Compare Medicare Supplement Plans for 2020
If you are going to find the right kind of medical insurance plan for your needs, you have to compare the various ones that are available to pick from. When you compare Medicare Supplement plans for 2020, you get a better idea of what they have to offer and how they stack up to one another. Some of the plans simply won’t work well for you, covering more expense than you need to have covered or covering far less than what you need. Either way, you would be wasting money, and you need to find the right plan.
We’ll show you what you need to do in order to compare the plans and find the right one for you. We’ll also cover the basics of Medicare Supplements so that you have a better understanding of them and how they compare to some of your other options. You do have more options than just Medicare Supplements, such as Medicare Advantage. This kind of plan may be more economical in some instances, and it covers you for different things.
Advantage plans cover you for the majority of Original Medicare (everything except the hospice expenses) as well as for urgently needed medical services and emergency healthcare. They may also cover you for Part D prescription drug plans and annual checkups.
The Supplemental Coverage
Now, let’s look at what Supplement plans cover. When you compare Supplement plans, you won’t only want to compare them to one another (there are 10 of them), but you also want to compare them to other options like Advantage plans.
The 10 different Supplement plans will all cover different items for you. Many of them cover a lot of the same things, but then differ in some small way from each other. However, they all get their coverage from the same list of items, which is as follows:
- Deductibles for Medicare Part A
- Deductibles for Medicare Part B
- Copayments for Medicare Part A hospital expenses (up to 365 days)
- Copayments for hospice care
- Copayments for Medicare Part B
- Coinsurance for nursing care
- Excess charges for Medicare Part B
- Foreign travel costs in emergency medical situations (up to 80% with a limit of $50,000)
- Blood not covered by Original Medicare (the first three pints each year)
These items make up the list of supplemental coverage, but you will only find one Supplement plan that includes them all. That would be Plan F. Other plans come very close, offering most of these items, such as Plan C and Pan G, which only miss out on covering one item each from that list. Plan N comes in very close as well, covering all but a few small items from that list, making it a high coverage plan too.
Before You Compare, Know the Changes
You should be aware that some changes have hit the Medicare Supplement plans recently. Before you get too deep into comparing plans, you need to understand that some of the plans probably won’t be available to you.
Plan F and Plan C are under a restricted status, and only those people who are already signed up for these two plans will be able to get them in 2020. They simply are not being offered to new Medicare subscribers, so if you have never signed up for a Supplement plans, you will not be able to get either of these two plans.
You probably would not want to at this point anyway, since they are going to become more expensive over a short period of time. These two plans are in a closed risk pool that means the insurance companies selling them need to increase their prices to offset the loss of profits encountered by not having any new subscribers sign up for them. Usually, the insurance companies can change more to new subscribers and keep their old subscribers happy with low rates, but that’s not possible anymore with Plan C or Plan F, so the current subscribers will have to bear the price increases and the high rates.
You still have other plans to choose from, though, so take a look at those and see how they compare to one another and to your own needs. If you are a current subscriber to Plan C or Plan F, take this information as a warning to seek out a different plans soon. The rates are likely to increase soon, so don’t wait too long to choose a more suitable plan that covers you about as well at a much better price.
These are the only changes that are expected to affect these Supplement plans for now. There are generally very few changes to be concerned about when it comes to Supplement plans. It is expected that the prices on each plan will increase steadily each year, but those tend to be minor increases. The insurance companies responsible for selling them are allowed to set their own rates, and they tend to do so about once a year. That means that once you sign up for a plan and stay with it for the full duration of the term, which is usually a year, then you will likely be facing a small price increase when it comes time to renew the pan.
The line-up of plans tends to change every now and then as well. While there are 10 plans to pick from (or eight for many people), the individual insurance companies can choose the plans they want to offer to their customers. They can create their own distinct line-up using the plans and coverage that Medicare has created. They may change their line-ups every so often to reflect changing trends and to meet their customers’ demands for specific plans.
As far as coverage on the individual Supplement plans goes, though there are no expected changes upcoming. They are expected to stay the same and offer the exact coverage they have offered for the past few years. Medicare will generally warn Medicare subscribers about upcoming changes like that long before they occur so the people have time to get ready and change plans if necessary.
Comparing the Plans
Now that you understand the various Supplement plans better, it’s time to learn how to compare Medicare Supplement plans for 2020. We urge people to compare the plans so that they can find the most suitable coverage. We urge them to compare the prices so that they get the best deal possible.
To compare the plans by the coverage they offer, you need to examine coverage for each of the Supplement plans. You can find detailed coverage on each plan by visiting Medicare’s website. You’ll see that there are only minor differences between many of the plans, and those differences may not seem important to you. However, imagine the difference of paying for something out of pocket one time per year or paying to have it covered all year long. There will be some expenses that are cheaper to just pay yourself rather than to have one of these Supplement plans cover it for you.
Look at each item of coverage and see how they apply to you. Consider that you should be trying to find coverage not just for the moment but for the entire year. Make sure you get a plan that can cover you for the rest of the year, and if you are not sure what kind of medical problems you may experience, it would be wise to consult your doctor.
Your doctor can tell you what to expect and what kinds of expenses you may be dealing with over the course of the year. It’s also a good idea to consult with your insurance agent and see what your options are and what recommendations your agent makes for you.
You can compare the coverage on these plans right on Medicare’s website, picking out which plan is best for you, but the comparisons don’t stop there. It is also vital that you compare prices. Remember that we told you earlier that the companies that sell these plans are allowed to set their own rates. That means that you can find all sorts of different rates on the same plan.
The important thing to remember about this is that pricing has no effect on coverage. The insurance company Aetna may offer Plan G at a great price while AARP may offer Plan G at a much higher price. You could pick between these two options but wonder if the coverage on those two Plan G’s will be any different. You should know that the coverage remains the same, so you can’t lose out on coverage just because you are getting a good deal.
Go for the cheaper plan, so long as everything else is equal. You may want to factor in the customer service and reputation of the company you are signing up with, but as far as pricing and coverage go, it is always better to go for the cheaper plan. You still get covered just as well and you enjoy a low price.
We recommend finding as many quotes for Supplement plans as possible. Once you pick out which of the plans you want to sign up for, you should compare as many quotes as possible. The best way to go about that is to use a price comparison service. This is a free online service that lets you search for whichever coverage plan you want, and then in a matter of moments it gives you a list of quotes from different insurance companies. The quotes are usually drawn directly from the insurers’ websites to make certain that they are accurate and up to date.
The more time you spend comparing these plans and their prices, the better off you will be. Your chances of finding a great plan at a great price will go up considerably. You can sign up for 2020 Supplement plans in that tail end of 2019, so you have some time before that window comes around. Take this time and use it to compare the plans and source prices as much as you can, knowing that prices could change before that signup period.
Ultimately, choosing a medical insurance plan of any kind should be a way for you to save money. If you are not saving money by choosing a Supplement plan, then consider one of the alternatives. It may often be cheaper to pay for expenses out of pocket than to have a Supplement plan take care of them for you, and you need to look for instances like that. One good example of this is the Medicare Part B deductible. It is a $183 expense that is paid infrequently, and yet the Supplement plans that cover it (only a couple do) will cost you far more than other Supplement plans that offer identical coverage except for this one item.
You should be able to find a Supplement plan that helps you out and that covers your costs for you. as medical care costs rise from year to year, your need for medical insurance will likely increase. As you grow older and require more medical care than you did in previous years, your need for a coverage plan will increase as well. There are some medical expenses that will simply be too high for you to cover on your own. You will need help with them at some point, and it may be wise to sign up for one of the Medicare Supplement plans.
In 2020, Medicare supplemental insurance will save seniors hundreds and even thousands of dollars apiece on their healthcare costs. You can enjoy the same savings, but you don’t want to settle for anything less than the very best, most suitable coverage plan.
Sort through your choices and compare Medicare supplement plans for 2020. You can find the one that fits you well, if you follow the advice we have given you here and you take the time to contrast pricing and coverage on the various plans.