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Are you wondering how to get the best Medicare Supplement plan rates? You are not alone. Millions of seniors are turning 65 each year and looking to get the best Medicare Supplement plan rate. It might seem as though there are a lot of things to consider when choosing the best Medicare Supplement plan, but in reality, most medicare supplement plans are quite similar.
What Is a Medicare Supplement Plan?
Original Medicare (Parts A & B) only pays for 80% of your Medicare-related bills. This leaves you to pay the remaining 20%. These costs include copayments, coinsurance, deductibles, etc. that you are responsible for paying. This means everyone on Medicare has a gap in their coverage.
Getting a Medicare Supplement plan can cover this 20% gap
The good news is that all Medicare Supplement plans (within the same letter) are standard across the United States (except for MA, MN & WI). The ONLY difference is the Medicare Supplement plan rate. No matter which company you get your Medicare Supplement plan from, they all cover the same basic benefits.
Which Is the Best Medicare Supplement Plan?
Medicare Supplement plans are designated by letters A-N. Right now, the two most popular Medicare Supplement plans are Plan G and Plan N. The reason these two Medicare Supplement plans are so popular is that they offer the most coverage at the lowest rates.
What Is the Best Medicare Supplement Plan Company to Get My Rate From?
Choosing a company to purchase your Medicare Supplement plan from is like choosing which grocery store to get your favorite name-brand potato chips from. Each grocery store sells the exact same products but at different prices. The same is true with Medicare Supplement plans.
For example, if you choose to go with a Plan N Medicare Supplement plan you’ll get the exact same basic benefits for Plan N, no matter where you live or which insurance company you purchase the policy from.
Generally, Medicare Supplement Plan N costs less than other plans that offer more coverage. But a lower cost also means that Plan N will fill in fewer gaps. For example, you may have to pay a co-payment of up to $20 for doctor visits and up to $50 if you go to the emergency room and aren’t admitted as a hospital inpatient. Additionally, Medicare Supplemental Plan N doesn’t cover the annual Part B deductible ($198 in 2020) or any Part B excess charges (15%), so you’ll be responsible for paying these costs yourself.
Some people choose Plan G as their Medicare Supplement plan. If you opt for Plan G, it offers more coverage than Plan N. However, the Medicare Supplement plan rate for Plan G is typically higher than Plan N.
Do I Still Have Access to My Doctor With a Medicare Supplement Plan?
One of the most exciting features of a Medicare Supplement Plan is that your plan will be accepted anywhere Medicare is accepted. If your current doctor accepts Original Medicare (Parts A & B), they will also accept your Medicare Supplement Plan.
Remember, it does not matter which insurance company you get your Medicare Supplement plan rate from. As long as your doctor accepts Medicare, they will have no problem accepting your supplement as well.
How Can I Shop for Medicare Supplement Rates?
Shopping for Medicare Supplement plan rates has never been easier. Simply fill out the form to find out which plans and rates are available in your area.