Medicare Supplement or “Medicare” plans cover health care costs such as deductibles, copays, coinsurance, and extended hospital stays that Medicare Parts A and B don’t. There are several reasons you might be shopping for a Medicare plan this year but whatever it is, there’s a plan meant just for you. Such plans are sold by private insurance companies only but the government has standardised the plans into 10 choices, known as Plan A to Plan N.
Each plan offers almost the same benefits, just plans that pay all of your out of pocket costs tend to be more expensive than plans with limited perks.
Besides the monthly premium varies depending upon the company, location, the plan you choose and when you enroll in your Medicare plan.
If you buy coverage when you are first eligible or have “guaranteed issue rights,” your plan may be more affordable as the insurance company can’t charge you extra.
If you buy or change a plan with pre-existing conditions at any other time, your premium may be higher – or you may be unable to get coverage at all. This is a major reason to buy a Medicare plan as soon as you enroll in Medicare Part B.
Best Medicare Supplement Plans
The Best Medicare Supplement Plans to forward to in 2019 are Plan N, G and F.
Plan N is our top-ranked Medicare Supplement Plan because it has numerous benefits at a moderately low monthly rate. Its benefits include a year’s worth of hospitalisation coverage after your plan expires, payment of the 20 percent Medicare Part B coinsurance, first three pints of blood needed for a medical procedure, etc.
Plan G is a great option as well as it offers more coverage than Plan N including no requirement of a copay for the doctor, emergency room visits and pays Medicare Part B excess charges but at a higher premium.
Plan G is feasible for those who have frequent healthcare provider visits, want to avoid copays, or are concerned about excess charges.
Plan F is the most comprehensive Medicare Supplement plan one can buy. But its premiums tend to be higher than Plan N or G. It has all the same benefits as Plan G, but pays the Medicare Part B deductible, which is currently $183 per year.
Alternative Medicare Options for 2019 are High Deductible Plan F and Plan K
Plan F is available in a high deductible version as well with the pre-requisite that one must meet a deductible of $2,300 before expecting any Medicare plan pay. The monthly premiums are lower but the out-of-pocket costs are not. As this is a first-dollar coverage plan minus the deductible ,it will be gone by 2020.
If having a higher share of your own expenses is your priority, then Plan K is the one for you. In this plan, one has to pay 50% of copays, deductible, excess charges, and coinsurance under Part A & B. The sole obstruction is that it is unavailable with several carriers. Those who offer it, usually give a better overall savings with Plan N vs Plan K.