If you are looking for medical coverage for yourself, then it only makes sense to want the best coverage available. But what are the best Medicare Supplemental Plans for 2017? We’re going to take a look.
What Supplemental Coverage Offers
When you sign up for a supplemental coverage plan from Medicare, you get coverage that goes beyond the basic Medicare plan. You won’t find supplemental plans through Medicare, though. You have to buy them privately, at individual insurance companies. Medicare only regulates their coverage for you.
The coverage these plans offer can take care of hospice care, blood, foreign emergency medical transport, copayments, deductibles and even more. It can basically take care of all the medical expenses you could accrue that the original Medicare plan doesn’t take care of already. You can pick how much coverage you want by choosing a plan that fits your needs. There are a few to choose from, so it shouldn’t be too much trouble to find a plan that suits you.
Supplemental plans cannot be stacked, and you can only have one at a time, since there would be a lot of overlap between them. They cover lots of the same things, and many of the plans are every similar, which makes finding the best plan a challenge sometimes.
Is There a Best Plan?
We want to clear up this conception about their being a supplemental plan that is better than all the rest. That simply isn’t so, as there isn’t any plan that outshines the rest and that would be the best plan for everyone to go with. If there was, there wouldn’t be the need for all the other plans.
There are plans that offer more coverage or that cost less than the rest, and your particular needs will determine which plan is the right choice for you. If you are pretty well covered by the basic Medicare plan already, then there would be little point in you buying a full coverage or high coverage plan. That would be a waste of money for you, since you may never even use most of the benefits that plan offers. Instead, the best plan for you would be one that offers low coverage and doesn’t cost much.
If you look at the plans that most people opt to sign up for, you’ll see that they are usually high coverage plans such as F, G and N. These are the plans with the most coverage overall, and they have the highest price tag as well. You may or may not need one of these plans. They are great options for lots of people, but they could be the wrong choice for you. You simply have to assess what your needs are and then find a plan that fits them well.
Even among the plans that are often considered the best Medicare Supplemental Plans of 2017, there are some small differences that may make one better than another, though. If we had to pick high coverage plan that we think packs on the most value and tends to have the best prices, then it would be Plan G. It has nearly full coverage, but it only lacks coverage for the Medicare Part B deductible. This is probably something that most people won’t have to pay very often, and it’s not a big charge, as hospital expenses go. It only costs $183, and if you only have to pay for it a couple times out of the year, it doesn’t make sense to pay for the higher priced Plan F that covers it all year long.
Choosing the Right Plan for You
If you want the best plan in your situation, then our need to consider the way your medical costs will be added up over the year. You have to think about which expenses you are likely to pay multiple times each year and which ones you may never end up having to experience. Consider those you only pay once or twice a year and how it may be cheaper to just pay those out of your own funds. That’s often the case with those rare expenses, which is why we recommend that people not go with Plan F most of the time. It used to be the most popular of the plans, but its popularity has started to wane over the last few years as people realize that Plan G is a more economical choice.
You may not be sure what your coverage needs are, and you may not even be ready to look at supplement plans. That’s okay, and you need to start by assessing what needs you have. Look at how much you pay each year to healthcare facilities and how much of your medical expenses are already covered by your insurance. Look for the gaps in your insurance where you end up paying and see about trying to cover those. Remember that you don’t have to get every medical expense covered, and you can pay for some on your own and save money that way.
You also have to take your budget into consideration. You may want more coverage than you can afford, and you need to live within your means. Choosing the right plan is a balancing act of coverage and cost, and finding the right one takes some time. That’s why we recommend you start early in planning out which coverage plan will be a the best one for you. You may not find out the answer in a few days. It could take you weeks of assessing and comparing to come to the right conclusion, so the earlier you begin to look at the situation and compare coverage, the more likely you are to make the right decision when the time comes.
Finding the best Medicare Supplemental Plans for 2017 may not be an easy task, but it is worth it, and you will enjoy the benefits and savings it brings when you finally find that right plan.