The only way to ensure that you get the best deal possible on Medicare insurance is to compare the plans that are available to you. This is just as true with Medicare supplement plans. When you compare Medicare supplemental insurance for 2018, you put yourself in the best position to save money.
Why to Compare
Comparing rates and coverage on the plans will give you a better idea of how they stack up to what you really need. If you just look at a single plan and then try to decide of it is right for you or not without comparing it to the other available plans, then you are doing yourself a disservice. You are potentially losing a lot of money and possibly losing out on essential coverage.
There are 10 Medicare supplemental plans that Medicare has set up and allowed insurance companies to sell to you. Each plan is different in some crucial way. With those differences in overage comes differences in price. If you choose the wrong plan, you could end up paying for more than you need to for coverage you will never really use. Doesn’t that sound like a waste of money?
We don’t want you to waste money, though. We want you to be informed and empowered to make the best choices for you. The only way you are going to be able to do that, though, is if you compare the Medicare supplement plans. You need to look at each of them in turn and try to find the most suitable plan for your situation.
As your situation changes and you experience changing health conditions, changing finances or a change in address, you may need to look at different coverage plans or different insurance providers.
What to Compare
Hopefully, we have made a compelling case to convince you to compare these plans and not to just go in blind and buy whatever suits your fancy at the time. We want to save you money, and to do that, we need to equip you with the knowledge of how to compare the supplement plans. So, we want to show you what exactly you need to be comparing.
Each of the plans is assigned a letter- A, B, F, G, N, etc. That identities the plan, but it doesn’t tell you anything about it. Plan F is always the same, no matter where you are buying it from. So, the letter identifies what kind of coverage the plan would have, but only if you know what Plan F is supposed to cover for you. Plan N and the other plans work the same way. No matter where you are purchasing the plan from, it’s coverage remains the same. That’s going to make things easy for you. It means that you need to look at the plans one by one and see which one has the best coverage for you. Then just compare the prices among the different insurance companies.
So, when you compare Medicare supplemental insurance for 2018, you are comparing two distinct factors- coverage and price. The coverage is different from plan to plan, but not from provider to provider. The price is different from provider to provider and plan to plan. So, Plan F, since it covers all supplemental expenses, is going to be the most expensive plan at any given insurance company. However, the price for Plan F will be different from one provider to the next. You may find that some providers are charging less for Plan F than other providers charge for a much lower coverage plan. Perhaps now you see how important it is to compare the plans among providers. You may find some huge price differences that will prompt you to choose one provider over another.
How to Compare
Now that we have looked at what to compare, let’s get into exactly how you go about comparing the Medicare supplement plans. You’ll want to start by examining the plans themselves. You don’t necessarily need to look at all of them and what they cover, but you should look at the ones that would most likely apply to you and be a good fit for your current state of finances and health.
In other words, you need to figure out if you are a person who needs lots of coverage or just little bit of coverage. Then examine the plans that best fit that description. For example, high coverage plans generally include plans F, G and N. This provide lots of coverage and are ideal for people who have lots of medical expenses to pay. They would not be a good fit for someone who mostly has their medical expenses under control and who can afford to pay their medical bills out of pocket most of the time.
So, you can compare the plans to one another. Look at the plans that are like each other and take time to consider how their coverage differences will affect you.
Then go on to compare the prices on the plan you have picked out as the best choice for you. For example, if you have decided that Plan F is right for you, then start looking at what insurance companies are charging for it. They all have different prices to offer, so consider what those rates are and compare them to find the best one.
You can do that easily by using a supplemental plan comparison site. There are quite a few of these, and they let you search for the plan of your choice and quickly give you results based on your search. They find you a number of insurance companies near your location that offer the plan you are looking for, and they tell you how much the plans will cost. You can see lots of rates at once and be able to easily tell who has the best rate. Since al the coverage is the same, when you compare Medicare supplemental insurance for 2018, pay close attention to the rates to get the cheapest one you can.