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What Is The Best Medicare Supplement Plan For 2020

The best Medigap plan for 2020 is not needless to say the best plan for 2021. This requires additional research to determine the answer to these questions. The principles are the same and the approach is similar so let’s begin with a review of the 2021 plans. When we understand the basics then we can move on to the difference in the carries. 

Medicare Supplement Plans Comparison Chart 2021

 

* Plans F and G also offer a high-deductible plan in some states. With this option, you must pay for Medicare-covered costs (coinsurance, copayments, and deductibles) up to the deductible amount of $2,340 in 2020 ($2,370 in 2021) before your policy pays anything. (Plans C and F aren’t available to people who were newly eligible for Medicare on or after January 1, 2020.)
** For Plans K and L, after you meet your out-of-pocket yearly limit and your yearly Part B deductible, the Medigap plan pays 100% of covered services for the rest of the calendar year.
*** Plan N pays 100% of the Part B coinsurance, except for a copayment of up to $20 for some office visits and up to a $50 copayment for emergency room visits that don’t result in an inpatient admission.

 

Best Medigap Plans

 

There are no best Medigap or Medicare Supplemental Insurance policies, as far as the plans themselves. All Policies A-N are standardized. In other words, each plan offered each carrier is the same in its offerings for each plan A-B-C…etc. They must follow federal and state laws designed to protect you, and it must be clearly identified as “Medicare Supplement Insurance.” Insurance companies can sell you only a “standardized” policy identified in most states letters.

Each insurance company decides which Medigap policies it wants to sell, although state laws might affect which ones they offer. The major differences are the companies reputation, history, and rates. Even though each plan is standardized the rates can be different and how they are rated. It seems simple at first glance all Supplements are the same but this not completely true. We will be here to guide and advise you. 

 

Consumer Reports Best Medicare Supplemental Insurance

 

Consumer Reports is an independent, nonprofit member organization that works side side with consumers for truth, transparency, and fairness in the marketplace.

Woody’s Insurance is also an independent organization for profit. What does this mean to you? We represent several companies that offer multiple insurance products. So we represent you and not the companies. We are actually paid the carriers to represent them to the client. This is why we can be more objective. We could have mention other nonprofit organizations, but the point is insurance brokers should be transparent as to where and how they are compensated. Also, be able and willing to answer any question you may have to your satisfaction in writing if necessary. 

Anything we tell you at Woody’s Insurance we can verify with a third-party source. There is also a government agency designed to protect you and the public in general. Such, Medicare.gov, Social Security Administration, to mention a few. 

 

What Is The Best Medicare Supplement Insurance Plan

 

If you’re questioning “What’s the best Medicare Supplement insurance plan?”- you should be aware that there is no “best” plan for everyone. To find the best plan that will work for you, consider the types of benefits the different plans cover.

Up to 10 Medicare Supplement insurance plans are sold in most states. The plans are standardized and are labeled A, B, C*, D, F*, G, K, L, M and N. (Medicare Supplement insurance Plans A and B should not be confused with Medicare Part A and Medicare Part B.) All plans, A-N, cover Medicare Part A hospital coinsurance (up to an additional 365 days after Medicare benefits are used) at 100%. Beyond hospital coinsurance, the plans begin to vary. All plans A-N cover Medicare Part B coinsurance, the first 3 pints of blood for a medical procedure, and Part A hospice care coinsurance at least 50%. Plan K covers them at 50%; Plan L covers them at 75% and Plans A, B, C*, D, F*, G, M, and N cover them at 100%. Please note that Massachusetts, Wisconsin, and Minnesota have their own standardized plans.

The next thing to determine the best Medicare Supplement insurance plan for you is cost. Different insurance companies may charge different premiums for the same policy is something to keep in mind. plans are rated or priced in 3 ways.

  • The first way, “community-rated, “does not depend on age. People of different ages and gender pay the same premium. Premiums may go up because of inflation and other factors but not because of your age.
  • The second way, “issue-age-rated,” sets the rate depending on the age of the person when he or she purchases the policy. Premiums may go up because of inflation and other factors but not because of your age.
  • The third way, “attained-age-rated,” sets a premium at your current age and continues to go up as you get older. Premiums may also go up because of inflation and other factors.

Other factors may influence the price of the policy, such as if the health insurance company offers discounts to non-smokers or married people and if it uses medical underwriting. Medical underwriting could use a pre-existing health condition as a basis for charging a higher premium.

Once you understand your eligibility, what benefits you want to be covered, and pricing differences, you will be able to determine what the best Medicare Supplement insurance plan is for you.

Woody’s, licensed insurance agents can help you compare plans in your area, or you can compare plans on your own. In most cases, you should verify your sources before making a final choice. Armed with the basics your next move will be the companies and the offerings in your area.

Average Cost Of Medicare Supplement Plan F

Medigap Plan F also includes a high-deductible option available in many areas. With this plan, you’ll owe an annual deductible of $2,370 before Medigap pays out, but the monthly premiums are usually much less expensive. High-deductible Medigap Plan F is a great option for people who prefer to pay the lowest monthly premium possible for this coverage.

Here’s what Medigap Plan F covers:

  • Part A coinsurance and hospital costs
  • Part A hospice care coinsurance or copayments
  • Part A nursing facility care coinsurance
  • Part A deductible
  • Part B coinsurance or copayments
  • Part B deductible
  • Part B excess charges
  • Blood transfusions (up to 3 pints)
  • 80 percent of foreign travel costs

There is no out-of-pocket limit with Medigap Plan F, and it does not cover either of your Medicare Part A and Part B monthly premiums.

As noted above, all Medigap plans are standardized law – except if you live in Massachusetts, Minnesota, or Wisconsin. In these states, Medigap policies are standardized differently, so you may not be offered the same coverage with Medigap Plan F.

Medicare Supplement Plans Comparison Chart 2021

*Medigap Plan F is also offered as a high-deductible plan some insurance companies in some states. If you choose the high-deductible option, it means you must pay for Medicare-covered costs (coinsurance, copayments, deductibles) up to the deductible amount of $2,370 in 2021 before your policy will pay anything.

**For Medigap Plans K and L, after you meet your annual out-of-pocket limit and your annual Part B deductible ($203 in 2021), the Medigap plan pays 100% of covered services for the rest of that calendar year.

***Plan N pays 100% of the Part B coinsurance, except for a copayment of up to $20 for some office visits and up to a $50 copayment for emergency room visits that don’t result in an inpatient admission.  You can find this chart as well as other great info in Medicare’s Choosing a Medigap booklet as well, which you can find here.

****Medigap Plan G also has a high-deductible option. In 2021, the HDG deductible is $2,370.

 

What Is The Best Medicare Supplement Plan For 2020

The best plan for 2020 may not be the best plan for 2021. We can provide Quotes and support information for you to make a decision. Our goal is for us to advise and you to decide the foundation of Woody’s Way. We have been helping folks just like you for over 10 years. The reason we mention 2020 at this point is due to the principles are the same as in 2021 except for minor excepts. We will help you find your best option. You may have discovered the correct plan in 2020 however we will help you find your best choice in 2021. Especially if your medications have changed or your supplement does not fit your budget. 

The best Supplement Comparison Chart for 2021 is from our quote tool which gives you an accurate quote for you personally. We can not only give a quote but send you the information you need to further investigate the best plan for you. We not only provide quotes but offer you free no-hassle information, we want to earn your business. Try Woody’s Way!

Medicare Supplement Rates

The average cost of Medicare Supplement plans varies because health insurance companies have three ways that they price these plans:

  • Community-rated: Premiums are not rated based on your age.
  • Issue-age-rated: The monthly premium will be based on the age at which you purchased the policy.
  • Attained-age-rated: Premiums will increase with age.

Prices vary between insurance companies and regions. But, as a general reference, below is the average monthly

What Is The Average Cost Of Supplemental Insurance For Medicare

According to MedicareWire research, the average Medicare Supplement premium in 2020 was $154.50 per month. They evaluated over 100 Medicare Supplement plans to find out how much does it cost for Medicare supplemental insurance? Here’s what they learned:

  1. The amount of coverage the policy offers is the #1 factor.
  2. Your zip code and age significantly influence Medicare supplement plan cost.
  3. Costs vary carrier and rating method (attained-age, issue-age, community).
  4. Gender and use of tobacco influence costs.
  5. Several other factors influence Medicare supplement insurance cost, too, we can help you with those factors most others are unique to your situation. Please give us a call we can help.

Community Rated Medigap Plans

The states that offer community-rated Medigap pricing sometimes know as Medicare Supplement community-rated, can be different from state to state and area to area. In many cases, community-rated pricing of premiums which charges the same for everyone that purchases that particular Medigap Plan, and the age of the purchaser does not affect the premium or price. However other factors like inflation may increase the price.

Even though this may be true community-rated pricing or possibly issue age could you least-cost option. The attained age rating is the third type of Medigap premium pricing. It is important to know how the various companies in your state and area price their policies. Contact Woody’s Insurance and we can explain and assist you in finding the best and most economical plan for you in your area.

Rate Increase History For Medigap Plans

It Is fairly reliable you can count nearly every year. Clients that ask us this question if the Supplement rates will increase each and especially how much. The answer to the first question if the rate will increase is YES. Each company has a history of how much their rates have increased over time and how much. Unless they are a new company.

Any agent that tells you differently is untrustworthy.

Most Medigap policies have a rate increase once a year, usually on your policy anniversary. Some carriers increase on your birthday month instead. Depending on your policy type, you may even experience a rate increase during your birthday month and anniversary month.

Medigap Plan C

Plans C and F aren’t available to people who were newly eligible for Medicare on or after January 1, 2020. However, Plan C covers basically all the Medicare-approved out of pocket expenses. The only area it doesn’t cover is the Medicare Part B excess charges. Plan F is the only plan that offers more coverage. Although Plan C is being fazed out it is still available to many. We represent companies that have Plan C if it is right for you.

Medigap Plan D

Medigap Plan D is about midway between the least and most comprehensive Medicare Supplement insurance plans. Medigap Plan D covers many out-of-pocket costs associated with Original Medicare but does not cover the Part B deductible or Part B excess charges.

Medigap and Supplement insurance plans are offered through private insurance companies, so costs and availability may differ. Some insurance companies might not offer Medicare Supplement insurance Plan D policies.

We have carriers that do, it is an excellent balance of price and benefits.