The key to saving money on medical insurance and on healthcare in general is to compare coverage plans before you commit to any of them. You need to know what’s out there and how they differ from one another, so we recommend that you compare Medicare Supplemental Plans for 2017 thoroughly before you sign up for any of the plans.
How to Compare
A lot of Medicare subscribers have no idea of how to start comparing the plans. They think that most of the plans are similar or that there are too many of them to compare, and these notions are correct to some degree, but comparing is still important.
Yes, the plans do have some similarities. Most of them will have hospice coinsurance coverage and coverage for pints of blood, but it’s the places where they differ that can make a huge difference. It might not seem like much at first glance, but when you consider that the coverage offered is for the entire year and that you must pay throughout the year to receive that coverage, then those smaller items of coverage become more important.
While there are a lot of plans to choose from- ten in all- you only need to focus on the few that seem to offer what you are looking for. You start by assessing your own needs and healthcare expenses and figuring out what kind of coverage would be good for you. Then you find a plan that matches up with that well. Odds are that you will notice a few plans that are very like what you are looking for. For instance, if you have a lot of medical expenses to cover, then plans F, G and N will probably all do nicely.
Just compare those and don’t bother with the rest so you can stay focused and work on finding the best price on a plan that fits you well.
When comparing prices, you want to use a price comparing service. These are usually free, so if the one you are using costs money, then you need to ditch it for one that offers its services free of charge to you. These services get you several quotes for any Medicare supplement plans you choose. You just input the plan you want and get many quotes quickly. You can pick the lowest one and sign up through the comparison site’s links, most of the time.
You may also want to use multiple price comparison services, as not all of them will show you rates for every provider that services your area.
Comparing Coverage with Cost in Mind
The most difficult comparison you will have to make when you contrast supplement plans is how their coverage differs and how that affects their pricing. Ultimately, what you are looking for is the plan that saves you the most money while still being affordable and covering the kind of costs you need to have covered. That doesn’t mean you should go for the least expensive plan or the one with the least coverage. Instead, choose a plan that covers a lot of your most common expenses or those that would be very expensive for you to pay out of pocket.
You need to keep in mind as you compare Medicare Supplemental Plans for 2017 that some healthcare expenses are going to be higher than you can afford to pay out of pocket. These should be covered by your insurance plan, if you can afford it, because otherwise, you may go bankrupt trying to pay off your healthcare bills.
Consider how choosing one plan over another will affect your costs. Don’t just look at the price of the plan, however. You also need to look at the price difference when you take away an item of coverage and how much that item costs you to pay out of pocket. For example, Plan F covers you for all supplemental items. Plan G covers you for all of them except for the Medicare Part B deductible. So, the only difference between the two plans is that single deductible.
Now, if you only had to pay that deductible once or twice a year, then it might not be worth it to pay the extra costs associated with Plan F. The deductible is only $183, and you need to do the math and calculate how often you think you might have to pay it compared to the price difference of plans F and G. Be sure to add up the difference through the year, so that you have a fair value to compare against.
Now you see how you can determine the value difference between plans. Of course, you cannot predict how often you will have to go to the hospital throughout the year or how often you will have to pay certain expenses but you can make educated guesses based off your experiences and the expertise of your doctor.
That’s how you compare items from one plan to the next and determine if you think you will need them or not. You may be wrong on your calculations, and you can always adjust and go for something different next year. It can cost money to switch plans, but it may be worth it if it saves you money down the road. It’s a good idea to reevaluate your plans from time to time and ensure that you are still getting the best coverage you can.
Never Stop Comparing
It’s important to keep comparing plans as you grow older, even if you already have a supplement plans. If you compare Medicare Supplemental Plans for 2017, you can find the best deal instead of just going for the popular plan or choosing blindly. You want to continue to compare for the upcoming years as well. Reexamine where you are and what your needs are at least once a year to ensure that you are still getting a good deal on coverage.