Medicare Supplement Plan Comparison

2014 Medicare and Medigap Updates

Medicare Supplement Plan Comparison

Before choosing the right healthcare plan to sign up to, it is important to go through a Medicare Supplement Plan comparison process to be able to ascertain that you are picking the right plan out of the many available options. Specific to Medicare supplemental plans, there are 10 plans to choose from and it’s easy to come up with the wrong choice because you did spend enough time studying your options.

So let’s assume for a moment that you have decided to go through a Medicare supplement plan comparison process; how do you go about analyzing the available options? Consider the following pointers:

1. Ask yourself about the exact medical coverage that you require that cannot be met by basic Medicare. Are you in need of Part A coinsurance, Part B coinsurance, hospice care copayment, skilled nursing coinsurance, Part A or Part B deductibles, excess charges for Part B or any combination of the above benefits? This is the most important step when going through a Medicare supplement plan comparison process. Remember that the reason why you are getting a supplemental plan is because your basic Medicare cannot take care of all your medical needs. For this reason you might as well maximize your efforts and find the plan that is the best for you.

2. Once you have identified the medical coverage aspects that you need, it’s time to look at your available options. As mentioned, there are 10 available supplemental plans in total: Plans A, B, C, D, F, G, K, L, M and N. Each of the plans carries a specific combination of the above-mentioned benefits. In summary, the least comprehensive plan is Plan A while Plan F presents your best option for taking care of all your needs including foreign travel emergency support.

3. Shortly after comparing, you should be able to narrow down your options to at least 2, at most 3. This is when you spend more time analyzing your options and constitutes the bulk of the Medicare supplement plan comparison process. As an end result, rank the 2 or 3 plans according to your preference based on what you need.

4. It’s time to look at your financial situation. Which of the plans match what you can manage to pay out for monthly premium ? On the one hand, you should try to live within your means so if you need a Plan B but can only afford a Plan A, you might have to compromise. Conversely, if it really is an urgent need, there is no reason not to try and go beyond your means just to get the plan that meets your needs appropriately.

5. Choose the right plan based with careful deliberation of your needs and your financial position. Unfortunately, there is no way to come up with a hard rule as to which plan to pick. But we trust that your deep thinking in Step 3 would have given you everything you need to come up with an answer.

Never sign up for a medical policy without going through a Medicare supplement plan comparison process. You can either overpay for a plan you don’t need, or end up with a plan that does not meet your needs at all. Regardless, paying for a useless plan is not the best way to spend your money. So spend time doing the necessary comparison and trust that your decisions will lead you to the best workable plan that will help you vault over a tough medical situation.