It’s quite common to hear people ask which Medicare Supplement plan is the best but honestly, there’s no one-size-fits-all plan designed to suit everyone’s Medicare Supplement insurance needs. The truth is that the best plan will depend on your personal needs and budget.
To help you make an informed decision when shopping for a plan tailored to suit your needs, let’s discuss a few key factors you need to consider when looking for the best Medicare Supplement plan.
What Are Medicare Supplement Plans?
Medicare Supplement Plans, also known as Medigap, are medical insurance plans that help to take care of gaps or issues not covered by the Original Medicare.
Medigap is sold by private companies to supplement Original Medicare, which pays for a lot but not all of the medical costs of healthcare services and supplies.
Medigap insurance helps to pay for health care costs not covered by Original Medicare such as copayments, coinsurance, and deductibles.
Questions You Need to Ask
Here are a few key things to consider when evaluating Medicare Supplement plans to find one best suited for your needs and budget:
- What Does the Medigap Plan Cover?
All Medicare Supplement insurance plans cover basic benefits including coinsurance charges via Medicare Plan A, hospice care copayments, coinsurance, and copayments through Medicare Plan B, and the first three pints of blood needed in a medical procedure.
However, Medigap doesn’t cover some treatments such as dental, vision, hearing aids, long-term care, some forms of prescriptions, and private-duty nursing. It’s, therefore, important to know exactly what the plan covers or doesn’t cover before you sign the dotted line.
- Does the Plan Address Your Coverage Needs?
The second most important factor is the level of coverage you want from a Medicare Insurance plan.
Start by asking yourself if you want basic or more coverage. Are there specific costs that you’re ready to help with such as coinsurance, deductible, or copayments?
Are you ready to take care of Part B excess charges such as when you visit a doctor who doesn’t accept Medicare payments? Do you want a high deductible plan? If you travel outside the country frequently, you may also need overseas coverage.
The plan you choose will depend on the level of coverage you want. If you want minimal coverage, you can always go with Plan A which gives you basic coverage but if you want more coverage plans F and G will give you all the available benefits.
- Is the Plan a Good Fit for Your Budget?
To get a plan best suited for your budget, find out how the plans are priced. Medigap plans typically have a monthly premium but the companies that sell the plans may have their own pricing structures.
Keep in mind that premiums may increase due to inflation regardless of the original pricing method. You may also need to ask the company if they offer discounts to get the best deal.
Conclusion
Medicare Supplement plans aren’t a replacement of Original Medicare but they help a lot in filling gaps not covered by the Original Medicare.
Medigap actually works together with your Original Medicare to save you from paying most of your medical costs from your pocket.
To get the best deal when looking for Medicare Supplement plans, do your research keeping in mind the factors we have discussed in this post.