What are the Best Medicare Supplement Plans for 2019?
Medicare Supplement Insurance, or Medigap, brings a pack of benefits’ coverage to augment what is being offered by the Original Medicare. This health insurance plan helps pay for those healthcare-related expenses not covered by the Medicare Part A and Part B and helps protect and shield a person from unexpected costs brought about by rising healthcare services and treatments. From among the ten primary plans, let us find out which will turn out to be the best Medicare Supplement Plans for 2019.
What is the Medicare Supplement Insurance?
Medigap policy helps fill in the holes left behind by Medicare Part A and Part B. Available through private health insurance companies; Medicare Supplement Insurance plans help pay for the cost of copayments, coinsurance, and deductibles. Aside from that, these plans also provide coverage for health care services not included in the Original Medicare such as foreign travel emergency care.
Medigap works with the Original Medicare in such a way that Medigap coverage sets in after Medicare paid its share of the amount for the covered healthcare costs.
It is also different from Medicare Advantage Plan, or Medicare Part C, in a way that Part C provides the different option of acquiring Medicare benefits while Medigap is a supplemental policy to the Original Medicare. Unlike Medicare Advantage Plan, Medigap does not offer vision, hearing, or dental care. One cannot have a Medigap policy if he has coverage under Medicare Advantage Plan unless he is returning to Original Medicare.
In order for one to have coverage under Medicare Supplement Insurance, a person must already have Medicare Part A and Part B. It is important to remember that having a Medigap policy also means paying for a monthly premium, in addition to what is paid for Part B premium.
A person can avail of a Medigap policy once he is already 65 years old and has already enrolled in Medicare Part B. Once these two conditions were already satisfied, a qualified person may buy a Medigap policy during the six-month open enrollment period. If he fails to acquire one during this period, a health care insurance provider may reject your application if he does not meet the company’s medical underwriting requirements.
There are ten different types of Medicare Supplement Insurance carrying different sets of benefits’ coverage. Though they all bring a standardized set of benefits, their cost may vary depending on the company offering it or in the state where a person is acquiring it. A plan that provides a wide range of benefits may cost higher than those who only provides a handful. Finding out the best Medicare Supplement Insurance for 2019 will not be based on a particular set of criteria but each specific plans will best fit the condition and financial capacity of the person who will use it.
Medicare Supplement Insurance Plan F has the complete set of benefits’ coverage among the ten plans and as such, it is also the costliest among the bunch. It might be the best Medicare Supplement Insurance for 2019 for those who have severe conditions and needs to visit the hospital frequently. This way, a person can save money, as Plan F covers all of the required benefits under the Medigap policy. But if the person has an optimum health condition, then buying Plan F may not be as beneficial, as it is.
Most people consider Plan G as the best Medicare Supplement Insurance for 2019. It is almost as comprehensive as Plan F except that it will not pay for the Part B deductible. Taking a more in-depth look, paying for Part B deductible still costs less if compared with paying for the full-coverage of Plan F.
Next contender for the best Medicare Supplement Insurance Plan for 2019 is Medigap Plan N which is almost identical to Plan F, only less expensive. Plan N covers 100 percent of the cost of Medicare Part A coinsurance and hospital costs of up to an additional 365 days after Medicare benefits have been used, first three pints of blood, Part A hospice care coinsurance or copayment, skilled nursing facility care coinsurance, and eighty percent of foreign travel emergency healthcare, up to the plan limits.
Plan N also pays for 100 percent of Part B coinsurance, except for the amount of copayment which can be up to $20 for a visit to the doctor and up to $50 copayment for emergency room visit that does not result to inpatient admission. The $50 copayment is waived, however, if the patient is admitted to the hospital.
Medicare Supplement Insurance Plan N will not pay for Part B deductible and excess charges. Taking a more in-depth look at this will give an idea of how getting this plan will be more beneficial to a person who wants significant health insurance coverage but has a limited budget. Part B deductible for 2017 was set at $183, and this is the amount a person will need to pay as soon as he receives Medicare Part B services under Plan N.
Part B excess charge, on the other hand, is the amount a person pays for the service of a doctor or other healthcare provider, which they charge over and above what the Medicare approved. Under the Medicare program, medical professionals are allowed to charge an additional 15 percent over the Medicare approved amount.
The rest of the plans—A, B, C, D, G, K, L, and M—are still in the running as the best Medicare Supplement Insurance for 2019, as they have their advantages over the others. How they fit the needs of a person getting the Medicare Supplement Insurance without breaking the bank is the accurate measure of their efficiency and cost-effectiveness.
Indeed, there is no way to single out a specific plan to say that it is the best Medicare Supplement Insurance plan for 2019. One has to take time to do his research and find out which among these plans will fit him the best and where he will be able to have peace of mind and sense of security.
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