The supplemental plans that complement Medicare are a good way for people to have many of their medical costs covered. They can greatly reduce monthly and yearly medical bills and can help many subscribers worry less about having to go for tests and doctor’s visits. Below, we will detail the Medicare supplements 2019 and what they can provide for you.
About the Plans
The plans are meant to help those who already have Medicare. But while Medicare is free and provided by the federal government, the supplement plans are offered by private insurance companies and subscribers have to pay premiums on them. The premiums vary based on age, location and health status, and the rates can increase over time or be locked in, depending on the subscription plan that is used.
And while the rates may change for a variety of reasons, the coverage always stays the same across different providers. The coverage each plan provides is determined and regulated by Medicare, so subscribers never have to worry about what kind of coverage they will get when they use a different insurance provider.
Anyone that is already eligible for Medicare is also eligible for these supplemental plans. If you don’t have Medicare yet, but you know it will be available to you soon, you should also start thinking about supplemental plans. These plans are available at a discounted rate that doesn’t factor in your health status. But this discount only lasts for 6 months, starting when you turn 65. This is the best time to sign up for Medicare supplements in 2019.
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Which Plan is Right for You?
There are plenty of plans to choose from and many consumers are rightly questioning which plan will suit them best. There is no right answer when it comes to which plan is the best. Some plans simply suit certain people better than they do others.
Let’s look now at three of the most popular plans and break down their coverage for you.
Plan F ranks the highest of all the plans for both coverage and expense. It offers the most benefits, and in return, it costs the most as well. You are definitely paying for what you get with this plan. Even if you find a good rate on Plan F, you will still pay more for it than you would for other plans. But sometimes the additional coverage can actually be worth it.
Plan F covers all you for 365 more days of hospital stays, another 3 pints of blood beyond what Medicare offers, foreign medical expenses, all co-payments, every deductible, nursing care, and Medicare Part B excess charges.
Plan G offers similar coverage to Plan F, but it does not pay for the Medicare part B deductible.
Plan N provides practically identical coverage to Plan G, except you will also have to pay for any of Medicare Part B’s excess charges.
These plans are all ideal for people who need a lot of coverage and have many medical expenses to cover. They are not really suitable for people who spend very little time at the hospital and are in great health. But even if you don’t need high-coverage Medicare supplements in 2019 like these right away, it can be cost effective to sign up for them early and have them at that lower initial rate for when you do need them.