The coverage provided for your medical expenses by Medicare is not comprehensive. There are still medical expenses you have to pay even when you are subscribing to the basic Medicare plan. This is why Medicare supplemental insurances for 2019 may be a good choice for you, if you still pay a lot of medical costs out of your own pockets.
Seniors who have signed up for Medicare may not realize initially how much they still have to pay on their own, and this supplemental plan can help them meet their financial obligations. If medical care that you need is no longer affordable, or you think you could save some money with some additional insurance, then Medicare Supplement plans are worth looking into. You can see how much they cost and even apply for one without accruing any financial obligation. It is in your best interests to know what your options are and how they compare to what you are doing now for medical care coverage.
Applying for Medicare Supplements
Before we get into how much these supplemental plans will cover for you, let’s first look at what you need to do to apply for the plans and get approved for them.
Start by determining which plan you want, then go to the website for the insurance company you are interested in buying the plan from. Keep in mind that not every insurance company that sells Medicare Supplements will sell all supplemental plans. Some of them only sell a few different plans.
You can only apply and expect to be approved for the plan you applied for if you are 65 years or older. That’s the minimum required age for Medicare subscribers, and that applies to Medicare supplements as well. After all, you can’t sign up for a Medicare supplement until you have a Medicare basic plan first. You can sign up for both at the same time, but you won’t be allowed to have only a Supplement plan. It just would not work on its own, since it is meant to cover expenses not already covered by the basic Medicare plan.
Once you are approved for the plan, then you can decide if you want to accept it or not. Once you accept the plan, then you are committed to making monthly payments called premiums on that plan. That is in addition to any payments that you have to make each month and each year for the basic Medicare plan. The cost of the monthly premiums will vary depending on which insurance company you choose to buy your plan from and which plan you chose. The ones with more coverage are more expensive than those with little coverage.
If you want to change your plan at a later date, then you’re allowed to do so, but you have to wait until the term for your plan is up. Then you can cancel your plan, change it to something else or renew it- whichever you like. If you try to change your plan before the term is up, you may not be able to. You may also have to pay fees for that service, if it is allowed.
How Your Plan Will Cover You
Depending on which of the ten Supplement plans you choose, your plan can cover your medical expenses in different ways. Some of the plans offer lots of coverage, while others offer only little bit. It’s up to you to choose the right plan. We want to help you to do that by telling you what kind of coverage Supplement plans could offer. We’ll go over all the coverage items that could be included in your Supplement plans, though it is possible that you may choose a lower coverage plan that only includes a couple of these items.
One of the more common expenses that people want covered through their Supplement plan is the Medicare Part A copayment. This can be quite expensive, though it is already covered for those how have worked for 10 years and paid their taxes during that time. Many Supplement plans cover this expense.
They also cover the Part B copayment quite often, as that is another common expense.
Your Supplement plan may also cover you for Medicate Part A’s deductible or the Part B deductible. These two expensive are wildly different in price, with Part A’s deductible costing $1,340 and the Part B deductible costing only $183. This is why the Part B deductible is only covered by a couple of the Supplement plans, but the Part A one is covered by the majority of them. Just that one deductible alone may make it worth it to go for Supplemental insurance.
Medicare supplemental insurances for 2019 can also cover your Medicare Part B excess charges. This is only something you need to pay if your healthcare provider doesn’t fully accept Medicare coverage, so it’s not very common, but it can be expensive. It’s another supplemental expense that is only covered by a couple of the plans.
Your hospice care coinsurance and skilled nursing care coinsurance can be covered as well. These are expenses you pay after Medicare provides its coverage for both of those services.
Your supplemental insurance may also cover you for froing emergency medical transport, which takes care of 80% of the cost of being transported for emergency medical care in foreign countries.
Finally, you can be covered as well for the pints of blood you use all year long. Medicare Supplements typically cover you for three pints of blood a year, which is on top other coverage already provided by the basic Medicare plan.
How covered you are or not covered for certain expenses depends on which plan you sign up for. Only Plan F covers all these supplemental expenses, so if you want that full coverage, then you have to spring for that plan. Just be warned that it is an expensive one, and most people are better off going for a lower coverage plan that doesn’t cost as much.
We suggest Plan G or Plan N for those who want a lot of coverage but who find Plan F to be prohibitively expensive. These two other plans offer very similar coverage but for a lot less money, most of the time.
Of course, the plan you choose only plays a part in how much it costs you. You also have to factor in the insurance company you choose to purchase from. Let’s look at how you can save some money on your insurance plan when you are looking for supplemental coverage in 2019.
Saving Money on Medicare Supplemental Insurances for 2019
Medical care can cost quite a bit of money, even if you have Medicare’s basic plan. However, you can end up paying even more if you buy the wrong Supplement plan. Some of them may be too expensive for you or cover things that you don’t need to have covered. The best way to save money on these plans is to buy the one that fits you best.
But even if you find a great plan that fits you very well, you can end up overpaying for that very coverage plan. You want to compare the plans to find out which insurance company is selling the plan you need at a good price. Not all the insurance providers will sell you plans at a low rate. Some of them charge much more than others, and it is up to you to compare them and find the lowest price you can.
When you do that, you don’t have to be concerned that you are losing out on any coverage. The coverage stays the same regardless of the price. Plan F is always the full coverage plan, taking care of all the supplemental expenses we talked about earlier. Even if you get a really good deal on that plan, it will always have the same coverage. Plan G and all the rest are the same way. They have guaranteed, locked-in coverage, and that isn’t altered in any way by how much an insurance company decides to charge for the plan.
So, spend some time comparing the plans and the insurance companies to see who has the best deal out there. once you do that, you can save tons of money each year. You may even be able to spring for one of the higher coverage plans that you didn’t think you could afford. You might be surprised at how much money you can shave off of your healthcare expenses by spending some time comparing the different rates on a single plan.
Medicare isn’t changing up the insurance plans at all for 2019, so far as we know. It always announces changes to its plans a long time in advance, so you can look at what the Medicare supplemental insurances for 2019 are going to provide for you by looking at what is available right now. The coverage isn’t changing anytime soon, and you can count on it to cover you just like you need it it if you purchase the right plan.