What is the best supplemental insurance for Medicare?

The best supplemental insurance for Medicare can vary widely and is contingent upon a number of different scenarios, including one’s medical history, the level of savings they have accumulated, and their lifestyle. Researching this on the Internet is the single best way to help you decide which supplemental plans are best for you. Finding out your options when it comes to your insurance plan will arm you with the information that you need to make the most pragmatic decision when it comes to your insurance provider. Since Medicare will not be able to cover all the costs associated with your healthcare, finding that perfect supplemental package is absolutely essential.

A little bit more about Medicare

Medicare, in its basic sense, is a federally provided insurance package available to anyone 65 years or older. In some rare cases it is also available to American citizens who are younger than age 65 that meet certain specific requirements. As discussed on other parts of this website, Medicare is comprised of two important sections. Part one basically covers inpatient hospital visits, skilled nursing facility stays, and of course home healthcare. For example, there are certain limitations to the number of nights that a patient can spend within one calendar year without that added coverage.

Section 2 varies from section 1 in that it does indeed cover general care, including ER visits, Doctor visits that you will make on a regular basis, as well as some preventative care. If you were to stay in the hospital for up to three nights for example, that would be covered by part two.

Part one and part two combined are referred to as “original Medicare,” which actually covers 80% of all the services offered in the medical field. Of course this leaves 20% uncovered, and therefore must be covered by a coinsurance fee that is out of pocket unless the patient has that supplemental insurance that we have been talking about. This is where Medigap comes in.
Medigap plans explained in detail

In the government mandated program, senior citizens are given the option to choose from 10 federally approved supplemental programs, each which offer different benefits and each carrying with them different monthly premiums. As a rule, all companies must offer option one, which covers what the government defines as the “core benefits.” This includes coinsurance for parts one and parts two as well as the 3 pints of blood a patient must provide within a given calendar year. It is law that all plans distributed to patients must include these benefits.

The most thorough plan, and the one that most senior citizens considered to be the best on the market, is what we call plan F. In addition to the core benefits which we discussed above, plan F also covers deductibles, hospice care, superfluous charges, as well as emergency travel insurance.

Spring boarding off plan F is an even more comprehensive plan which is known as plan G. Option G covers everything that is covered by option F without option B’s deductible.

Of course which option you choose to go with absolutely depends on your lifestyle and medical needs. For some people the best supplemental insurance is the one that offers the most options. Senior citizens are often in need of more core medical coverage than those below the age of 65.

Senior citizens who are in relatively good health and who have the financial capability to cover high deductibles should a medical emergency take place might just consider these types of high deductible options. These options, which also include a more comprehensive version of option F, dovetail into what we call option K and option L.
With these options the deductible ranges anywhere from $2000-$4600. Of course these options are probably not the best choices for people who are trying to save money on their monthly premiums. While they may offer lower rates if the deductible that will get them when it’s time to pay out-of-pocket costs. When emergency happens these could be the most expensive plans if you ever need to use your supplemental insurance.

Choosing the best plan for you

The most fundamental necessity when choosing the best plan for you is fully understanding your needs. You need to ask yourself if you have any conditions that are pre-existing. Did your parents have any medical complications such as diabetes or heart problems? Analyzing your needs in this way will let you narrow down the best package for your lifestyle and potential health risks.

In the end however it is probably your financial situation that is going to play the biggest role. If you have a small amount of money saved, the best supplemental plan for your situation would probably actually be the one with the highest coverage, even when that plan comes with it is slightly higher monthly premium. Since the future state of your health is absolutely unpredictable, it’s always a wise decision to choose a plan with more coverage so that you are covered no matter what situation may arise.

Lastly your lifestyle will also determine the best supplemental insurance for Medicare for you. For example, if you plan to travel the world, you would be wise to select a package that carries with it foreign emergency coverage. Further, if you have chronic and long-term health conditions and need a little extra assistance with your everyday activities, the best package for you should obviously include nursing facility or home healthcare options. This is the time to really sit down and research what your options are when it comes to the packages available to you. You should be looking at things like your potential future situation, your current state of health, your current state of finances, and then use all that information to start looking for price quotes from the various supplemental insurance for Medicare providers. As things go, the only way to select the absolute best package for you is to do your research. We hope that this website can help you do just that.