Compare Medicare Supplement Plans for 2020
With almost a dozen Medicare Supplement plans to pick from, you will need to compare them to find out which one will work best for you. These plans may be able to save you quite a bit of money on healthcare costs, but only if you choose one that fits your needs well. We will show you how to compare Medicare Supplement plans for 2020.
There are a few different ways you need to compare these plans to determine which one is the best choice in your situation. There isn’t a Supplement plan that is considered to be the very best for all seniors, so you have to take the time to do a comparison of what the plans offer.
The Coverage Comparison
You’ll need to start by comparing the cover these plans have to offer. Each supplemental plan has its own coverage, and while there are plenty of similarities, the small differences between planks can add up. Just one different item of coverage can amount to hundreds of dollars a year in savings or costs for you.
Two of the highest coverage plans- F and C- will not be available to most seniors anymore. These were some of the most popular Supplement plans, and now they are locked off to new subscribers. Only those who were signed up for them already will be able to get these plans moving forward.
You can instead choose from other high coverage plans that offer almost as much cover for your medical expenses and a much better price. The reason those two plans were restricted was due to overpricing that occurred with them. A lot of the insurance companies that sell them have been charging as much as 25% more of them than for other high coverage plans, even though the difference these two plans offer in coverage is not very much.
You are generally better off with a different plan than one of these two, anyway, especially now as they enter a closed risk pool. That means that with fewer subscribers and no new subscribers, the insurance companies have to make their profits elsewhere. They will probably raise the prices quickly on these two plans and make them even more expensive than they have been in the past. That means they will offer even less value than they did before.
We recommend you look at Plan G or Plan N as example of high coverage plans that are worth your time and your money. Let’s look at what they have to offer you.
Plan G is the highest coverage plan still available to new subscribers; it is also a high value plan with coverage that is well worth the asking price, in most instances. Plan G can cover you for all the copayments, which includes coinsurance for nursing care, hospice care and hospital stays. That’s all of Part A coinsurance costs, and the Part A deductible is covered as well under this plan.
Plan G will also take care of the part B excess charges and the Part B coinsurance payment. In addition, it covers you for foreign travel exchange costs (well, as much as 80%, anyway) and a few pints of blood. Medicare will cover the other blood costs not already taken care of by Plan G, so all your blood expenses will be covered completely.
There is only one item of coverage that falls under the supplemental expenses category that Plan G does not cover. That’s the Part B deductible, which will only cost you $183.
Plan N offers a lot of the same coverage as Plan G. It covers most of the same supplemental expenses. Where it differs is that it cuts a few coverage items that Plan G would include for you. That would be Medicare Part B’s excess charges and copayments of $20 for doctor’s visits and $50 for emergency room visits. It’s still considered to be a high coverage plan, so if you have a lot of medical costs coming out of your pockets, then this will likely be a good option for you.
There are other Medicare Supplement plans as well that you can pick from, and we suggest you look at all of them to see what they will cover for you and how they differ from one another. Even the smallest bit of coverage can have an impact on your medical care and the costs you have to pay. Consider if you need all the coverage a given plan provides and if there might be another plan that will work better for you.
Don’t underestimate the power of having peace of mind, though. If you get a coverage plan that takes care of expenses not common to you, then you will be covered for many of the unexpected costs that people face every year. You won’t have to worry if you will be covered or how you will pay for those expenses when they arise. Many seniors value the peace of mind that a high coverage plan can give them, even if they are paying for coverage that they may never use. You’ll have to look at your financial solution to see if getting that extra coverage is even a possibility for you.
The Price Comparison
Once you have looked at the different Medicare Supplement plans and picked out one or two that you like, then you should start comparing the costs. You may have found some prices for these plans already when you went to compare their coverage, but you need to do some in-depth price comparing to ensure you get a really good deal. There are some seniors who just spring at the first version of the plan they want that offers what they think to be a good deal. They don’t go any farther than that and don’t research what the various rates are, so they don’t really know if they have found a good deal or if they are actually paying more than the average for their plan.
By digging deeper and comparing multiple quotes, you can make certain that you get a good rate for the plan you like. We recommend you source as many quotes as possible, and while that may sound like a lot of work, it does not have to be. You can find lots of quotes very easily and very quickly by just using a price comparison service, which is a free online service that gives you quotes for these plans. When you want to compare Medicare Supplement plans for 2020, then this is the way to do it.
You should bear in mind that with Supplement plans, the price doesn’t really reflect the coverage. You can get Plan G at a great price and enjoy the exact same coverage as someone else who bought Plan G at a much higher price. That’s because the coverage on these plans is guaranteed, so you never have to worry about your good deal affecting the way you will be covered. You can search for the lowest price possible and rest easy knowing that it has no effect on how your medical expenses will be covered by your insurance plan.
Prices change over time on Supplement plans, so you will want to update your information from time to time as you research plans and their prices. If you do sign up for a Medicare Supplement plan, then you will likely be locked into a contract with the insurer for a full year. During that time, your prices will be guaranteed, and you will have the security of that coverage plan to provide for your out-of-pocket medical expenses. Once the term is over, however, you will have the option to renew the plan, cancel it or choose a different plan or provider. If you renew the plan, you may not be paying the same price that you were, so consider that and think about finding a different plan that saves you more money, if your plan becomes too expensive.
Compare to the Alternatives
You can do more than just compare Supplement plans to one another. You can also compare them to competing or alternatives plans. Medicare Supplements offer some great coverage and value for seniors, but there are other choices that you should be aware of.
If you are retired or currently working, then your employer or former employer may be able to offer you medical coverage plans. If you are part of a union, then you may be able to get a medical coverage plan through them.
There are other healthcare insurance plans that Medicare has created besides Medicare Supplements. The one we want to talk about for a moment here is Medicare Advantage. This is also known by the name Medicare Part C, and it can cover you for a wide variety of fairly common medical expenses. Advantage plans serve as replacements for Original Medicare, since they cover most of that plan’s same items. The one item of coverage from Original Medicare not covered by Medicare Advantage is hospice service expenses.
Advantage plans will also take care of the cost of emergency medical care and urgently needed services, which covers a wide range of expenses. They may or may not include coverage for Medicare Part D, which is considered an optional coverage item. Another optional item of coverage for Advantage plans is for checkups. You can be covered for checkups with your doctor or a specialist concerning your general wellbeing, your hearing or your vision, among other things. If you are prescribed a hearing aid or eyeglasses to wear, then those may be covered as well. You will just have to look and see what the individual Advantage plans are offering and see how they fit your specific needs.
Advantage plans function as great alternative to Medicare Supplements, and they can be a bit cheaper, but you still have to pay the Medicare Part B premium that is required for those who have Original Medicare. There is a monthly premium to pay on the Advantage plan as well, though that can sometimes be as low as $0 to help keep your costs low. There is also a deductible to pay, and you want to make sure you understand all the expenses you are responsible for before you sign up for one of these plans.
What to Know about Comparing Medicare Supplements
If you are comparing Medicare Supplement plans, you need to realize that your personal needs have to factor in. You pay certain medical expenses out of pocket right now, and some of those may be ones that you struggle with. Others may be cheaper to keep paying out of pocket than to try to get covered by an insurance plan. You will have to look at the costs and what makes sense for you.
Some medical costs are things that you pay maybe once per year. It does not make sense to sign up for a coverage plan that will cover that expense throughout the year. However, for those expenses you pay often out of your own pockets, it can be wise to get them covered by an insurance plan.
Your needs are going to change in time and when the do, you will need to find a different coverage plan to keep up with you. The plan you chose a year or two ago will not cover you the same way it used to when your medical needs change. You may also not be able to afford the same kind of plan that you did years ago when your financial situation changes. If your finances improve, it may be wise to change to a higher coverage plan and enjoy the peace of mind that gives you.
When you compare Medicare Supplement plans for 2020, you should be comparing the price and the coverage both. However, you don’t want to forget to compare those things to your own needs. Be sure you find a plan for you and not something that you are getting just because is popular or it was recommended to you. The better fit the plan is for your situation, the more money you can save.