Which Medicare supplement plans are considered the top ones to sign up for? We’re going to look the those so that you can get a better idea of what might be a good choice for you. It’s possible that none of the top rated Medicare supplement plans 2018 are going to be good options in your situation, but you can at least feel better about your final choice when you take the time to look closely at your options.
What Medicare Supplement Plans Do
Before we get into what the top rated plans are, let’s look at Medicare supplemental insurance in general. We want you to know what you are getting into, and you should understand if Medicare supplements are right for you.
These are insurance plans that attach to the basic Medicare plan and provide some extra insurance. How much insurance they provide depends on which of the ten plans you pick. You can only have one at a time, and you can only sign up for them once you are already signed up for the basic Medicare plan.
Now, you can’t buy the supplement plans from the same place you would get the basic Medicare coverage. You have to buy these plans from private insurers. These are companies like Mutual of Omaha, Aetna and others that sell all kinds of insurance. These companies are permitted by Medicare to sell their supplement plans, and they can do so at whatever price they want. They simply have to abide by Medicare’s coverage rules.
Supplemental insurance covers a wide range of medical expenses. These can include deductibles for Medicare Part A and Part B, excess charges on Part B, copayments for both parts, nursing care coinsurance, foreign emergency travel costs, hospice care coinsurance and some blood. Some of these items are renewed each year, while others are for the lifetime of your plan.
Which Plans Are the Top Rated Ones?
Now that you have a basic idea of what the supplement plans do, we want to look at the plans that most people sign up for. These plans are not necessarily good choices for you, and you need to keep that in mind. These are plans that offer tons of coverage. They are plans F, G and N, and they are also the costliest plans. If you don’t have a lot of money to spend on insurance, then you can see why they might not be good choices for you.
At any rate, let’s break down the plans and what they are offering. Plan F is the full coverage plan, taking care of all supplemental expenses, you might accrue. It provides coverage for all the items we listed up above, making it the most robust supplement plan you can get.
It comes at a high price, though, as you might expect for all that coverage. Because Plan F is so expensive most of the time, more people are choosing Plan G instead. It is one of the top rated Medicare supplement plans for 2018. This is another high coverage plan that takes care of most supplemental expenses. It does leave you to pay the Medicare Part B deductible, though.
Plan N is almost as comprehensive, just requiring you to pay for a couple more of the small expenses that the other two plans don’t. These plans are all fairly close to one another in coverage, but even small differences can add up over time. You will want to compare them closely to ensure that you do or don’t need some of the times that some of them cover and others do not. For example, you may not need any coverage for Medicare Part B excess charges, which is covered by both Plan F and Plan G. Plan N, on the other hand, does not cover this rare expense. It may benefit you to not have it covered at all, since you are unlikely to have to pay it anyway.
Are the Top Rated Plans for You?
You know know what the most popular and highest rate plans are for Medicare supplements. What you may not realize, though is why they are considered the best or if they are going to be right for you.
People tend to go for these plans because of how much coverage they provide. Maybe not everyone who signs up for them actually needs all the coverage they offer, but they may like the safety net the high coverage plans provide. They know that they don’t have to really worry about any medical expenses they might accrue during the year or any medical emergencies they may have, since most of that will be covered by their plan. It may cost them a lot to pay for that coverage provided by this plan, but it can be worth it to them to have some peace of mind.
They may also love that they consolidate their medical bills onto basically a single payment. If they pay their insurance, then they probably don’t have to worry much about paying out of pocket for medical care, and that can be incredibly convenient.
However, you need to choose the plan that tis right for you and not what is right for everyone else. You need to know what your coverage needs are and how the various plans accommodate you there. You may find that high coverage plans suit you well, and even then, you need to compare the high coverage plans we listed and see how they stack up for you.
Does the plan you are considering save you money over choosing a different plan or not having any supplemental coverage at all? If so, then it is probably the one to go for, but you do need to be careful. You want to choose the top rated Medicare supplement plans for 2018 that is best suited to you. Once you manage to do that, after all the effort you put into comparing and searching, then you can rest easy knowing that your medical expenses will be well taken care of.