What Is The Best Medicare Supplement Plan For 2022

Determining the best Medigap plan for 2021 requires additional research as the best plan for 2020 may not necessarily be the best plan for 2021. While the principles remain the same, and the approach is similar, it's essential to review the 2021 plans before making any decisions. Once we understand the basics, we can then move on to the differences in carriers.

Medicare Supplement Plans Comparison Chart

* 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 Supplementpolicies in terms of the plans themselves, as all policies from Plan A to Plan N are standardized. This means that each plan offered by each carrier offers the same benefits under Plan A, B, C, etc. Federal and state laws are designed to protect you, and insurance companies can only sell you a "standardized" policy identified in most states by letters and clearly labeled as "Medicare Supplement."

While each insurance company decides which Medigap policies it wants to sell, state laws may affect which ones they offer. The major differences among carriers lie in their reputation, history, and rates. Even though each plan is standardized, the rates and how they are rated can vary among carriers. At first glance, it may seem like all supplements are the same, but this is not entirely true. At Woody's Insurance, we are here to guide and advise you on your Medigap options.

Consumer Reports Best Medicare Supplements

Consumer Reports is a nonprofit, independent member organization that strives for truth, transparency, and fairness in the marketplace alongside consumers.

At Woody's Insurance, we are an independent, for-profit organization. This means that we work with various insurance carriers to offer multiple insurance products, and we represent you as the client, not the companies. Our compensation comes from the carriers we work with to represent them to you. This allows us to remain objective and provide you with the best options for your needs. We value transparency and are willing to answer any questions you may have in writing.

At Woody's Insurance, we can verify any information we provide to you with third-party sources. Additionally, there are government agencies, such as Medicare.gov and the Social Security Administration, that are designed to protect you and the public. We are committed to providing you with reliable information and assisting you in finding the best insurance options for your specific needs.

What Is The Best Medicare Supplement Insurance Plan

If you're wondering what the best Medicare Supplement Insurance Plan is for you, it's important to understand that there is no one-size-fits-all solution. To determine the best plan for your needs, consider the types of benefits each plan covers.

Most states offer up to 10 standardized Medicare Supplement Insurance Plans, labeled A, B, C*, D, F*, G, K, L, M, and N. Plans A and B should not be confused with Medicare Part A and Medicare Part B. All plans, A through N, cover Medicare Part A hospital coinsurance (up to an additional 365 days after Medicare benefits are used) at 100%. However, beyond hospital coinsurance, the plans begin to vary. All plans A through 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%. It's important to note that Massachusetts, Wisconsin, and Minnesota have their own standardized plans.

Cost is the next factor to consider when determining the best Medicare Supplement Insurance Plan for you. Different insurance companies may charge different premiums for the same policy, so it's important to keep this in mind. Plans are rated or priced in three ways.

The first way, "community-rated," does not depend on age. People of different ages and genders 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, it's recommended to verify your sources before making a final choice. With a basic understanding of the plans available, your next step is to research the companies and offerings in your area.