Seniors with Medicare often find the basic coverage is not enough, and that is why so many choose to purchase another plan, often with a Medicare Supplement plan.
If you need help covering more medical care, then we suggest you use our Medicare Supplement Plans Comparison for 2022, which will save time and money.
To find the most coverage you can afford, comparing plans against each other and even other insurance companies are important.
If you choose a plan without knowing what you are really getting, you could be paying a lot more for benefits you won’t be using, or you could still be lacking in coverage. Avoid overpaying or not having enough to reduce your out-of-pocket expenses.
You should save money by having a Medicare Supplement plan, not paying more. Just because your friend is saving with a certain plan or insurance company, does not mean those options will be the best for your situation.
There are many factors to consider, including your location, health conditions, how much coverage you need, and if you want a high or low deductible.
Our free resources can potentially save you hundreds or thousands of dollars each year.
When Do You Need Medicare Supplement Coverage?
To start with, you should understand exactly what is offered by Medicare Supplement. This will let you know if it will be needed or if you will be okay with just Traditional Medicare.
The following will go over what the plans offer.
There is a wide range of plans available, with some covering a little extra than the basic Medicare coverage, while other plans will cover most or all of your expenses.
Let’s go over some of those things below so you can get the best idea of what’s needed.
Medicare Supplement plans can pay for coinsurance from Part A and Part B. Depending on the plan, you can have Part A deductibles paid, even Part B deductibles in some cases.
Higher coverage plans include partial payment for foreign travel exchanges, skilled nursing care, and pints of blood as needed.
Other things that can be included are excess charges and hospice care.
Each plan has a set base for the benefits it covers. Plan A and Plan K will have the least coverage available, making them the cheapest options.
Plan F has been delisted for new enrollees but remains the most comprehensive plan as it includes Part B deductibles, but can only be renewed by those that already have it.
Insurance companies can only set the price of premiums, and cannot alter the base benefits included under each letter plan. Because of this, it creates competition in many ways, and insurers often pad plans with extra perks to add value.
This is why it is important to conduct a Medicare Supplement Plans Comparison for 2022. Planning ahead alerts you of any upcoming changes too.
Comparing Medicare Supplement Coverages
To determine the best plan for your situation, you will have to take the time to compare each one and what benefits they include. You can do this on the official Medicare website, or quickly through our free online tools.
Our charts can save you time and let you know how much coverage you need and what price point you can afford.
But, to adequately choose a plan, you need to think about your current medical bills and what you could use help covering.
The basic plan provided by Medicare will cover some of the basic services.
You want to consider the things that are not currently covered. This can include coinsurance, copayments, lab tests, excess charges, and more. Decide what you can afford to cover out of pocket and what you can’t.
Once you have determined what you can’t afford to cover out of pocket, find plans that provide the coverage for those things.
Also, do you just want a plan that covers the minimum needed, or would you like a safety net in case your medical conditions take a turn for the worse? In that case, you may require more frequent doctor visits and more expensive treatments.
Remember, after your Open Enrollment Period, the insurance companies can charge more or deny you if higher coverage is needed later.
Supplement Plan Cost Comparison
After you decide on a plan that will cover everything needed and more if you prefer a safety net, the next step is to compare how that plan compares against other plans.
For example, Plan F offers the most coverage, including Part B deductibles, but Plan G has much lower premiums and covers everything except the Part B deductible.
Many seniors have saved up to $300 per year going with Plan G, if you factor in the Part B deductible of $203 for 2021, that’s a $100 savings.
You will want to compare out-of-pocket costs with the cost of premiums offered. Generally, the higher the deductible, the lower premiums will be. But, the premiums are not constant.
Insurance companies frequently change the prices for their plans based on making factors. You may find a better deal for a higher coverage plan too.
Be sure to compare rates between insurance companies to find the best option for you.
Remember, all of the best decisions were made based on educated situations, simply choosing a plan because it’s the cheapest or because it works for your friend will often lead to paying more than you need to.
If you have any questions, give us a call. Still, having trouble choosing a plan after a Medicare Supplement Plans Comparison for 2022?
We can help you decide what the best plan is after speaking with you and getting to know your unique situation.