To determine the best Medicare Supplement insurance plan for you, you need first to determine which form of Medicare health insurance you currently have. Here are a few tips to figure out whether you’re eligible for a Medicare Supplement package and find out the top 10 Medicare Supplement insurance companies
Ways to determine the best Medicare supplement insurance plan
Hospital and outpatient health care benefits via Medicare can be obtained in one of two forms. The first is “Original Medicare,” which consists of Medicare Part A (hospital insurance) and Part B (medical insurance.) The second choice is to enroll in Medicare Advantage (Part C). On the other hand, hospice treatment is also protected by Medicare Part A, even though you’re enrolled in a Medicare Advantage plan. With Original Medicare, you can only use Medicare Supplement insurance policies. In fact, an insurance provider is prohibited from selling you a Medicare Supplement insurance plan unless the agent is aware that your Medicare Advantage plan is about to expire.
How to find the best Medicare insurance plan?
If you’re thinking, “What is the best Medicare Supplement insurance plan?” keep in mind that there is no such thing as a “best” plan. Consider what types of benefits the different policies cover to find a package that will work for you.
Types of Medicare Supplement Plans
In most states, up to ten Medicare Supplement insurance options are available. Plan names are written A, B, C*, D, F*, G, K, L, M, and N, and the plans are standardized. (Medicare Supplement insurance Plans A and B are not to be confused with Medicare Parts A and B.) Both plans, A-N, cover 100% of Medicare Part A hospital coinsurance (for up to 365 days after Medicare benefits have been used). After hospital coinsurance, the arrangements start to differ. Both Medicare Part B coinsurance, the first 3 pints of blood for a surgical operation, and Medicare Part A hospice care coinsurance are covered at least 50% of all plans A-N. Plan K provides 50% coverage; Plan L provides 75% coverage; and Plans A, B, C*, D, F*, G, M, and N provide 100% coverage. Please keep in mind that Massachusetts, Wisconsin, and Minnesota each have their own set of rules.
Benefits of Medicare Supplement Plans are:
- Coinsurance in a skilled nursing hospital
- Deduction for Part A
- Deductible for Part B
- Excess fees in Part B
- Emergencies in international travel
Some insurance providers also sell Plan F* as a high-deductible plan. It means that in 2021, you must pay the $2,370 premium before the Medicare Supplement insurance plan pays anything.
Other considerations, such as whether the health insurance provider provides discounts to non-smokers or married people and whether it uses medical underwriting, may have an impact on the policy’s cost. A pre-existing health condition may be used as a justification for charging a higher premium in medical underwriting. You’ll be able to figure out which Medicare Supplement insurance plan is best for you if you know your eligibility, what benefits you want to be covered, and the price differences.