How much of you think Medigap insurance will cost you? If you don’t bother to compare Medicare Supplement Plans for 2018, then you won’t actually know. You will only be guessing, taking a shot in the dark and possibly overpaying for coverage you need.
Instead of just guessing, let us help you. You can start by comparing the kind of coverage each plan has. There are 10 plans, all with different coverage. One plan covers everything that’s possible to cover while other plans barely cover much at all. The amount of medical care you have to pay for after Medicare is through providing its coverage can tell you how much supplemental coverage you should go for. Once you have done that, then you can compare the costs of the plans. They will all be different, and even the individual plans come with different price tags. How much you pay depends on where you shop for plans and who you shop with. The same insurance company selling the same plan can charge two different prices for the plan depending on where you are.
Any Medicare supplement plans decision needs to start with a coverage comparison. There are 10 plans in all, and you don’t have to look at all of them in order to make your decision. You can probably tell what level of coverage you need by just looking at your own medical expenses right now. If you pay a lot for medical care after Medicare has provided its coverage, then you probably need a high-coverage plan.
The high coverage ones are the most popular by far. Most people feel that if Medicare is too little for them, then they need to go all out and get some serious coverage. That’s not a bad idea, as the more coverage you have the more you will be prepared for unexpected expenses and emergencies.
The three high coverage plans are labelled Plan F, Plan G and Plan N. They go in that order too, with Plan F ranking the highest in total coverage. It’s the only one of the plans to offer full coverage, taking care of most deductibles, most co-payments, nursing coinsurance, much of your hospital stay expenses, most of your foreign travel exchange costs, some more blood and the excess charges for Medicare Part B.
All that is covered by Plan F, and you can get similar coverage if you decide to go with Plan G. That plan covers all the same items we just listed above except for one of the deductibles. That’s the Medicare Part B deductible, and it will only cost you $183.
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Plan N doesn’t cover that deductible either, and it also skips out on coverage for the Part B excess charges as well as for some smaller co-payments.
You can choose from one of these three plans if you want high coverage. Most people pick one of these, but if you compare Medicare Supplement Plans for 2018, you’ll see that Plan F isn’t very economical. It costs a lot and it covers a lot, but you can get better cost savings by choosing Plan G or Plan N.
A Note on Coverage: The amount of coverage these plans offer can change from time to time. Medicare updates them every so often, changing out how much coverage they have or just getting rid of plans or adding plans as it sees fit. Of course, it is going to let its subscribers know about these changes long before they happen. So, if the plans were to change and the coverage were to be altered, Medicare and Medigap subscribers would be made aware of it. For now, the coverage isn’t changing at all. All through 2018, the coverage will stay the same.