In 2023, there is no slowing down of people turning 65. A large number of people are turning 65 and if this is you, you will become eligible for Medicare too. This transition from employer or private insurance to Medicare can be tough. Medicare is a very different journey than what you are used to with employer coverage. Choosing the best Medicare Supplement Plan in 2023 is going to be important.
How to Begin Choosing the Best Medicare Supplement Plan
Anyone who turns 65 in 2023 can apply for Medicare and opt for either a Medicare Supplement or Medicare Advantage plan. Why do you need choose one of these? Well, Original Medicare A and B only covers 80%of your healthcare-related expenses. Most people will choose to cover the rest of the 20% via Medicare Supplement Plan.
Medicare Supplements, also known as Medigap plans, are secondary insurance that help cover out-of-pocket expenses that beneficiaries are responsible for under Medicare. For example, Medicare Part B pays 80% of your approved outpatient services, leaving you to pay the remaining 20%. Medigap plans provide full or partial coverage for copays, deductibles, and coinsurance in exchange for a monthly premium.
Choosing the best Medicare Supplement Plan means you will have to pay fewer out-of-pocket costs throughout the year. It means you will be able to better calculate your expenses than if you choose an advantage plan. It’s important to be aware of all the details involved and the benefits a Medicare Supplement Plan can provide.
How Are Medicare Supplement Plans Different?
When choosing the best Medicare Supplement Plan, you might be left to wonder how to choose the best one from the best company. The good news is that this choice is very simple. The only difference in Medicare Supplement Plans is the price. You get no additional benefits from choosing a company name that you recognize. We always recommend that you choose a Medicare Supplement Plan based on price since the coverage is the exact same no matter where you go.
Other Important Benefits When Choosing the Best Medicare Supplement Plan
Medicare Supplement Plans are always superior to advantage plans. The best part is that Medicare supplemental plans do not have networks. This means you can visit any doctor across the United States that accepts Original Medicare and receive healthcare services.
The most popular Medicare Supplement plans in 2023 are Plan G and Plan N. Plan G offers comprehensive medical coverage and pays for 100% of your Medicare-approved services after you pay the annual Part B deductible ($226 for 2023). Plan N is similar to Plan G but has lower monthly premiums and more out-of-pocket expenses, including copays for doctor, emergency room visits, and excess charges. Be aware though, Plan G has much higher annual rate increases that can cause your rate to go through the roof after several years.
The cost of Medicare Supplement plans varies based on factors such as your gender, age, zip code, tobacco use, and the insurance carrier. Monthly premiums can differ for each person, and plan costs fluctuate depending on the coverage. If you want to switch from a Plan G to a Plan N, for example, you can expect lower premiums.
Can I Switch to a New Medicare Supplement Plan?
If you’re already enrolled in a Medicare Supplement plan in 2023 and want to switch to a more cost-effective carrier, you can shop for premium rates at any time. If you have a Medicare Advantage plan you must wait for an available election period. You will also need to enroll in Part D and medically qualify for a supplement.
If you’re new to Medicare, you have a one-time, six-month open enrollment period. This is the best time to apply for a Medicare Supplement. Once this period ends, you may need to undergo health underwriting to get approved for a Supplement plan.
Final Thoughts
Comparing plan options is crucial when choosing a Medicare Supplement plan in 2023. You should evaluate factors such as a carrier’s financial ratings and average rate increases to make an informed decision about which plan is best for your healthcare needs and budget.
If you are ready to make the leap into a Medicare Supplement Plan in 2023, then call MedicareInc.com at (480) 382-1823. We offer our services at no cost to you. We will show you all of your options so you can have the best Medicare coverage during your retirement years.
