If you’re new to Medicare Part A and B or dissatisfied with your current coverage, you should take the time to compare the best Medicare Supplement plans in your state. Even though Original Medicare helps pay for many medical and hospital expenses, the deductibles, copays, and coinsurance amounts can still leave you with high expenses to pay from your pocket.
In the US, about 15 percent of Medicare recipients rely upon Medicare supplement plans, and another four percent have both job-related coverage and a Medicare supplement. Other options that Medicare beneficiaries might choose include Medicare Advantage plans, Medicaid, job-sponsored health insurance, and other government programs. Only a small percentage of seniors rely upon just Original Medicare alone.
To find affordable Medicare Supplement plans for your needs, you should:
As you compare supplemental insurance plans, you will find that you can choose between 10 standard Medicare supplement plans in most states. Some states have approved dozens of private insurers to offer these Medicare supplement plans, so finding the best Medicare Supplement plans can present a challenge.
Actually, if you have Medicare Part A and B, you can compare supplemental insurance plans at any time. Some insurers will even accept applications up to six months before you plan to enroll in both parts of Original Medicare.
These are important things to know to help you decide when to compare supplemental insurance plans:
Even if you don’t have a Guaranteed Enrollment Period, you can still compare supplemental insurance plans. You are always allowed to apply for Medicare supplement plans, but companies might deny your application for some pre-existing conditions. You should speak with a qualified agent about your options. Very often, they can help you compare supplement insurance plans and applications to help you decide if Medicare supplement plans are best for you.
The choice between Medicare Supplement plans and Medicare Advantage plans won’t be the same for everybody, so it’s important to do some research. If this isn’t a good time to apply for Medicare supplement plans, you might consider Medicare Advantage as another option.
Though you can find dozens of companies that offer Medicare supplement plans in every states, you should compare supplemental insurance plans from different insurers to find the most competitive premiums. In some cases, insurers offer membership perks that could include extra benefits like discounts for hearing, dental, vision, and even fitness clubs.
These are some examples of insurers that market Medicare supplement plans nationwide to help you compare supplemental insurance plans:
In the US, 47 states use Medicare’s standard plans. In this case, you can choose from between 10 distinct Medicare supplement plans. To help you compare supplemental insurance, you should know that these three Medicare supplement plans have grown very popular.
It’s probably not fair to say these are the best Medicare Supplement plans for everybody, but they satisfy the needs of budgets of many beneficiaries:
For many years, agents told clients that out of all of the Medicare supplement plans that Medicare Supplement Plan F was the best. If you compare supplemental insurance plans, you will see Plan F costs the most because it offers the most robust list of benefits. Still, many beneficiaries prefer to pay more and know that they will not have out-of-pocket expenses for Medicare-covered healthcare.
Medicare Supplement Plan G offers a somewhat cheaper alternative to Plan F. It only doesn’t cover the yearly Part B deductible, but the lower premiums will usually make up for that.
This cost-sharing option comes with lower premiums, but you do have to pay a few copays for certain doctor’s office visits and ER visits. Unlike Plan F and G, it also won’t cover “excess charges” or those bills that are higher than Medicare allows. If you’re relatively healthy and don’t mind finding healthcare providers who accept Medicare Assignment, Medicare Supplement Plan N can help you save money. Even if you do get sick or injured, it will still cover major bills.
The Best Medicare Plans: Comparing Supplemental Insurance Plans
So, far, this article mostly covered Medicare supplement plans. However, some Medicare beneficiaries may find that Medicare Advantage offers them the best Medicare Supplement plans for their own needs. If you compare supplemental insurance plans, you should probably take a look at both of these kinds of coverage.
While about 20 percent of beneficiaries have decided that Medicare supplement plans help them the most, just about one in three of today’s Medicare recipients have enrolled in Medicare Advantage instead. Medicare Advantage has become very popular because many of these plans offer low or even no extra premiums, bundled Part D, and value-added benefits that can help beneficiaries save money.
When you compare supplemental insurance plans for Medicare beneficiaries, you will see that Medicare supplements have standard base benefits and never cover the sort of prescription medicine that you pick up at a local drugstore. You will also see that you also have to pay a premium for Medicare supplements and probably have to pay an additional premium for your Medicare Part D drug plan.
With all of the advantages of Medicare Advantage, you might wonder if you should bother to compare supplemental insurance plans at all. For many people, Medicare supplements will still provide the best Medicare Supplement plans. These are some reasons to consider buying a Medicare supplement over enrolling in Medicare Advantage:
So, which are the best Medicare Supplement plans? The right answer really depends upon your preferences, budget, and healthcare needs. The more you need medical care, the more you are likely to feel that Medicare supplement premiums are worth it. However, if you do have to work with a very tight budget, you may enjoy the cost control of a Medicare Advantage plan. You just will have to put up with some restrictions with most Medicare Advantage options.
No two Medicare recipients have exactly the same needs. You should weigh the benefits you can get with the premiums you have to pay each month to keep your plan. If you prefer to travel, have your Medicare insurance cover everything, and not worry about out-of-pocket charges, you may find that Medigap Plan F and G offer you the best option. If you would like to lower your premium and don’t mind paying some copays, Medicare Plan N could help you with lower premiums.
If you don’t mind plan networks and need to keep premiums low, Medicare Advantage might be a better choice. Also, in many states, if you’re under 65 and disabled, you may find that you don’t really have good choices of Medicare supplements.
We’ve been helping all kinds of Medicare recipients find the best Medicare Supplement plans for many years. You can use our quick online quotes or call the toll-free number for help.