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 biggest 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 prior to 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 new to Medicare in 2020 that were not eligible to enroll until after 1/1/2020, the top plans for you are Plan D, Plan G, and high-deductible Plan G.
For those who were considered “Medicare eligible” prior to 1/1/2020, the top plans for you are Plan C, Plan N, & Plan F.
Top 3 Medicare Supplement Plans for those Medicare-Eligible After 2020
- Plan D
- Plan G
- High-Deductible Plan G
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 plans 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 guaranteed issue plans to ONLY those newly eligible in 2020.
Plan D offers the same exact coverage as Plan C, the only difference is the Part B deductible. It also does not cover excess charges, which are not an issue for most beneficiaries.
Plan D is a good choice for those:
- Who may travel internationally
- Don’t live in a state that allows excess charges
- Who doesn’t want to be worried about future hospital bills
- Looking for a plan with stable rate increases in the future
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
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 will be eliminated with the other first-dollar coverage plans.
Awesome 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:
- Those that love Plan G, but aren’t thrilled about the premium
- Who are looking for the same benefits listed above under Plan G
Top 3 Medigap Plans for those Medicare-Eligible Before 2020
- Plan C
- Plan F
- High-Deductible Plan F
For beneficiaries who are considered “non-newly eligible,” you’ll still be able to choose from any of the first-dollar coverage plans listed above.
Plan C currently offers the second most comprehensive coverage across all Medigap plans.
This letter plan is a smart choice for those:
- Find themselves at the doctors’ office or hospital somewhat frequently
- Aren’t concerned about excess charges (again, most doctors do not charge excess charges)
- Plan to travel abroad
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 a great choice for those:
- Those who frequent the doctors’ office and/or 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 actually 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 $2,300 deductible that must be met before your Medigap plan will offer 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.
Plan N is an Option for “Newly Eligible” & “Non-Newly Eligible”
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 become eligible for 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 plans in the future could also mean you don’t qualify for coverage.
It’s important to purchase a Medigap plan as soon as you purchase Medicare Part B. Although, working with one of our brokers means you work with one of the top-rated Medicare supplement companies.
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.