Medicare supplement (Medigap) plans aim to cover the additional health care costs that original Medicare cannot cover, mainly deductibles and co-pays. But there are various Medigap plans provided by the insurance companies that may vary in their objectives, and there cannot be one particular Medicare plan best suited for all types of circumstances.
How to decide on Medicare supplement plans?
First of all, you should keep in mind to apply for a new Medigap insurance plan in the Enrolment period (after you turn 65 or elder, and have Medicare plan B).
Secondly, it is important to consider every aspect before deciding on a particular Medicare supplement plans for 2019, which can save you money. You need to keep 3 things in mind:
- Maximum coverage- There are companies providing most or all of the Medicare Supplement plans available. However, you may want to keep in mind foreign travel emergency coverage, if you travel a lot. Keep in mind the benefits provided by each plan, and look beyond monthly premiums before deciding on one.
- Cost and price transparency- There exists a number of expenses, costs and deductibles which may be difficult to grasp. You should look for a company which is upfront about the expenditure and premiums before deciding on a particular line.
- Helpfulness and research- Be informed. The entire process of shopping for insurance can be overwhelming. But, there are companies who make the process smooth, provide face-to-face interaction (via a physical office), or well-maintained customer service and online chat.
Which are the best plans available for you?
You can keep in mind the above points:
- If what you are looking for is the maximum coverage possible, Plan F is the best one for you. It covers 100% of all benefits, except foreign emergency care, of which it covers 80%.
- In that case, Plans C, D, F, G, M and N pay 80% of qualifying emergency care in foreign countries.
- If you’re looking for a plan to cover an out-of-pocket limit, Medicare Supplement Plans K or L are the best for you. Plan K covers you after you have spent $5,120 and Plan L does after you have spent $2,560.
- If you’re looking for help for Plan B costs, Plan C or F may be best for you. Also, Plan N covers 100% of Part B coinsurance and co-payments, except a $20 office visit co-pay or $50 emergency room co-pay.