Before selecting the right healthcare plan to sign up for, it is important that you go through the comparison process for a Medicare Supplement Plan to be certain that you are choosing the right plan out of the many available options. There are 10 plans to choose from which are specific to Medicare supplement plans, and it is easy to make the wrong choice because you did not take enough time to study the options available to you.
So, assuming you have decided to go through the comparison process for Medicare supplement plan; how do you analyze the options which are available?
- Find out the exact medical coverage which you require that a basic Medicare cannot cover. Do you need Part A coinsurance, skilled nursing coinsurance, Part B coinsurance, hospice care copayment, excess charges for Part B, Part A or Part B deductibles, or any combination of the above? When going through a Medicare supplement plan comparison process, this is the most important step.
Bear in mind that your reason for choosing a supplemental plan is because your basic Medicare cannot cover for all your medical needs. This is the reason why you should maximize your efforts to find the plan that is best suited for you.
- it’s time to look at your available options once you have identified the medical coverage that you need. As earlier mentioned, there are a total of 10 available supplemental plans: Plans A, B, C, D, F, G, K, L, M and N. Each of the plans is made of a particular combination of the above-mentioned benefits. Plan A is the least comprehensive plan while Plan F is the best option which takes care of all your needs including emergency support for foreign travel.
- After making comparisons, narrow down your options to at least 2, at most 3 options. This is where you spend more time to analyze your options. This constitutes the bulk of the comparison process for Medicare supplement plan. In the end, prioritize the 2 or 3 plans based on what your needs are and according to your preference.
- The next thing to do is to look at your current financial situation. Which of the plans is suitable for what you can pay out monthly as premium? Endeavor to live within your means; if you need a Plan B but what you can afford is a Plan A, you may have to reach a compromise. If it is really an urgent need, you have no reason why you should not go beyond your means so as to get the plan that will suit your needs.
- Choose the right plan based on a careful deliberation of your financial position and your needs. Unfortunately, there are no hard and fast rules to guide you to select the best plan. Your analysis in Step 3 will give you everything you need to reach an informed conclusion.
Do not sign up for a medical policy without first going through a Medicare supplement plan comparison process. You may either end up overpaying for a plan you do not need, or settle for a plan that does not meet your needs at all.