Best Medicare Supplement Plans for 2020
Any senior looking at Medicare Supplement plans may feel overwhelmed that they have to choose from one of 10 different plans. On top of that, each insurance companies selling these plans offers them at different price points, further extending the list of choices and confusing things for some seniors. We are going to look at the best Medicare Supplement plans for 2020 and how you can choose one that works for you. With all these choices to sift through, it could take you while to pick out the best one for your situation, so we will help you make better use of your time and find the right plan much faster and more effectively.
The Best Coverage
Each of the 10 plans comes with its one coverage. Some of them offer coverage for a lot of different medical expenses, while some other offer only minimal coverage. Most of them cover the included items fully, but a few of them will only cover the included items partially, such as for 50%. The less coverage a plan offers, the less it costs. But then lower coverage plans will leave you more to pay out of your own pockets, so you’ll need to consider that downside as well.
The two plans offering the most coverage are not ones that you can probably sign up for. Unless you are already subscribed to Plan F or Plan C, you will not be able to enroll in these coverage plans. That’s because they are now restricted to current subscribers only due to new legislation. This legislation is meant for your protection and not to limit your choices and push you into a plan that is a bad fit for you.
The two plans it restricts- F and C- are both high coverage plans with price tags that generally do not reflect their value. They tend to be priced far higher than the plans that lie directly below them in coverage, even though the difference in coverage is minimal. This gives them the appearance of being overpriced, and when we look at most insurance companies’ prices for them, we can’t say that we disagree.
Most people reading this look at Supplement plans will not be able to get either of those plans, but they have eight other choices from the Supplement plan line-up. There are some very high coverage plans available, such as Plan G and Plan N. These two plans are considered to be some of the very best, and that’s due to how many expenses they cover while normally being priced very reasonably.
Let’s look specifically at what these two plans cover so that you can get a taste of what Supplement plans can do for you. Bear in mind that all these items of coverage are in addition of the coverage you get with the Original Medicare plan, which you must have in order for your Supplement plan to be valid.
Plan G is the highest coverage Supplement plan available that new subscribers can sign up for. It will cover a wide range of medical expenses for you, including Medicare Part A’s deductible, Part A’s hospital stays copayments, hospice care coinsurance and nursing care coinsurance. It covers the cost of Medicare Part B’s copayment and excess charges as well, along with any blood you use for the year that is not already covered by Original Medicare (which amounts up to three pints). It also covers up to 80% of the cost of being transported to a medical facility outside US borders for emergency treatment.
That wealth of coverage should make Plan G an expensive plan, if Plan F and Plan C are any indication, but it’s actually priced about 25% cheaper than either of them, on average. Plan G covers all of the supplemental expenses there are except for one- the Medicare Part B deductible.
Plan N is a similar plan, covering you for most of those same expenses. It will not cover you for the Part B deductible or the Part B excess charges, and it will ask that you pay a small $20 copayment for doctor’s office visits and $50 for emergency room visits. Other than that, it covers all the supplemental expenses. It’s considered a high coverage plan as well, but like Plan G, it is usually priced economically.
The best coverage for you is whatever takes care of the medical expenses that you have trouble paying for on your own or the covers anything that would be more expensive if you were paying for it yourself. You may also want coverage that takes care of unexpected emergency costs, as that may give you some peace of mind about your future. No one wants to be hit with a major medical bill that they were not prepared for, so having some extra insurance can go along way toward making sure you are covered properly and that you don’t need to worry about covering unexpected emergency costs.
Plan G and Plan N may be some of the best choices for you, and there is a good chance that one of them is the right choice, since they are such popular plans right now. They will likely become even better options and enjoy more subscribers over the next couple years as people turn away from Plan C and Plan F. Those two restricted plans are very likely to see some heavy price increases in the upcoming years, as there will be no new subscribers to sign up for them and pay the higher rates, meaning that current subscribers will have to pay higher rates to keep the plans profitable for the insurance companies.
Medicare Supplement plans offer a lot of different choices to seniors, however, and you may be better off with a lower coverage plan. You need to look at those expenses that you can expect to pay throughout the year and see which of the plans is able to cover you adequately for them. The ones that do and that are sold at a reasonable price for you will be the best Medicare Supplement Plans for 2020.
We’re specifically looking at 2020 here not because there are major changes headed our way for supplemental insurance, but because it is a good idea to prepare the coverage plan you should be signing up for well in advance of your signup date. You want to give yourself plenty of time to pick out a plan and ensure that you are getting the right one. By planning now, you can feel confident when you make your choice and know that you have chosen the plan that fits your needs better than any other.
The Best Price
With any Supplement plan, you have to consider the price and not just the coverage. You have to think about how you will be able to afford the plan and if it might be cheaper to go with a lower coverage plan and pay some extra out of pocket. The prices on these plans are set by the insurance companies that sell them. They are allowed to change their prices as they like, but once you sign up for a plan, your premium on that plan cannot be changed until your term is expired. Most terms last a full year, and at that point, you may be faced with a decision to renew your plan or choose something different.
The cost of the plans is based on a few different factors. The major factor is the coverage provided by the plan. The higher coverage ones, such as F, C, G and N, will cost you more than the other plans. The cost is also based on the availability of other plans in the area or the kind of competition that the insurance companies have to deal with in that area. The cost of the plans is also based on the cost of living for a given area. In major cities, the cost is likely to be higher than it would be in a rural area.
In order to find out the cost of a particular Supplement plan, you will need to source quotes. That means asking for prices from the insurance companies. The more of these quotes you get, the more you are going to save. If you only get one or two quotes for Supplement plans, then you won’t know how those prices compare to the large assortment of choices. You won’t know whether you are getting a price that is high or low unless you look at the bigger picture and compare a bunch of quotes.
It might seem like a lot of work to source more than a few quotes from various insurance companies for the plan you are interested in, but it does not have to be. There are free online tools you can use to source the quotes for you. Just search for price comparison tools for Supplement plans online and you will be presented with a lot of different choices. With these tools you can search for the plan you want, such as Supplement Plan G, and see what a few different insurance companies are charging for it. It’s simple to use and gets you results quickly, so we recommend you use that kind of tool to find out the information you need to know about pricing and help you find the right plan at the best price. You can come back and use these tools as often as you need to keep your pricing information accurate.
Your Alternative- Advantage Plans
Supplement plans are great for many seniors, but they are not the only choice you have when it comes to medical insurance plans. One excellent alternative we think you should consider are Medicare Advantage plans. These can cover you for many medical expenses seniors commonly deal with, and they don’t require an Original Medicare plan to work. You can sign up for them whether you have Original Medicare or not, and you still get most of the same coverage items included in Original Medicare.
Advantage plans actually replace Original Medicare, offering you all of the same coverage item except for hospice care. They will also provide coverage for urgently needed care and emergency medical treatment. This basic coverage is something you will find in any Advantage plan, but some of them have more than that to offer seniors.
Some Medicare Advantage plans will cover you for Medicare Part D and for checkups that cover your eyes, ears and general wellness, among other things. The Part D plan is a drug coverage insurance plan that is sold privately but often included in Advantage plans.
Comparing Advantage plans to Supplement plans you will often see that Advantage plans cost less, especially if you find one that is being offered with a $0 premium each month. With Advantage plans, you will still have to pay the deductible and the Part B premium for Medicare on top of whatever the Advantage plan premium ends up being. For Supplement plans, you pay the costs for Original Medicare and the Supplement plan premium.
Generally, Advantage plans work out to be cheaper, but they don’t usually offer such varied and specific coverage, as you can choose from the 10 Supplement plans to find one that is tailored to your needs. You also have to factor in that these two kinds of plans offer some different coverage from one another, so you want to go what whatever is more relevant to you. It is impossible to sign up for both of them at the same time and receive coverage, since they do offer some similar coverage.
The best Medicare Supplement plans for 2020 are definitely going to reduce your healthcare costs, but you will have to find which one are right for you. We’ve given you the information you need to make that smart and informed decision and find the best plan for your needs. These are insurance plans that seniors benefit from every year, as each year you should reassess your coverage to make sure you have the best plan for you at that time.