Picking the right Medicare supplement plan 2018 may seem overwhelming when a senior first looks into getting additional insurance. Medicare supplement plans help cover the 20% that Medicare does not pay for your medical expenses, which can be extensive if you have a catastrophic illness.
There are ten standard plans available in all the states. The exceptions are Wisconsin, Minnesota and Massachusetts. The ten plans are designated letters from A to L. Plan F is the most popular and has the greatest coverage. The Plans L and K have high deductibles and lower premiums. Plan F will have high deductibles in some states. You many also like Plan N, which has many benefits to meet your medical needs.
Which Plan is the Right One?
Deciding which Medicare Supplement plan is right for you can seem to be a daunting decision. This will all depend on your financial status, medical history and your health concerns. Online there are many web sites that can help make your decision easier. There will be many private insurance companies that carry all the Medicare supplement plans and you can check out what each one offers for you in your area. Whatever Medicare supplement plan you choose, you need to know they are all the same at each insurance company. They have been standardized by the government, so Plan A is Plan A at every insurance company.
When Do I Enroll?
When you join Medicare Part B, you have 6 months to get a Medicare supplement plan. This is the best time to join since any existing medical problems will be covered and the premiums will be the lowest at the age of 65. If you wait beyond the 6 months, your medical issues may be rejected and each year beyond the 6 months will increase the cost of the premiums.
What do They Cover?
Medicare and Medicare supplement plans do not cover vision, dental, or prescriptions. There is a Medicare supplement Part D prescription plan to help with your prescriptions. There are also Medicare Advantage plans that are available through PPOs and HMOs. Going to Medicare.gov and comparing the costs will be very helpful to see what will benefit you the most.
Mistakes You Might Make
Many times people will get advice from family and friends who will tell you what Medicare supplement plans they like or have. Their medical needs may be totally different from your situation, as well as, their financial ability to pay for the premiums for these plans. You need to look closely at all the plans to determine what is best for you.