Medical expenses are not cheap, and they can really add up as you grow older. Typically, most people need more care and more expensive procedures as they age. You can save money on your medical care by buying insurance, such as Medicare. But often, Medicare isn’t enough, and it leaves you with many medical expenses still to pay on your own. If you want to plan ahead for your medical care, you can start now by looking at Medicare’s supplemental plans or Medigap in 2020.
Maybe you already have Medicare or even Medigap (which supplements Medicare with additional coverage). That’s fine, and you can still benefit from looking ahead. If you want to save money on your medical care costs, then you definitely have to look toward the future and try to prepare for the changes that are going to happen. Your health is not going to stay as it is now, and in a few years, your medical care and coverage needs could change drastically.
Maybe there is nothing you can do to prevent these changes from taking place. Maybe no amount of dieting and exercise can keep your medical conditions stable, as your changing state of health could be determined by your genetics. In that case, you definitely want to be prepared for the unexpected.
You have some options when you are thinking about Medigap plans. There are a number of different plans, and everyone is different in often small but important ways. Look at two very popular Medigap 2020 plans as examples of this.
Plan F comes with full coverage, meaning that it will cover all your supplemental medical expenses. That includes some extra blood, all your nursing care, some additional hospice care, most deductibles and copayments and more. And that is all on top of what basic Medicare provides.
Plan F however, will no longer be offered to people new to Medicare in 2020. Only people who enrolled prior to 2020 can keep Plan F. This makes Plan G one of the best choices, although it really was even prior to 2020.
Plan G is very similar in a lot of ways. In fact, the only difference between the two plans is that Plan G does not cover one of the deductibles. It covers all the remaining supplemental expenses, though. These are the two highest coverage plans, and they are nearly identical. But Plan F tends to cost much more than Plan G, simply because it can bear the label “full-coverage plan”.
These are important distinctions to know. You might be tempted by Plan F because it can claim to cover all supplementary expenses, but it is usually not the better plan. You will usually save more money and still have nearly as much coverage with Plan G. You should try to examine all the coverage each plan offers, and you definitely want to to do that before you buy one of the plans. If you choose a plan and then find out later that there is a better one you could have chosen, you can change up plans, but you may end up paying more than you would have initially.
It is always better to just choose the right Medigap 2020 plans that fit you best rather than just signing up for the first one that looks appealing.