How much money could you save by adding some supplemental insurance to your current medical coverage? That’s the question we are going to look at, and we want to show you how Medicare supplemental insurance for 2019 may be the right choice.
It Covers What You Pay for Already
What are you paying for medical care right now? If you are a senior, then you either likely already have Medicare or will have it soon. Anyone over age 65 is generally eligible for this cost-saving insurance plan, so you should have already signed up for it or at least looked into it at this point. Medicare Supplements plans add onto that coverage with more coverage of their own, and they can save you money on medical expenses.
In order to find out how much they can save you, you first have to know what you are paying for, how often you pay that and how much you pay. Do you have all that information compiled? You will need to before you spend too much time looking at Medicare Supplement plans? These plans are designed to work with the basic Medicare plan and fill in gaps that it leaves for you to pay from your own pockets.
These gaps include copayments and deductibles for Medicare Part A and Part B. That’s four separate expenses right there, all covered by some of the higher end Medicare Supplement plans. Most of the plans include coverage for Medicare Part A’s deductible and both copayments, but only a small portion of them cover the Medicare Part B deductible. That’s usually okay, though, since it isn’t a major expense, and most people can afford to pay it out of pocket (it’s $183 a year).
A few of the Medicare Supplement plans will cover Medicare Part B excess charges as well. This is what you would have to pay for if you receive medical treatment and Part B services at a medical facility that won’t accept all of Medicare. That doesn’t happen often, but when it does, it can certainly be handy to have a Medicare Supplement plan cover that expense for you.
One of the more commonly covered expenses is blood usage, and most Supplement plans will cover you up to three pints each year. That is coverage that is in addition to what you get from the basic Medicare plan.
You can be covered for coinsurance costs from skilled nursing care and from hospice care too. These are services that the basic Medicare plan mostly covers for you, but it still requires you to make those coinsurance payments on your own. Thankfully, you can have those costs covered by the majority of the Medicare Supplement plans.
Finally, you can also be covered for foreign emergency medical transport, which is the cost of being taken from wherever you are to a medical facility that is outside the US borders. That can be quite costly, and it can help to have this item covered if you travel often or if you live near one of the US borders.
Are any of these expenses that you pay for currently? You can have some or all of them covered, depending on which Medicare Supplement plan you choose. It’s up to you to decide how much coverage you want, and you can pick from ten different plans in all. You’ll only be able to sign up for one of them at a time, since they do overlap, but once you combine one of these Supplement plans with a basic Medicare plan, you should be pretty well covered.
Medicare Supplement Compatibility
If you already have some other coverage plan beyond the basic Medicare plan, then you need to be aware of how that may interact with the Supplement plan you are thinking about signing up for. Supplement plans simply won’t go together with many union or employer plans. That’s because they can overlap and cover some of the same things, which is something that Medicare will not allow.
Medicare Supplements also won’t go together with Medicare Advantage plans either. There is overlap there as well, and you will have to choose one or the other for your coverage plan. If you have a Medicare Part D drug plan, though, then that will work just fine with the Medicare Supplemental Insurance for 2019. Be sure to check on the compatibility of different plans with what you want to sign up for before you sign up for a new coverage plan. You don’t want to have to cancel one of your plans because there is some overlap between them.
You can only sign up for one of these plans if you meet the minimum requirements, such as being 65 years old and a US citizen. You can save money on your insurance if you worked 10 years and paid taxes during the time you worked, that can make some of the Supplemental Medicare insurance redundant, so be sure you know what you need to be covered for and what you are already covered for.
The Best Medicare Supplemental Plans
We could not say that there is a best supplement plan out of the ten, because there will be times where one plan works better than another, and they each have their merits and drawbacks for different people. For some people, a high coverage plan like Plan G will be ideal, whereas other people may need a lower coverage plan that doesn’t cost as much or cover as many medical expenses. It all comes down to what that person’s individual needs are at the moment.
In fact, one year a certain plan may be a good fit for you, and another year, a different plan may be the best choice to take care of your medical coverage needs You have to assess your needs each year to see if you need to get a different plan or just keep on renewing the plan you have already.
We won’t be able to tell you which plan will work best for you in any situation, because we don’t know what your needs are. We don’t know what medical problems you have or what kind of financial situation you are working with. Instead, we can recommend some other plans that pack in the most value,
These are plans G and N. Now, both of these are very similar to Medicare Supplement Plan F, which is a full coverage plan, but neither of these two that we are recommending are quite full coverage plans.
Plan G, for example, includes cover for every supplemental expense but one. That would be the Medicare Part B deductible, which you only pay once a year and it isn’t very expensive. It makes sense then to just pay that out of pocket most times instead of having it covered by an insurance plan.
Plan N is also nearly full coverage, and it only leaves off cover for that deducible as well, plus some smaller copayments and the Medicare Part B excess charges. You might remember that last item as being a rather uncommon expense, so it’s probably no great loss to leave it uncovered and to pay for it yourself when it comes up, if it ever comes up.
Both Plan G and Plan N are high coverage plans that cost considerably less than Plan F in many cases. So, if you like the plentiful coverage that they provide but don’t want to pay Plan F prices, then you should consider one of these two. These are among the most popular Medicare Supplement plans each year, and that’s with good reason. They provide so much coverage that you would be remiss not to at least consider them.
The best Medicare Supplement plan for you will always be whichever one covers the things you are paying a lot for right now and that also is affordable for you. It may take some time to find that plan, since there are ten different ones to sort through, but once you do, you simply need to compare the prices on that individual plan to get a great deal.
There are some really great deals out there on these Supplement plans, and you just have to put in the time and the effort to find the best one. That’s how you will find the best Medicare supplement plans and save yourself a lot of money each year. You can also talk with your doctor and your insurance agent to get a better idea of what kind of expenses you will be facing, and which plan might be best able to cover those expenses for you.
Medicare supplemental insurance for 2019 has the potential to save you so much money on medical care. It’s up to you to choose the right plan at the right price and actually save that money, though. No one can tell you what the best plan is for you, though. That’s something you will have to figure out for yourself.