Insurance coverage provided by Medicare is only the beginning for many people. Additional coverage may be necessary, and Medicare Supplemental Insurance for 2018 provides that. This insurance is available from a variety of different insurance companies at a variety of rates. There is no single supplemental plan, but 10 of them, and sorting through those options to find the right one for an individual’s needs can be daunting. That’s why we are going to look at the plans available and break down the best ones while detailing where to get the best rates on the plan that is right for you.
Supplemental Insurance Defined
Let’s start by explaining what supplemental insurance is. It is any insurance that needs base insurance as its prerequisite. You have to have Medicare in order to qualify for Medicare’s supplemental insurance. The supplemental insurance covers expenses not covered by Medicare, and there is no overlap between what they cover. If you already have the basic Medicare plan, you can rest assured that buying a Medicare supplement plan won’t give you coverage for anything you already pay for.
The supplemental coverage is sold exclusively through private insurers. You can go to just about any major medical insurance provider and find Medigap or Medicare supplement plans. They won’t always sell the exact same plans, but they are all plans that are approved by Medicare as supplemental insurance. The different insurance companies set their own rates and decide which of the available plans they want to sell.
There are 10 plans that offer supplemental Medicare insurance. They are divided into high-coverage and low-coverage plans. The three most popular are the high-coverage plans, because most people who feel they need additional coverage beyond Medicare want to have as much coverage as possible.
The three high-coverage plans- F, G and N, cover the majority of all supplemental expenses. These expenses include three pints of blood each year, Medicare Part B excess charges, copayments from Medicare parts A and B, deductibles from Medicare parts A and B, nursing care coinsurance, Part A coinsurance and foreign travel exchange.
If you go with Plan F, then you are covered for all of the above. It covers each of these items to the full extent that any supplement plan will. Other supplement plans cover only portions of some of these expenses.
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The problem with Plan F, as inclusive as it may be, is that it is often prohibitively expensive. While it may be worth it to have that coverage rather than to pay for those medical expenses yourself, you can often save money by going with a lower coverage plan. The other high-coverage plans- G and N- offer almost the same coverage but at a much lower price.
For instance, Plan G covers all the expenses that Plan F does, but it requires you to pay for the Medicare Part B excess charges. Those charges aren’t much, in most cases, and you can save money by choosing it instead of Plan F. Most insurance companies won’t tell you that when you are looking to buy Medicare Supplemental Insurance 2018 plans. They want you to buy the most expensive plan, even if you don’t need it.
You should carefully consider the cost of the plan and how much it covers and compare it to the cost of the next lowest plan to see how the actual cost to you compares. You may find that it is much cheaper to go with a plan that doesn’t quite cover everything and save money on your premiums. After all, you will be paying those premiums regularly, and the extra cost of the higher coverage plan can really add up in time. Think how much you can save if you choose a cheaper plan that covers nearly as much for you.
The Best Rates for Medicare Supplement Insurance
You don’t want to go for the first supplemental plan from the first insurance provider you come across. Finding the right plan is something that needs to be carefully researched to happen. You won’t do it by accident.
We’ve laid out a couple of the plans above for you, but let’s lay down some general guidelines for buying a supplement plans.
First of all, you need to get a plan that covers the recurring costs. Even very small costs that occur frequently enough can have an impact on your finances, and finding a plan that will cover them for you will make them that much easier to deal with.
As a general rule, you want to ensure that you are paying less for the coverage plan you choose than you would be paying for the medical bills on your own. If that’s not the case, then you need to switch plans or drop the plan entirely.
You should also look for a plan that protects you against some expenses you aren’t paying for now but you may experience in the near future. For instance, you shouldn’t need to get a plan that covers nursing care until you are actually ready for the nursing home, but you should have a plan that covers you for copayments and deductibles, if you have some chronic health issues.
In order to get the best rates on the plan you are looking for, you need to be comparing the rates available. You can do that one of two ways. You can either look at all the different insurance companies offering the plan you want and compare their rates manually for yourself. Or you can save time and energy and just enter the plan name into our online tool and let us do the work for you. We can find you a number of different rates on the same plan very fast. We’ll get the rates directly from the insurance companies’ websites to ensure that you get accurate quotes every time.
You can come back and use this free tool as often as you like, and we urge you to use our service to save money on Medicare Supplemental Insurance for 2018.
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