Which Medicare supplement plan is worth your money? There are ten of them, so you don’t want to end up getting the wrong one. Seniors who need more medical insurance than what they get with their current plan often ask what the best ones are, and we want to show you how you can find the top 5 Medicare Supplement Plans.
Which Is the Best?
The problem with assigning a title of “the best” to any of these plans is that for someone, any one of them could be the best plan. Plan F is a full coverage plan, taking care of all the supplemental expenses there are. That’s somebody’s perfect plan, particularly someone who can actually use all its coverage. But for someone else, someone who has very few medical expenses to cover, Plan F is the wrong choice by a long shot. It comes with too much coverage that the average person will never use and it costs too much.
That’s why we can’t call any plan the best one. There are simply too many people in different situations, and the plans all cost different rates that are based on how much they have to offer. So, if you have a lot of coverage needs, you can find a plan that is probably more affordable for you than paying for those expenses out of pocket. If you have few medical expenses and good health, you can find one that covers you for the few medical expenses not being covered by Medicare’s basic plan already.
We can say that some of the plans hold more value than others. A supplement plan like Plan G is great at offering you a lot of coverage for a good price, but even then, you may not need all it is offering. You need to find the right plan for you and your current situation.
As your needs change- and they will in time- then you need to switch up your plan and choose the most appropriate plan for your needs at that given time. You will need to choose one that fits you well for a year, as that’s about how long the terms of the plans are for. If you try to cancel the plan early, then you may have to pay some fees, and you may have trouble finding a new plan to sign up for right away. It’s better to wait for your plan’s term to expire and choose a new plan then. But you can be looking at your options and planning out your coverage while you wait.
How the Plans Stack up
With ten different plans, you know some of them are going to be very different from others. There are both low coverage and high coverage plans, and in most cases, you get what you pay for. It will cost you more to sign up for a plan that has a lot of coverage, and you only want to sign up for one of the more comprehensive plans if you need all the coverage it is offering.
You can only sign up for one of the top 5 Medicare Supplement Plans at once. They overlap quite a bit, covering a lot other same thing, so there is no point in signing up for more than one of them. But that also means that you need to choose only one that you like.
Some might say the top 5 Medicare supplement plans are:
- Plan F
- Plan G
- Plan N
- Plan C
- Hi-Deductible Plan F
You will want to spend some time comparing the plans and see which one is closest to what you need. Some of them are very similar, and for anyone looking to get a lot of coverage, we recommend comparing plans F, G and N. These high coverage plans take care of many of the same medical expenses. They all take care of copayments, nursing care, hospice care, foreign travel emergency transport, blood and more. But they differ in few key ways, and you need to look at those differences to determine which one is right for you.
Plan F, for instance, covers all supplemental charges. You should have very little to pay out of your own pocket if you choose this plan. But it may also be prohibitively expensive for you. After all, that full coverage title comes with some drawbacks, and you need to consider carefully if you need everything Plan F has to offer.
You should also take into consideration that some of what it is covering may not be expense you want to have covered. For example, the Medicare Part B excess charges it covers are not covered by most of the other plans. That’s because it is an uncommon expense and most people will never have to worry about it. If that expense is not a concern for you, then you should be looking at another plan that costs less and covers only what you need to have covered.
Compare it to Plan G or Plan N which cover slightly less, but they can cost quite a bit less than Plan F. It all depends on where you buy the plans from. Not all insurance companies charge the same for the plans that their competition does. You’ll want to compare their prices to make certain that you get the best deal. Now, you might have some concerns that if you go for the lower priced version of the plan that you would be missing out on some of the coverage you would normally expect from the plan, but that’s not the case. You can get the same plan anywhere for whatever price is being charged for it and always enjoy the same coverage.
That’s something to keep in mind as you look for the top 5 Medicare supplement Plans. Once you have found the plan you like the most, be sure you find the best price on that plan. You won’t lose overage, but you will save a lot of money.