Compare Medicare Supplement Plans
In order to find the best healthcare coverage for your needs, you will want to compare your different options. As a senior, you have a lot of different health insurance choices available to you, and we want to tell you about how you can compare Medicare Supplement plans and find the kind of coverage that works best for you.
There are 10 Supplement plans that are available for most seniors to choose from, but a couple of them are delisted and therefore not available to seniors who are enrolling in Medicare after January 1st, 2020. Even with a slightly more limited selection, there are still plenty of choices for seniors to pick from, and we will tell you about some of the more notable and helpful ones here. Understanding what your choices are and how they compare to one another empowers you to make a more informed choice that can give you greater peace of mind and save you some money.
Compare Medical Benefits
Medicare has decided which Medicare Supplements plans will be allowed and how much coverage they will offer. All of the medical benefits that these plans offer are approved by Medicare and set in place so that no insurance provider can alter the coverage. If a Medicare Supplement plan is designed by Medicare to give you coverage for copays and deductibles, for insurance, then no insurance company can change that coverage and offer you different medical benefits.
Medicare Supplement Plan F was the best-selling Supplement plan for years. More seniors signed up for it than any of the other Supplement plans because of its high coverage. In fact, Plan F offers total supplementary coverage, meaning that all of the medical benefits that could be offered by a Medicare Supplement plan were offered by this one. Let’s look at the list of medical benefits that you get when you enroll in Plan F:
Foreign travel exchange (for $50,000 over your lifetime and 80% coverage per incident)
Three pints of blood every year
Nursing care coinsurance
Medicare Part A and Part B deductibles
Medicare Part A and Part B copayments
Excess charges for Medicare Part B
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So, that is Plan F and all it can provide for you, but you do need to know that this is not a Medicare Supplement that every senior will be able to pick. It is only available to those seniors who were already enrolled at the beginning of 2020. Even if you have a different Medicare Supplement plan or no Medicare Supplement plan at all, if you are a Medicare subscriber before January 1st, 2020. Then Plan F is available to you. To anyone signing up later, though, it will not be available.
Plan G is a good alternative, however. It offers very similar medical benefits. In fact, it is shorter to tell you what it does not cover that Plan F does when discussing the differences between these two plans. Plan G will not cover the Medicare Part B annual deductible of $198. All other medical benefits included in Plan F are covered by this Supplement, though. If you look at the rates for Plan G, which you can find here on our site, then you will see that it is usually much cheaper than Plan F, making it a good, cost-effective choice for seniors who want to save money and don’t need a completely full coverage Supplement plan to feel protected.
We also want to mention Plan N, which is a Supplement plan that offers lots of coverage and doesn’t cost as much as you might expect for all that it covers for you. Plan N provides coverage for just some Medicare Part B copays, but then it also covers you for all Part A copays, Part A’s hospice coinsurance, and Part A’s annual deductible of $1,408. Under Plan N, you will also be covered for foreign travel exchange costs, nursing care and three pints of blood each year.
Before you choose a Medicare Supplement, you should consider how much they will cost you and compare those prices amongst them. Plan G may sound like the kind of Medicare Supplement plan that you want, covering most of your medical expenses, but it may be too expensive for you. You’ll have to source some quotes to find that out. You can use our site and source your quotes right here for free. We’ll give you a listing of major insurance companies in your area and what they charge for these plans.
For instance, if you search here for Medicare Supplement Plan G, you will be able to compare Medicare Supplement plans by seeing a list of Plan G policies in your area from major insurance providers. We will show you the rates on these plans, and you don’t have to worry about the coverage changing from one version of Plan G to the next. Remember that medical benefits are locked in and guaranteed by Medicare. Only Medicare gets to change them, and if Plan G changes for one insurance company, then it changes for all of them at the same time.
How much is your Medicare Supplement plan going to cost you? Our estimates show that Medicare Supplements range in price across the country from about $40 a month to $300 a month. One the lower end of the scale, you have low coverage Supplement plans, like K and A. On the higher end are plans F and G. The more coverage your plan offers you, the more it will cost, but even the high coverage plans can be inexpensive when you live in certain areas of the country or when you purchase yours from a competitive insurance provider.
The providers get to decide on what the price will be. They base their pricing on a few different factors, though. The price of Supplement plan will vary based on how much competition is in that area. It also varies based on the cost of living for a particular part of the country, as well as how much coverage the plan provides. Your health can factor in as well. If you enroll when you are first eligible, at age 65, then your preexisting health conditions are not a factor. Any time after that, however, your health will come into play and may cause your rates to go up. However, most insurance companies will not deny you coverage once you are one of their members. They will continue to allow you to renew your coverage with them, even if you have a serious medical condition that makes you a risk factor. They may charge you a higher rate to renew your plan, though.
Compare Insurance Providers
You should also consider the difference among the various health insurance companies that sell Medicare Supplements. When you search on our site for a Supplement plan, you will get rates from the various insurers in your area, but that doesn’t tell you much more about the insurers. You may want to gather some additional information to help you to make your decision.
You may want to find out how they treat their customers, what kind of perks they offer and how financially stable the company is. These factors can help you to make a more informed decision and can assist you in making the right choice. The cost of the health insurance plan is pertinent, but it isn’t the only factor that is worth considering.
Mutual of Omaha is one of our top choices for you to consider. They offer low rates and great customer service. You can read some customer reviews about this company to see that for yourself, and there is a generally favorable response among customers when asked about their experience with Mutual of Omaha.
Cigna is one of the few major insurers that offers international coverage. They can help keep you covered wherever you go. They also have a great lineup of plans and a superb set of customer perks that cost nothing, such as discounted nonessential medical services and gym access for much of the country.
Aetna sells Medicare Supplements as well, and they are one of the more popular health insurance providers. They have great rates on their plan and some decent membership perks that you should look into. Perks will vary based on where you live, though, so keep that in mind as you compare your insurance company options.
AARP sells Medicare Supplements through a partnership with United Healthcare. They offer great financial stability and some perks that other insurers cannot offer, such as concierge services, and financial counselling.
These are some of the options you should consider when you compare Medicare Supplement plans. If you need any help, please give us a call. Our team of experts is able to assist you and answer questions you might have. We want to help you find the Supplement plan that is a good fit for you and save you money on your healthcare.