Medicare doesn’t cover your healthcare in full; there are gaps. By knowing the top 3 Medicare Supplement Plans for 2020, you ensure you’re getting the best coverage.
It’s your responsibility to enroll in a policy that covers the things Original Medicare doesn’t cover.
The most significant changes to Medicare in 2020 are the elimination of first-dollar coverage plans. This change impacts all beneficiaries due to shifting the rules around between those eligible before 2020 and after 2020.
Let’s review what top Medigap plans are best for you.
Top 3 Medicare Supplement Plans for 2020
The term “Medigap” is used to describe a Medicare Supplement policy.
A Medigap plan helps cover copays, coinsurance, deductibles as well as extended hospital visits.
The top plans for you will depend on when you were first considered “Medicare-eligible.”
For those who were considered “Medicare eligible” before 1/1/2020, the top plans for you are Plan F, high-deductible Plan F, and Plan G.
For those new to Medicare in 2020 that were not eligible to enroll until after 1/1/2020, the top plans for you are Plan G, high-deductible Plan G, and Plan N.
Keep in mind; Plan N is an excellent plan for anyone regardless of when they first became eligible for Medicare. However, for the top 3, we only included this plan on one of the lists.
Top 3 Medigap Plans for those Medicare-Eligible Before 2020
- Plan F
- High-Deductible Plan F
- Plan G
For beneficiaries who are “non-newly eligible,” you’ll still be able to choose from any of the first-dollar coverage plans listed above.
Plan F is the most comprehensive policy you can purchase. It covers the Part B deductible as well as everything covered by Plan G.
This plan would be beneficial for you if making a monthly premium with no deductible or copays appeals to you. It has full benefits, and it provides proper benefits for those with ongoing health conditions.
This plan is an excellent choice for those:
- Those who frequent the doctors’ office and hospital
- Live in a state that does allow access charges (don’t forget, even if your state allows excess charges, it doesn’t mean your doctor charges them)
- Often travels outside the U.S.
High Deductible Plan F
The high deductible Plan F has the same benefits as standard Plan F. However; there’s a $2,340 deductible that you must meet before the Medigap plan offers coverage.
This plan has higher out of pocket expenses; although, you can expect a much lower premium.
High Deductible Plan F is the best choice for those:
- Looking for a lower premium
- Want comprehensive coverage
- Who wants peace of mind when it comes to medical expenses
It’s considered first-dollar coverage and won’t be available to those new to Medicare in 2020.
Also, Plan G replicates Plan F, with the only difference also being the Part B deductible.
Plan G is a wise choice for those:
- Who doesn’t want surprise out of pocket hospital costs
- Want rate increases that don’t catch them by surprise
- Like to travel outside of the United States
- Lives in a state that does allow excess charges
Top 3 Medicare Supplement Plans for those Medicare-Eligible After 2020
- Plan G
- High-Deductible Plan G
- Plan N
MACRA will no longer allow first-dollar coverage with Medigap plans for those considered “newly-eligible” after January 1st, 2020. That’s why the top policies are different from 2019.
The current MACRA law that names Plan C & Plan F as guaranteed issue plans now names Plan D & Plan G as Guarantee Iusse plans to ONLY those newly eligible in 2020.
We broke down what the standard Plan G included above, below we’ll break down the new high-deductible version.
New High-Deductible Plan G
This new policy will NOT be available until after 12/31/2019. It’s going to replace High Deductible Plan F, which is going away with the other first-dollar coverage plans.
Excellent news, this high deductible plan will be available to ALL beneficiaries… new and old.
High Deductible Plan G is a more affordable option for those:
- Not thrilled about the premium of Plan G
- Who are looking for the same benefits listed above under Plan G
Plan N is an Option for “Newly Eligible” & “Non-Newly Eligible”
Also, Plan N is one of the top 3 Medicare Supplement Plans in 2020 for all beneficiaries.
Plan N is a top choice for those:
- Looking for a relatively low monthly premium
- Are okay with small copayments
- Are not concerned about excess charges
This plan requires you to pay small copayments when you receive certain services, such as $20 at the doctors and $50 for an emergency visit. However, if you visit one of your local urgent care facilities, you won’t have any co-pays.
This particular plan doesn’t cover the excess charges. However, in Connecticut, New York, Ohio, Massachusetts, Minnesota, Vermont, Rhode Island, and Pennsylvania, Part B excess charges are prohibited.
If you’re comfortable with paying a few copayments in exchange for a lower premium, this could be the plan for you.
The Secret to a Lower Medigap Premium
When you first become eligible for Medicare, you qualify for a Guaranteed Issue. With Guaranteed Issue rights, you get the best premium, and you’re not charged based on health conditions.
In the future, if you decide to change your Medigap plan, you could incur a higher rate based on preexisting conditions. Changing policies in the future could also mean you don’t qualify for coverage.
Each company has a different rating method, by working with a Medicare expert, you’ll increase your chances of qualifying for a new policy.
Compare Rates Online for the Top 2020 Medigap Plans
Regardless if you’re newly or non-newly eligible, you can easily compare plans and rates by filling out our online rate form or by giving us a call. We’ll help you compare the top insurance carriers in your area.
Our insurance brokers can answer all your questions and walk you through the enrollment process.
Let our Medicare experts help you find the best plan in your area.