The Best Supplement Plans for 2020
We can’t say what the best Supplement plan would be for you, because we don’t know your situation. Your finances and medical needs help determine what the best plan would be, and you will have to decide for yourself what you should sign up for or if you need something else entirely.
You already know that Plan F and Plan C are off the table unless you already signed up for them. If you are looking for lots of coverage and a good price, then we suggest Plan G or Plan N as great alternatives to these two locked off plans.
Plan G covers most of the supplemental expenses we listed earlier. It will cover your copayments, excess charges, blood costs, foreign travel exchange and the Part A deductible. What it won’t cover for you is the Medicare Part B deductible, and that’s it. It covers all the other supplemental expenses, making it a robust and high coverage plan that is suitable for seniors who have a lot of out-of-pocket expenses.
Plan N closely resembles Plan G in that it covers most supplemental costs. What it does not cover is a short list, including Medicare Part B excess charges, Medicare Part B’s deductible and copayments of $20 and $50 for office visits and emergency room visits respectively.
These two plans offer a lot of coverage at a usually reasonable price, making them not just high coverage plans but also high value plans. They are some of the most economical insurance plans you can find, and that’s why we showcase them over some of the other Supplement plans. These are two of the most popular Supplement plans and for good reason.
You Should Consider Medicare Advantage
Medicare Supplement plans offer lots of value for seniors looking to have their medical expenses covered, but you have other options. One of the best alternatives to Medigap is Medicare Advantage. The Medicare Advantage plans will work as a replacement for your Original Medicare plan, taking care of all of that plans expenses, minus hospice care costs. On top of that, Advantage plans cover you for emergency medicinal care and urgently needed treatment, which covers a wide range of expenses.
That’s only the basic Medicare Advantage coverage, though. You can find Advantage plans that go far beyond that and provide you with tons of extra coverage. They can cover you for checkups for general health, for hearing and for vision. They can also cover you for prescription apparatus, such as hearing aids, eyeglasses and more. Many Advantage plans also cover Medicare Part D, which is a drug plan covering prescription medication.
All of this coverage together may seem like it would be expensive, but Medicare Advantage usually costs less out of pocket than Medicare Supplements do. That’s especially true if you find a Medicare Advantage plan that offers a $0 premium, which greatly limits your out-of-pocket expenses.
Advantage plans won’t work in any hospital or clinic, though, in many cases. You are limited by the network coverage that your insurer provides. If you go to a medical facility of any kind that is not part of their network, then you may not be covered at all, no matter which Advantage plan you choose. However, there are some choices that are available to you that determine where you can get coverage. You can choose the basic HMO plan, which most people do. That only covers you on the network and nowhere else. This is the cheapest available plan. There are also PPO plans, which give you fill coverage on the network but partial coverage outside the network. These cost more but may be better suited to your needs and the area that you live in.
Compare and Save
Whether you are getting a Medicare Supplement plan or a Medicare Advantage plan, you should compare coverage and prices on what you are interested to ensure you get a good deal. There are some very inexpensive Supplement plans available that can cover you very well. You just have to look for them and compare as many prices as you can before you make your decision.
Something to keep in mind about Medicare Supplements is that they have fixed coverage. When you sign up for a Medicare Plan G, you get all the coverage we listed above. That does not change just because you found a cheap version of it. The insurance companies selling these plans have their prices set at whatever they see fit, but that cannot have any effect on the coverage, as that is determined by Medicare and not the insurer.
This means the you can save money and still get the coverage you want simply by comparing prices. The more quotes you manage to source on a given plan, the more money you are likely to save. When you compare Medicare Supplement plans in 2020, you can see which one is being offered at the best price. We suggest figuring out which of the Supplement plans will work well for you and then sourcing quotes from different insurance companies for that specific plan. That’s your best way to get the coverage you need and save on your healthcare costs at the same time.