Supplemental insurance from Medicare adds on to the basic coverage Medicare provides and helps you cover expenses that the basic plan leaves you to pay on your own. 2018 Medicare Supplement Plans come in a wide variety, and we are going to explore some of those so that you can make the best decision for yourself.
Finding the Right Plan
Supplemental insurance may not be something that you need, and we want you to take some time and look at your medical expenses and needs. Are you paying a lot from your own pockets for medical care? Do you have your medical treatments mostly covered through your current insurance? The answers to these questions can help you figure out if you even need additional insurance. Not everyone can benefit from Medicare supplemental plans.
We are going to look at a dew different plans in a moment, but we want you to consider the level of cover you need. Before you get too deep into the supplement plans, you first need to know what it is you need. Look at how much you are paying each month for healthcare and see if you could benefit from a plan that covers some of that for you.
What Supplement Plans Cover
With nearly a dozen 2018 Medicare supplement plans, it isn’t simply a matter of just needing or not needing a single plan. You have to look at all the coverage being offered and see if you need any of that and which plan will offer you the most suitable coverage. You also have to look at pricing, but let’s focus on coverage to begin with.
The coverage for supplement plans is going to vary as there are a lot of different plans. However, there is fixed coverage for each plan. So, even though these plans are sold by different insurance companies and they charge different prices for the plans, the coverage on each plan always stays the same, until Medicare decides it is time to change the plans and coverage.
What this means is that if you pick out an individual plan, such as Medicare Supplement Plan N, and you compare it at AARP and Mutual of Omaha, you will find that they have the exact same coverage on this plan, even though they are competing companies with different prices for the plan. Medicare makes sure that coverage doesn’t change from one provider to the next.
There may be some discrepancies about what is considered medically necessary and therefore what will be covered under your insurance plan, but that is a matter that’s decided by states rather than Medicare or insurance companies.
The covers for Medicare Supplement Plans in 2018 can include hospice care, which is something won’t get with some other insurance plans, such as Medicare Advantage plans. You can be covered for 365 days of hospice care coverage, in addition to what you get from the basic Medicare plan.
Coverage includes Medicare Part A and Part B co-payments, as well as the Part A and Part B deductibles. That Part B deductible won’t be covered by most of the plans, however, so consider carefully if you really need it.
Further coverage includes Medicare Part B excess charges as well as coverage for foreign travel exchange and nursing care coinsurance. You can be covered for pints of blood that you use throughout the year as well (up to three).
Let’s focus now on the Medicare Supplement plans that most people will be signing up for. The most popular one right now is Plan G, and that’s likely because it comes packed with a ton of value and coverage. This is often an economically priced plan, considering how much coverage comes with it. It covers all the items we listed above except for the Part B deductible. That’s not a very big change, though, and most people do better paying that on their own than paying to have it covered by a higher coverage supplement plans.
That higher coverage supplement plan, by the way is Plan F. This was the top plan, but was recently dethroned by Plan G. It still offers the most coverage, however, but people are realizing it isn’t always necessary to have as much coverage as it offers and that its high price can hurt their healthcare budget. Plan F will cover all the items we listed above, making it the one full coverage plan available.
Plan N is another very popular plan and it offers nearly full coverage as well. Plan N will take care of all the items listed above for you except for the Part B deductible, the Part B excess charges (which are not very common) and a co-payment here and there.
You will pay different prices for the same coverage depending on a few different factors. First of all, you have to take your location into consideration. The cost of living is higher in many places than in others, and that can increase the price of health insurance. You won’t be getting any additional coverage, but you will be paying based on where you live.
You can also pay different prices depending on which insurance company you go with. Some try to keep their prices as competitive as possible while others know that they are big companies that don’t need to spend a lot of time and money on advertising, and they can still charge high prices for their plans and people will buy them.
It’s in your best interests to compare the prices on the plan you are wanting. Once you have picked out a Medicare supplement plan that you think will work well for you, then just compare prices between a few different insurance companies that are selling it in your area to find the best deal.
The more quotes you get, the more chances you will have to save money and get the best deal. Of course, you want to make sure that you have chosen one of the best and most suitable 2018 Medicare Supplement Plans that you can.
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