If you are looking at adding some insurance coverage onto your existing medical plan, then you should stop for a while, take some time and consider your options. You have lots of choices for supplemental Medicare coverage, and we recommend you compare Medicare Supplemental Plans for 2017 before making your decision.
You need to give the plans a fair shake before you sign up to one plan. You can only sign up for one at a time, because they all tend to overlap so much, but if you choose the right one, then you can be covered exactly like you need to be and you can save yourself some money.
It’s best to choose a plan that fits your personal needs rather than going with a plan that everyone else recommends or that seems like the popular plan. Yes, most people will sign up for either Plan G or Plan F, but those may not be good choices for you. You may be better off with something that offers far less coverage at a far lower price. We’re going to show you how to compare plans so that you can choose the right one and save money on your healthcare from year to year.
A Brief Look at Supplemental Coverage
Let’s begin by talking about what supplemental Medicare is. You may already know, but it doesn’t hurt to cover this information, just in case.
Medicare supplements are often called Medigap, since they fill in gaps left by the basic Medicare plan. These can be deductibles, co-payments, blood, nursing care coinsurance, excess charges and more. They can even cover major expenses that Medicare leaves you to pay, like hospice care. How much they cover for you depends on which plan you choose and where you buy the plans from.
You can buy these plans only from private insurance companies. Medicare doesn’t offer them directly. It only oversees the plans and designs them, making changes when it feels the time is right. That means that there is a standardized coverage for each plan, so no matter where you end up buying your plan from or how much you pay for it, you still get the same coverage as anyone else would buying that same plan elsewhere.
What that means to you is that you can find out which plan suits you and then compare the different rates for that plan from different companies. You can go with the lowest rate you find and never have to worry about losing out on coverage or benefits because of your selection.
Compare Supplement Plans
As you can see, the best way to save money on the plans is to choose the lowest priced version of the plan you want. You can do that using a price comparison website, which we think is the best way to source quotes and compare Medicare Supplemental Plans for 2017 and their rates. These sites usually offer their services to you free of charge, and you can use them as often as you like for as long as you want. So, you could keep coming back to the same site and plugging in your information (the name of the plan you want and where you live) and get back up-to-date rates every time. All that will cost you nothing, and you can keep comparing rates from as many providers as you like until you find one that you are happy with.
It’s a good idea to compare the plans that are similar to each other. So, if you like Plan G for yourself and think that this probably the best plan for your needs, you should take some time to look at the rates for Plan F and Plan N. They have very similar coverage to Plan G and cost nearly the same. You may find that you can easily afford a bit more coverage or that you can save a lot of money by choosing a plan with a bit less coverage. It’s up to you, and you have to choose the plan that toy feel most comfortable with and that you think will end up saving you the most money.
You want to spend time comparing coverage between plans as well. Consider what coverage items you need to have taken care of and which ones you might never end up using. Also consider the ones you may only use once or twice and consider going with a plan that does not cover them. It may often be cheaper to pay for some medical expenses on your own from your own pockets, than to pay for a more expensive coverage plan that takes care of them for you. That’s especially true if you would only have to pay for that expense once or twice in a year.
Medicare Part B excess charges are a good example of this. This particular expense is very rare for most people, and so only a couple of supplement plans will cover it for you. In the majority of cases, it is cheaper and smarter to go with a plan that does not offer coverage for Part B excess charges and to just pay that expense when it occurs, but you have to look at your own situation and make these kind of judgment calls for yourself.
You may want to consult with your doctor or a trusted insurance agent to figure out what kind of medical expenses you can expect to pay in the near future and what kind of medical conditions you may want to get coverage for. Your doctor can help you figure out what your future health may be like, and your insurance agent can help you in picking the right plan and coverage for your needs.
The important thing is to compare Medicare supplemental plans for 2017 and to give yourself enough time to adequately do so. If you have taken the time to research and examine the plans, then you can choose with confidence the plan that you know will fit you best.