Supplemental Insurance for Medicare 2021
Medicare offers a few different types of plans, but for those who are signed up for the Original Medicare plan, the best way to add coverage onto that is to purchase supplemental insurance for Medicare. This insurance comes in a few varieties, and we are going to cover some of the most popular plans as well as tell you how you can sign up for a supplemental insurance plan.
Every senior who is eligible for Medicare should at least consider Medicare Supplements. These plans have been known to save people hundreds of dollars a year on medical insurance, and they could do the same for you. Just take some time to look at your options and see if a Medicare Supplement plan could be right for you.
Medicare Supplement Benefits
The coverage provided by Medicare Supplement plans is known as supplementary benefits. These coverage times could take care of a number of medical expenses for you. These are expenses that are specifically left out by Original Medicare and its coverage, and those gaps can all be filled by the right Medicare Supplement plan.
For instance, Medicare’s Original plan covers you for Medicare Part A and Part B, but it doesn’t cover you for their copayments and their deductibles. The Supplement plans can cover those expenses for you, though. Most of the Medicare Supplements will include cover for Medicare Part A’s and Part B’s copayments as well as the Part A deductible. The Part B deductible, however, is only covered by a couple of the Supplement plans, but that only costs you $183, so it may not be necessary to have it covered by an insurance plan. There are some expenses that the Supplement plans cover that may not really apply to you or that may be cheaper to pay for yourself. Be sure to pay attention to what is being covered by any Medicare Supplement plan you are considering and compare that to what you need from an insurance plan.
Original Medicare will cover you for hospice care as well, but you have to pay the coinsurance payment yourself. That can be covered by Medicare Supplements as well. It’s an expense you would normally have to pay each time you visit the hospital for hospice care, but most of the Supplement plans will cover you for it.
The skilled nursing care coinsurance payment can also be covered by the majority of Medicare Supplements.
They also cover you for blood use- up to three pints. This is a coverage item that is renewed annually.
Not all of these supplemental coverage items will be renewed each year, though. Some of them, like foreign emergency travel exchange, will be gone forever once they run out. This one covers you up to $50,000 over your lifetime, and it only covers you for up to 80% of the cost for each incident (after a deductible). This coverage item applies to instances where you need to be transported outside US borders for emergency medical care. It doesn’t cover the cost of care, but rather just the cost of transport.
Medicare Part B excess charges can be covered by some of the Supplement plans as well. This isn’t something that is very common, but it can come in handy if you frequent a medical facility that does not accept Medicare fully.
All of these items make up the full supplemental coverage. Only Plan F will include all of them for you, and it is the most expensive plan, as you might imagine. The other plans will take only some of these items to offer you, with many of them only offering a handful of coverage items. You can pick between high or low coverage plans and be able to find a plan that should suit you without much trouble.
The Cost of Supplemental Insurance
How much will you pay for your supplemental insurance plan? That all depends on which of the plans you choose and which insurance provider you go with. All the insurance companies that sell these plans are allowed to set their rates to whatever they like. Medicare doesn’t make them use a set price. The insurance companies can even charge different rates depending on where you live.
With all the different prices to pick from, you have the opportunity to get a good deal and save some money. You can choose supplemental insurance for Medicare that is cost effective for you and yet that covers you like you need to be. In order to accomplish that, you will need to compare the plans, and you can do that most effectively by using a price comparison service, of which there are a number of these online. Just use the search tools they provide to find the plan you want and then see what prices are being offered for those plans. The more quotes you source, the better your chances will be of finding the best possible deal on the plan you want.
Where to Buy Supplemental Insurance
If you aren’t sure where to start looking for Medicare Supplements, we suggest you not bother with Medicare at all. That government medical insurance agency sells its Original Medicare plan, but it won’t offer any Medicare Supplements. These are only sold through private insurance companies- organizations like Human, Aetna, AARP, Mutual of Omaha and more. These companies have to abide by Medicare’s coverage rules, and they can only sell the Medicare Supplement plans that Medicare has created.
That means that there is a limited number of plans available, and none of the insurance providers are going to offer the full selection. They just pick and choose what they think most people will be interested in.
By using a price comparison service, you can find out how much the major companies and the companies in your local area are charging for Medicare Supplements. You can easily determine who has the best prices and just choose the cheapest version of the plan you want.
Which Plan to Choose?
There are nearly a dozen Medicare Supplements to choose from, and picking the right one is crucial to saving as much money as you possibly can on medical insurance. After all, there are a lot of seniors who save hundreds of dollars every year by choosing the most suitable coverage plan for their needs. Only you can determine which plan is best for you, as there is not one set plan that works well for everyone. You will have to determine which of the plans is a good fit for you.
If you are fairly well covered by Original Medicare already, then you may not even need a Medicare Supplement plan. On the other hand, if you have a lot of medical expenses left over after Original Medicare provides its coverage for you, then you probably need a high coverage plan, such as Plan F, G or N. These plans offer a ton of coverage and pack in lots of value with their coverage. Take your time looking through them and the other plans to find the right fit for you.
You can sign up during Medicare’s Open Enrollment, which takes place on October 15th and goes until the 7th of December. During that time, you get the best rates and you will be guaranteed to be approved for any plan that you apply for, so long as you qualify for Medicare Supplements.
Be sure to look at your coverage needs and your finances before you settle on a plan. Once you agree to a contract for any plan, you are bound to that until the end of the contract, which is usually a year. So, make sure that you are choosing the right supplemental insurance for Medicare. This is a decision that only you can make.