The Best Medicare Supplement Plans

What is currently the best Medicare supplement plan in the market? An attempt to respond that question without an analysis of the situation does not make much sense to anyone who seeks to own a Medigap policy. On the surface, it would be very easy to say Plan F bears the most comprehensive and should therefore be considered the best Medicare supplement plan. However, you might not be so keen to agree, when you put suitability and premium cost into consideration.

The fact of the matter is that there is no one best Medicare supplement plan that is suitable for everyone. Finding the right plan for you requires an analysis of the implications and trade-offs of each selection.

When assessing Medicare supplement plans in 2019, the following important pointers should be considered:

The more expensive a specific plan is, the more comprehensive would be the plan coverage. The least basic Medigap offers usually fall between $90 and $110 per month; and depending on your location, the most comprehensive plan cost about $450 or higher. The huge discrepancy in premium cost is a major determinant of what should constitute the best Medicare supplement plan on the market.

Suitability, as an extension of the cost consideration, is also critical when comparing and assessing Medigap plans. Assuming you can pay for a $450 Medigap plan because money is not an issue and a $180 plan can suitably meet your medical needs, would you have need to purchase a Medigap policy which is more expensive? If so, won’t that be tantamount to wasting money that you’ll never use? Striking a balance between need and coverage is the most important factor to consider before anyone can say they have chosen the best Medicare supplement plan.

Here are some tips that can help you get the best Medicare supplement plan:

  • Do a proper assessment of your needs. Talk to your doctor ahead of time about your most common medical needs so you know the areas where a Medigap policy will be most helpful.
  • Next, trim down your selection to 2 or 3 option plans. Do not limit yourself to just one plan type before seeing the quotes. You may get favorable offers within your budget that will still address your needs.
  • Next, get as many offers and quotes as you can find so you can make comparison.
  • Think about it before making a choice. A deliberate decision-making process is required to get the best Medicare supplement plan. You cannot find it by making impulsive decisions.