What can the Medicare Supplement Plans for 2017 offer you? Well, if you already have a basic Medicare plan, then they can offer you additional coverage you could not get anywhere else. They can provide you with coverage that suits your particular needs, and they come with some competitive prices, so if you do some searching, you can find a plan that doesn’t cost a lot but that fits you like a glove.
The best supplement plan for you is going to be one that covers all the expenses you pay most frequently for medical care. You may not find a perfect plan- one that covers you exactly for all the things you need and that fits your budget. You may end up with a little leftover coverage that you aren’t sure if you need or not, but that’s okay, as a little extra coverage is not a bad thing to have. You just don’t want to overdo it and get way more coverage than you need just to try to play it safe. That’s how a lot of people waste money each year on medical insurance, and we want to help make sure you don’t do that.
In order to make sure that you get the most suitable plan for your situation we are going to run down what some of your options are and how you can go about finding the right plan for your particular situation.
Look at the Plans
You want to start by looking at what’s available. Most people just settle into either Plan F or Plan G. These are great plans for people who have lots of medical issues to deal with and tons of medical bills to pay, but for the common person, they are a bit much. We recommend you look at all the plans or at least skim over what they are offering and see what applies to you. You may find that you can do just fine with a low coverage supplement plans and save a bunch of money by choosing something that doesn’t cover every single Medicare supplement expense.
The plans cover expenses like hospice care, deductibles, co-payments (coinsurance), excess charges (for Medicare Part B only), nursing care coinsurance and foreign travel exchange (for emergency transit in other countries). You may or may not need all this coverage, and you need to carefully look at what’s available and compare it to what your needs actually are.
Keep up with the Coverage
If you pick out the coverage you need and find a plan that you like, then go for it. But you need to be careful not to stick with the same plan for too long without considering how your needs may have changed. You may experience worse health as the years go by, or your condition may improve. You wouldn’t need the same coverage then, now would you?
You also need to consider changing up your coverage if the plans change. If you have Plan G from the Medicare Supplement Plans for 2017 and Medicare decides to change its coverage, then you need to reevaluate if it is still the best plan for you. You may find that there is another plan that suits you better and that will save you more money.
You can switch during open enrollment, but there may be penalties if you switch before your plan’s term is up. It’s best to wait for your term to expire and then choose a new plan free of penalties. You may not get the same great rate that you were being offered when you first signed up, though. Your medical conditions can also be taken into account after you turn 65, and that can make the rates go up higher than you might expect. Keep all that in mind as you consider changing plans down the road.
The Right Plan
Everyone wants to to find the right medical coverage plan for them, and that can be a tough thing to get right. There are so many supplement plans, and all the insurance companies that sell them, even if they keep the coverage constant, offer different prices. How do you know if Plan G at a high rate is a worse deal than Plan F at a low rate? It can help to lay out exactly what you need out of a coverage plan.
You should assess what your medical needs are at this point by talking to your doctor. Also try to plan ahead a bit and ask your doctor what you may expect from your health in the coming years. Try to choose a plan that can cover you for some medical problems you may not be experiencing right now but you could experience in the near future.
It wouldn’t hurt to talk to an insurance agent as well to see what their assessment is of your current coverage and how it should change. You need to take your time in choosing the most appropriate plan and give yourself a chance to do some research.
It’s better to take your time in choosing a plan and end up happy with your decision rather than to rush right into a plan and enjoy that coverage right away but then be blindsided by expenses you were not prepared for.
As you try to find the best plan for your situation, you need to keep in mind that supplement coverage is meant to fill in necessary gaps. If Medicare’s basic plan covers you pretty well, then you probably don’t need any supplement insurance. Consider when it might be cheaper to just pay some expenses out of your own pockets rather than to try to pay for a coverage plan that will take care of them for you.
Keep all that in mind as you look at the Medicare Supplement Plans for 2017 and try to choose the right plan the first time. If you do, you can end up saving money year over year that will really add up for you.