need any additional coverage. Let’s look at what supplement plans can offer you.
Some of the supplement plans will cover you for lots of expenses, while some will only cover you for a few. They all pull their coverage from the same list of items, though, and we are going to go through that list now.
A supplemental plan can cover you for Medicare Part A coinsurance, Part B coinsurance, Part A’s deductible and Part B’s deductible. A supplement plan could cover you one or more of these items. They could also cover you for foreign travel exchange, pints of blood, nursing care coinsurance, excess charges related to Medicare Part B and hospice care.
The coverage is set for each plan. So, Plan F, which covers all the items we just listed, will cover all those items regardless of which insurance company you buy it from and how much you pay for the plan. You can buy supplement plans from any one of a number of different insurance companies. They all have to offer the same coverage that Medicare has set out for each plan, but their prices can be different. That’s why you want to do a Medicare Supplement plans comparison for 2019. You want to ensure that you not only pick the right plan, but that you also get the best price for that plan.
You are going to have to compare what the various pans offer to find out which plan may be a good fit for you. Don’t worry too much about price at this point. You should know how much you want to spend, but you also need to know how much you need to be covered for. Look at your medical bills right now and try to estimate what they might be like in the future. Look at specifically what types of services you have to pay for. Medicare’s basic plan covers you for some things, but look closely at what it is not covering you for.
Do you need insurance coverage for some of that or can you afford to pay them out of pocket without too much problem? That’s what you need to think about when you examine these plans and compare what they are offering.
You also need to consider what kind of safety net you would like to maintain for yourself. Do you just want to cover the bare minimum? That would be the stuff that you are already paying for out of pocket. Or would you like to cover expenses and services you aren’t paying for yet but that you think you might have to pay in the future? Your doctor can give you some idea of what those might be, and if you can afford it, it’s not a bad idea to buy coverage for potential future expenses.
Once you have settled on a plan you think will be good fit for you, then you need to compare the cost of the plans. Look at how your plan stacks up to other plans that are similar. For instance, Plan F is quite costly, but Plan G covers very similar items at what is usually a greatly reduced cost. It may be a better choice for you, even if it leaves you a few small items to pay for out of pocket. Compare the cost of what you are paying out of pocket with each plan as well as the cost of the plan itself.
Keep in mind that prices are not set in stone the way the coverage is. You can find great prices on some of the higher coverage plans. You just have to do some looking and price comparisons. Figure out which plan is right for you and then compare the cost for that plan among a few different insurance companies. You can use price comparison websites online to quickly shop around and find the best deal for what you are looking for.
We urge you to do a Medicare Supplement Plans Comparison for 2019 before you settle on a supplement plan. You need to know what’s available and what the best deals are. Only then can you make an informed decision and find the very best plan for your needs.