If you are going to sign up for a Medicare Supplement plan, you obviously want the best one, but with ten to choose from, you may have trouble figuring out which one is the right one for you. You want to keep in mind that there isn’t a single plan that is considered the best for everyone. Your needs for coverage and cost will differ from someone else’s, so finding the best Medicare Supplement Plans for you will be different than they will be for someone else. We are going to look at these plans and help you determine how to find the most suitable one for your situation.
What the Supplement Plans Offer
Each of the ten plans is different, and in different situations each one could be the best plan for you. For instance, if your Medicare plan that offers basic coverage takes care of most of your medical expenses, then there is little need for you to sign up for a comprehensive coverage supplement plan. You are already well covered. You may benefit from a low coverage supplement plan, but not much beyond that. For those who have a lot of medical expenses left to pay once their basic Medicare coverage does its part, a more robust and comprehensive supplement plan may be ideal.
So, there ar plans that offer low coverage and plans that offer high coverage. There are enough options that no matter your situation and your needs, you should be able to find a suitable plan. There should be a “best” plan for you. You simply have to understand what your needs are and then find the plan that matches up to those needs and meets them for you.
The supplement plans all take their coverage from the same list. What that means essentially is that there is no single plan that offers an item of coverage than you cannot get from another of the supplement plans. The coverage is kind of mixed and matched between the ten of them, but they all draw from this same set of coverage items:
- Medicare Part A deductible
- Medicare Part B deductible
- Medicare Part A coinsurance
- Medicare Part B coinsurance
- Nursing care coinsurance
- Hospice care coinsurance
- Excess charges related to Medicare Part B
- Coverage for up to 80% of your firing travel costs for emergency medical transport
- Three pints of blood annually
Some of the plans cover almost all these items, and those are known as the high coverage plans. Others only cover a few of the items, and they, of course, are low coverage plans. You need to figure out which range of plans your needs fall into and then choose the most suitable plan from the few that cater to your needs.
Finding the Best Coverage
We already told you that there isn’t a plan that you can consider to be the best all-around plan. As your needs change from year to year, even the coverage plan that suits you best will vary. What worked well for you this year may not be the best Medicare Supplement Plans for you. It is important that you pay attention to your needs, how they change and how best to meet your coverage needs.
You may want to talk to your doctor as you try to figure out the most suitable plan in your situation. Your doctor will have a good idea of what your medical situation is and what it might be like in the coming year or years. That’s essential information, as it can help you figure out what to sign up for to protect yourself. You can’t predict with 100% accuracy what your medical needs will be like in the future, but your doctor can make an informed guess as to what you will be facing, if your current medical and health trends continue.
You should look at the plans that seem to fit your needs well. This will be the range of plans that are best for you. Then you must narrow down the list to the single plan that fits you best. In some cases, you will be guessing as to what you will need soon. It may not be wise to sign up for a multi-year plan at first, and you may want to go with just one year at a time.
You will have to pay attention to the coverage and the cost of the plans to figure out which one is right in your situation. Look at the items of coverage that apply to you and focus on getting plan that covers the kinds of expenses you are currently paying out of pocket or that you are at risk for having o pay soon. You should also factor in how often you have to pay expenses. For some of them it may be cheaper to pay on your own, from your own pockets, if you would only have to pay them once or twice a year. The supplement plans give you full coverage for the entire year, on most coverage items. So, there will probably be some items that you can save money on by paying yourself.
You also want to make sure that your plan you are choosing is affordable for you. It does you no good to buy comprehensive coverage if you cannot afford to pay for it after a few months. Look at your finances and what you can afford to pay for coverage. Be sure that you are paying less for coverage than you would be if you were to pay for the medical care you need out of your own pockets.
If you can do all that, then you will be able to narrow down the list of supplement plans to the best Medicare Supplement Plans for you. If you have chosen well, you can end up saving hundreds of dollars a year in medical expenses.