Medigap Coverage

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In Comparing the Best Medicare Supplement Plans, 2020 Introduces Changes

best rated medicare supplemental insurance plans

Medigap plans are offered in 10 standardized benefits packages in all states (with the exception of Massachusetts, Minnesota, and Wisconsin). When comparing the best medicare supplement plans, 2020 introduced some new changes; namely the omission of new enrollees (those who are newly eligible on or after January 1, 2020) in Plans C & F.

However, with many policies available, from Medicare Supplement Plan A through N, there are still plenty of coverage options for practically any need. Each of these policies differ according to the benefits they will cover; and the more the benefits that a policy covers, the more expensive its premium will be.

Additionally, premium pricing methods on any single policy will affect your overall cost. A policy that seems to have an inexpensive premium, may at first glance appear to be

the best supplemental insurance with Medicare that you can buy

. However, the coverage may actually end up being much more expensive as you age. With that being said, it is important to note the three (3) different ways that insurance carriers can set their premium prices:

No-Age Rated (also termed Community rated). The premium is the same for everyone with no relation to age. Medicare supplement insurance experts claim that this pricing method is the least expensive over time, although it may not reflect that when you first purchase it.

Issue-age-Rated. Premiums are based on your attained age when you first purchase the coverage. The premium will not go up as you get older, but will increase due to cost inflation.

Attained-age Rated. Premiums start lower, but increase as you age. This is the most expensive policy over time.

best rated medicare supplemental insurance plans

Medicare Supplement Plans Comparison Chart

compare Medigap policies

Medigap Benefits

Medicare Plus Medigap Supplemental Policies

B
C
D
F *
G *
K **
L **
M
N ***

Source: Medicare.gov

Medicare Supplement Plan F and Medicare Supplement Plan G – Some states offer a high deductible plan. With this, you must pay for expenses covered by Medicare, including coinsurance, copayments, and deductibles up to the $2,340 in 2020 before your policy covers any payments. ( C and F are not purchasable by those who are newly eligible on or after January 1, 2020.)

** K and L – Upon meeting your out-of-pocket annual limit and your annual Part B deductible (currently $198 in 2020), the Medigap policy covers 100% of Medicare covered services for the remainder of the calendar year.

*** Medicare Supplement Plan N – Covers 100% of the Part B coinsurance, with the exception of a copayment of up to $20 for some facility visits and up to a $50 copayment for emergency room visits that do not conclude in inpatient admittance.

Note: If you reside in Massachusetts, Minnesota, or Wisconsin, Medigap policies are standardized in a different way, so make sure to ask your Insurance Agent for quick medigap reviews to uncover any important details.

Policy Ratings & Policy Audits

Medigap vs. Medicare Advantage

Unlike Medicare Advantage,

Medigap policies are not rated; meaning there are no best rated Medicare Supplemental Insurance Plans.

This is because the benefits of any specific Medigap plan will not differ from one carrier to another, as long as the company is offering the same letter plan. For example,

a Medicare Supplement Plan B with one insurance company will not be any different than the same B policy at another company (with the exception of premium amounts). 

Medicare supplemental policy auditing operations are quite simple. As opposed to Medicare Advantage plans, Medigap does not make any coverage decisions; they are standardized. Medigap only covers the portion of your medical bills that is not fully covered by Medicare, for example, Part A & B deductibles and copays. If Medicare partially covers your bill and you still owe a portion of the balance, your Medigap will cover the costs, period.

Despite the fact that Medigap is standardized, consumer protection rules for Medigap are not uniform in every state. Although the federal government has minimum guidelines in place for consumer protection, many states have chosen to include additional consumer protection rules.

Why wait? By clicking the ‘Get a Quote’ button at the very top of the page, you will be contacted by an agent who can provide you with the best medicare supplemental plans in your area. The agent will answer any of your questions, provide you with more resources to compare Medigap policies and help you evaluate the best supplemental Medicare plans available. After that, you simply decide if the pricing is right and you can begin receiving coverage right away.