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.