Wednesday, March 21, 2018

How to Choose the Best Medicare Supplement Plan for 2018

The Medicare Supplement Plans, sometimes called Medigap Plans, were required in August 1, 1992 to become standardized. 

That means that all companies that sell these Plans have to sell the exact same type of Plan.

Original Medicare has significant deductibles and coinsurance features that you as a Medicare recipient are required to cover.

What Med Supp was Designed For 
If you don’t have adequate personal finances to do so and you experience a serious illness and have to be hospitalized, you may find yourself in bankruptcy. The Medicare Supplement Plans were designed to address this type of situation.

After the recent revision in 2010 of the Medicare Supplement Plans, the new Plans are identified by these numbers – – Plan A, B, C, D, F, G, K, L, M, and N.

Take these factors into consideration when you make your choices. The most popular Medicare Supplement Plans for 2018 are Plan F, N, and G.

Plan F Medicare Supplement Plan
The best Medicare Supplement Plan is Plan F. This Plan pays 100% of the gaps in coverage left by Medicare and covers you quite well. With this Plan, and there are no co-pays, no deductibles, and no coinsurance. You also have the ability to go any doctor or hospital in the U.S. that accepts Medicare.

Plan G Medicare Supplement Plan
The second best Medicare supplement plan is Plan G. Plan G offers all the same coverage as Plan F, although plan G has an annual deductible, it often costs about $300 less per year in premium, so the savings can be worth it if you don’t mind paying the deductible each year at your first doctor visits.

Plan N Medicare Supplement Plan
The third popular plan for 2018 is Medicare Supplement Plan N. This Plan is similar to Plan G in that it also has a deductible. But it also requires a co-pay for office visits and a co-pay for ER visits. However, the ER co-pay can be waived if you are admitted to a hospital.

Plan G - The Best Medicare Supplement Plan
I think that the best Medicare Supplement plan overall for 2018 is the Plan G. Plan G offers you the best value for your money. After the annual deductible Plan G gives you the convenience of no co-pays and no other out-of-pocket costs, as well as ability to choose your own doctors and hospitals.

Moreover, in that this is not the most expensive plan, it will allow you to save as much money as possible while still maintaining good health care coverage. Now the next steps in securing your family's financial independence.

If you would like to learn more about the Plans and prices available in the Chicagoland area, call me at (773) 614-3201. Looking forward to hearing from you.

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