Medicare Supplement plans in 2019 from Medicare can be a great way to cut your medical expenses and get covered for common healthcare services you need. We are going to look at the Medicare supplemental insurance plans and what they can offer you. That way, you can decide for yourself if they are a good deal or a waste of money. You’ll want to choose the right medical insurance to save money and be covered like you need to, and learning about supplemental insurance is a great way to do that.
Where to Get Supplemental Insurance
You might think that since Medicare Supplement plans in 2019 have the Medicare name in their title, then they would be sold by Medicare. However, they are usually regulated by Medicare. In other words, it is private companies selling the plans, and Medicare simply provides oversight. Now, Medicare has designed the plans and decided what kind of coverage they will have, but setting the prices and picking which plan to sell is up to the private insurers.
These are companies like AARP, Mutual of Omaha and more that sell all sorts of insurance and medical coverage plans. They get to choose what the prices are, but they have no say over the coverage and benefits of these plans. What Supplement plans they offer and how much they charge for them can change without warning, so pay attention to details like that when you go to compare plans and find the best provider for your supplemental Medicare insurance.
You are eligible to sign up for Medicare Supplements if you are 65 and have Original Medicare. You must have original Medicare in order to qualify for supplemental Medicare insurance, since the Supplement plans are meant to work with the basic coverage. You can sign up for both at the same time, but you have to get Original Medicare through the Medicare agency directly and not a private insurance company.
If you already have a Medicare Supplement plan, then you will have to drop the one you have in order to sign up for a different one. They overlap too much for you to be able to have two of them at once covering you.
The Coverage of Supplemental Insurance
You may have noticed that there are ten Supplement plans in total. Each one has something it bit different to offer you. Plan F, for example, has full coverage, and that makes it a popular plan. That full coverage provides you with cover for blood usage, foreign travel costs for emergency medical care, coinsurance, deductibles, nursing care, excess charges and hospice care. All of that is included in Supplement Plan F, while other plans offer coverage from that same list, but not as much as Plan F does.
You have to decide how much coverage you need, and in order to do that, you will have to look at your own expenses and your finances. Decide how much money you have to spend on Medicare supplemental insurance and which of the plans will cover you best for the healthcare expenses that you have accrued.
Keep in mind that you may need different coverage throughout the year. What you pay out of pocket right now may not reflect accurately what you have to deal with later on in the year. That’s why you may want to purchase a plan that has some breathing room, offering you little extra coverage for potential expenses that you are not necessarily paying for right now.
You can always talk to your doctor and to your insurance agent to figure out what kind of expenses and treatments you may need throughout the year and what plan may cover you the best.
The Cost of Supplemental Insurance
How much you pay for supplemental insurance depends mostly on the plan you choose. From the ten plans, you will see that some offer lots of coverage while others offer very little. You will usually pay more for the higher coverage plans than the lower coverage ones, which makes sense, but you have to keep in mind that the different insurance companies all have their own prices. Some of them are going to charge you more for those lower coverage plans that other insurance companies would charge you for the high coverage plans.
Pricing is also determined by where you live and the cost of living there, as well as how much competition there is with medical insurance providers in that area. So, if you move from one area to another, you may be paying a different rate, even if you keep the same insurance plan with the same provider.
The costs for the 2019 Medicare Supplements can change from time to time, and most insurance companies like to increase their rates about once per year. You will need to keep up with those changing rates and make sure to compare the prices to find the best deal on the plan you want.
Do You Need Supplemental Medicare Insurance?
Medicare Supplements, while offering a great deal that can save Medicare subscribers and seniors money on their healthcare, are not really for everyone. Some seniors will be just fine with their basic Medicare plan and what it offers them. They may not need the extra coverage provided by Supplement plans.
It could cost them more to pay for that insurance than to just cover out of their own pockets the gaps Medicare’s basic plans leaves for them to pay. You will have to compare the costs of the plans to what you are paying and see if it is worth it for you. You may find that you need a lot of extra coverage or you may see that no Supplement plan really has what you are looking for. There are other options to Medicare supplemental insurance, and it may be worth your while to look into them. Advantage plans and Medicare Part D provide additional coverage to the basic plan that can be a alternative to Medicare Supplement plans in 2019 but there are many things to consider first. Be sure to look at all your options before making a decision.