If your medical bills are too expensive for you to afford, then you may benefit from some additional medical insurance. You may already have Medicare for your coverage, but sometimes, people need more than Medicare provides them. This is where supplemental insurance comes in, and Medicare Supplemental Insurance for 2018 is going to help a number of people finally make their medical expenses affordable.
Medicare Supplemental Insurance for 2018 Explained
Supplemental insurance, by definition, needs to have base insurance to add on to. In this case, it is Medicare that serves as the base insurance. Once you have Medicare’s basic plan, you are eligible for Medicare’s supplement plans. You may not need them, but they are available to you.
You won’t purchase them from the same place as Medicare, however. While Medicare insurance is purchased through the government organization Medicare, the supplemental insurance is found only through private insurance companies. So, any company that sells medical insurance, such as AARP, Mutual of Omaha, etc., is likely to sell Medicare supplement plans.
Now, they don’t sell their own versions of the plans. They have to abide by Medicare’s rules in regards to medical coverage. There are 10 plans in all, and the insurance companies can choose which of the plans they want to sell. They have to offer Medicare’s preapproved coverage for each plan or they will not be allowed to sell the plans at all. So, you can buy from them knowing that the coverage you would get from one provider is the same as what you would get from another provider.
The difference is really in the pricing. Essentially, the different insurance companies all offer the same plans, but they decide for themselves what the prices will be. Rates are based on the cost of living, the competition in the area and the insurance coverage laws for the state. But even then, there will be different rates from one provider to the next.
It’s up to you to find the best rate, and we can help you. Just come visit our website and use the free quote generator tool we supply. This lets you compare rates from multiple providers very quickly, saving you a lot of time and effort. You can easily discover who has the best rates and never have to pay anything for this service we offer. It’s a great way to save money on medical insurance and greatly cut back on the amount of time it would take you to find similar answers for yourself.
What Would Be Covered
In order to know if supplemental insurance would be right for you, you first have to know what it would cover. Now, because there are 10 different plans, each of them is going to cover a different set of items. They all pull their coverage from the same basic list, but only one of them covers everything on the list. Here is what could be covered by your Medicare Supplemental Insurance 2018 plan:
- Foreign travel exchange
- Three additional pints of blood on an annual basis
- Medicare Part A hospice care coinsurance
- Medicare Part B coinsurance
- Medicare Part A deductible
- Medicare Part B deductible
- Medicare Part B excess charges
- Medicare Part A hospital coinsurance
- Nursing care coinsurance
Of the 10 plans, only Plan F will cover everything on this list. This plan is the highest coverage plan and therefore the most expensive plan. It needs to be said that Plan F is not the best choice for most people. Even if you could use all the coverage it offers, you would save money paying for the little bit it covers that other plans don’t by paying for it yourself. The price difference between Plan F and the next highest plans (Plan G) is large enough that most people should not consider paying for Plan F and should just go with Plan G and pay for the difference in medical costs out of their own pockets.
Even those who need lots of coverage may still benefit from an even lower-coverage plan. Plan N covers a bit less than Plan G and costs less as well. You should look at each individual coverage item to see if you really need it and if it would be cheaper to pay for them yourselves. If you would only have to pay for those expenses a couple times a year, it may be worth it to pay for them out of your own pocket and not purchase a plan that includes coverage for them.
The Coverage Guarantee
There are lots of concerns that consumers have when they go to buy medical coverage. They know about Medicare and what it offers, but supplemental insurance is a bit more mysterious or foreign to them. So, we want to supply a few important facts about Medicare supplemental insurance so you know what you are getting into and so you have feel better about your decision to buy or not buy that kind of insurance.
First of all, the supplemental insurance coverage for these plans will not change through all of 2018. You can research the plans right now and come up with the same kind of coverage details as you would if you were to buy them at the end of the year. Medicare has stated that the coverage will stay the same until at least the end of 2018, so that should be reassuring.
Secondly, you can change your insurance policy at any time, but there will be penalties for doing so. You may have to pay a fee and you may not get the best rate when you switch plans. It’s best to find the most appropriate plan right from the start.
Thirdly, no matter which insurance company you buy the plans from, you will always get the same coverage. This coverage is guaranteed by Medicare, and you can expect that each insurance provider will abide by the terms Medicare has laid out.
Knowing these facts and what has been detailed above, you should be well equipped to start picking out the best Medicare Supplemental Insurance for 2018 for you.