For a lot of people, Medicare Supplemental Insurance is only the beginning of their healthcare insurance coverage. These days most people are seeking some additional medical coverage to go with their Medicare, and Medicare Supplemental Insurance gives you that. Supplemental plans are available from various insurance companies, with all their rates varying.
There are 10 different plans, but you are only going to need one of them to combine with your traditional Medicare. It is a very time consuming and stressful thing to weed through the options available in order to decide what is best for your health needs. That is the reason we are going to take this time and check out all the available plans, breaking them up to see which one is the best. Meanwhile, we are going to give the details on where you can get the rates that are rated the best.
Medicare Supplemental Insurance Defined
We will begin with a brief discussion on what Medicare Supplemental Insurance is. It would be any type of insurance that is not complete and needs to be combined with other coverage (a base coverage). You must be enrolled in traditional Medicare in order to be eligible for Medicare Supplemental Insurance Plans.
The supplemental insurance is to cover the medical expenses not covered by the base insurance (Medicare). Also, the two are not going to overlap each other. Should you already be enrolled in a traditional Medicare plan, and you need a Medicare Supplemental Insurance Plan in order to have coverage for the health coverage you are in need of, you can be certain that each of their coverages will not overlap one another.
You can only purchase Supplemental coverage by going through a private insurer. Nearly any medical insurance carrier offers Medicare Supplemental Insurance Plans and/or Medigap. The plans that carriers sell may change from time to time, but the ones they do carry have been approved. Insurance companies all make their own decisions on which plans they are going to carry, as well as the rates they put on them.
Insurance carriers offer 10 different Medicare Supplemental Insurance Plans, but not all carriers will be offering the same ones. All of them have been separated into low coverage plans and high coverage plans. The high coverage plans are the popular ones since people that want more coverage than they get from traditional Medicare alone tend to like having all the coverage they can get.
The three plans with high coverage are Plan F, Plan G, and Plan N, which cover almost all the Supplemental medical expenses. Included in these expenses are 3-pts of blood per year, the excess charges of Medicare Part B, the co-payments for Medicare Part A and Medicare Part B, Part A’s deductibles, Part B’s deductibles, the co-insurances under Part A, foreign travel exchange, and the co-insurances for nursing care.
If you want to be covered for everything mentioned above, you will want to go with Medicare Supplemental Insurance Plan F. As this plan covers each of those mentioned above, completely. Whereas the other two plans do cover a large portion of them, but not everything.
The thing about purchasing Plan F is that it is an extremely high cost! Although it could be worth the cost to have that kind of coverage, to keep from having to pay out-of-pocket for the expenses yourself, chances are that you may never have to use most of that coverage and going with a little less coverage could save you a bundle of cash. There is also Plan G and Plan N as options, as they have nearly the same coverage, and their premiums cost less.
For example, With Plan G, all the medical expenses than Plan F covers so does Plan G. The only difference in the two is that Plan G requires you to pay the Part B deductibles and other excess charges. Usually, these charges are not very high, and Plan G will save you money. Many of the insurance companies are not going to say anything to you about this, as they would like to have you purchase the highest plan, they can get you to buy.
Take into consideration how much the plan costs and what it covers. Now compare it to the plan that is the next lowest. It is certainly possible you decide to select the one that fives a little less to save on those premiums each month.
The Best Rates for Medicare Supplemental Insurance
You should not accept what the insurance company throws at you as soon as you talk with them. Research takes time, but this is a necessary step in order to select the plans that will work best for you.
After going over a few general guidelines for selecting a Medicare Supplemental Insurance Plan, we will discuss the plans already laid out.
Firstly, what is needed is a plan which has coverage for any cost that will be re-occurring. Keep in mind that even the smallest costs are going to eventually add-up when they occur often. A plan that is going to take care of those small costs not only makes things easier for you but also leaves you with money in your pocket.
The point of comparing plans is to help you select a health coverage plan that is going to cost less than what you would have to pay if you were paying for the medical expenses yourself. Otherwise, it would not make much sense, and you would be better off dropping the plan altogether.
It would be wise that the plan includes protection from expenses that could occur unexpectedly further down the road. For instance, you want to have some protection in case you begin having chronic health problems, something to cover the co-payments, co-insurance, and deductibles when the time should come.
If you want to find the best rates possible for the plan that suits you and your needs the best, it is important to compare the rates. There are two different ways of doing this. Reviewing the plans that insurance companies are offering is one way. Another way is to let us do the work for you as we have a tool that helps us do that for you.
We can pull-up many different plan rates for one plan quickly. The quotes will come straight from the website of different insurance companies, and we make certain the quotes we get will be accurate.
You are more than welcome to come back and see us, and we will let you use the tool for free whenever you like. In fact, we encourage you to compare and save money for Medicare Supplemental Insurance Plans.