Do you need Medicare’s supplemental instance? You might not think you need more insurance coverage than what you have, but if you wind up paying a lot out of your own pockets for medical care, even after you are covered by the basic Medicare plan, then you should consider supplemental insurance for Medicare in 2020.
The kind of coverage that the supplemental plans offer can make a huge difference in how much your medical care costs you. You might be surprised at how much money you can save by simply singing up for additional insurance.
Maybe you don’t have Medicare original yet, and you aren’t even eligible for the plan just yet. That’s okay, as you should still be considering coverage for when you are eligible for Medicare. For many seniors, the basic medical plan falls short of what they need. It doesn’t cover them in all the places they need to be covered, and they end up breaking their budget to fill in those gaps in coverage. You can look ahead and prepare for that by determining how much Medicare’s basic plan will cover you for.
You may not know exactly what the plan covers for you, but you can talk to an insurance agent about how much coverage it comes with and what will be left over for you today for. You can also talk to your doctor about your medical status and how that may change over the coming years. You may need to be covered for a few more medical expenses in the upcoming years than you are right now.
How Supplemental Coverage Works
Before you can sign up for any of the Medicare supplement plans (also called Medigap), you first need to have a Medicare original plans. That’s the basic plan that covers most of Medicare parts A and B and that you buy directly from Medicare. This is the starting point for your coverage, and any additional Medicare coverage is going to stem from there.
If you are eligible for Medicare’s basic plan, then you should also be eligible for a supplement plan. You may not need supplemental coverage, but it’s never a bad thing to look at it and see how way it offers matches up to what you are paying out of pocket. You can compare the coverage offered by the supplement plans and see if it would be cheaper to have your medical expenses covered by one of those plans rather than to pay for those medical costs on your own.
You can only be signed up for a single supplement plan at once. That’s because their coverage can be very similar. For example, plans F, G and N offer almost identical coverage. There are only few items of difference between these three plans. So, it would not make sense to sign up for two nearly identical plans, and Medicare will not allow it. You just need to pick the single plan that works best for you. It may not be possible to find one that covers everything you pay out of pocket, but you should be able to get the most egregious expenses covered by a supplement plan.
Keep in mind that supplemental insurance for Medicare 2020 may not be necessary for every medical expense you must pay. In many cases, it is cheaper to pay for certain expenses on your own. These would-be ones that only happen once or twice a year or that are quite minor. Look at each item in turn and see how it applies to you and not simply whether that is something you must pay for sometimes.
What It Covers You For
As similar as the various Medicare supplement plans can be, there is also a lot of variety between them, and you can find all sorts of different coverage arrangements by looking at the various plans.
Despite all the differences between the mediates supplement plans, they all pull coverage from the same basic set of items. This list of expenses is all things that Medicare’s basic plan does not cover at all and leaves for you to pay or that it only covers in part or to a certain extent. There is no overlap between the supplement plans and the Medicare Original plan, meaning that you are not paying twice for the same coverage if you have both a supplement plan and a Medicare Original plan.
Here are the expenses that Medicare supplement plans can cover you for:
- Co-payments for Medicare parts A and B
- Deductibles for Medicare parts A and B
- Hospice care
- Nursing care coinsurance
- Foreign travel exchange
- 3 pints of blood on a yearly basis
- Medicare Part B excess charges
Not all the plans will cover each item 100%. In fact, all the plans that provide coverage for foreign travel exchange only cover 80% of this cost, and that’s after you pay the required deductible.
The plan with the most coverage is Plan F, as it covers everything on this list as much as possible, but it can also be a bit much for many people, which is why Plan N and Plan G may be good alternatives. They cover nearly the same medical expenses, but only slightly less and tend to cost much less.
Which plan you should go with is up to you. You need to take a long look at your current medical expenses and try to determine what your expenses will be in the future. Then find a plan that affordably covers many of those excess for you. Your doctor and insurance agent will be excellent aides in helping you figure out how much you need to have covered and what kind of medical treatments you will need in the coming years.
Supplemental insurance for Medicare 2020 can be a great way to lower your medical expenses, but you have to choose the right plan for the job. Take your time and look at what’s on offer, then choose the most suitable plan for your situation.