By knowing the top 3 Medicare Supplement plans for 2020 you ensure you’re getting the best coverage. Medicare doesn’t cover your healthcare in full, there are gaps.
It’s your responsibility to enroll in a policy that covers the things Original Medicare doesn’t cover.
The term “Medigap” can be used to describe a Medicare Supplement policy. A Medigap plan helps cover copays, coinsurance, deductibles as well as extended hospital visits.
If you loved our post “Top 3 Medicare Supplement Plans for 2019“, you’ll love what we have in store for 2020!
For those new to Medicare in 2020, Plan F will be discontinued. However, if you’re eligible before 2020 then you can enroll in Plan F when you enroll in Medicare.
Review the Top 3 Medicare Supplement Plans for 2020
The government has 10 standardized Medigap plans, identified as Plan A through N. Although, those residing in Massachusetts, Wisconsin or Minnesota have different options.
Private insurance companies sell Medicare Supplements. Plans with the same letter, have the same benefit.
For instance, Cigna Plan F has the same exact coverage as a Mutual of Omaha Plan F. The difference is usually in premium.
If Mutual of Omaha offers Plan F for less, then go with them. Every Medicare Supplement has a premium.
Plan selection can determine the cost. When you choose a first-dollar coverage plan, expect to pay first dollar premiums.
If you select a cost-sharing plan, you’ll have a lower premium.
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.
Plan G is the Best Medicare Supplement
Medigap Plan G offers coverage almost as comprehensive as Plan F. The only difference between Plan G and Plan F is the Part B annual deductible.
For 2019, the standard Medicare Part B deductible is only $185 for the entire year.
Plan G offers great benefits, including:
- Part B coinsurance coverage
- First 3 pints of blood
- Hospital or Skilled Nursing Facility coinsurance and copayments
- Medicare Part A deductible of $1340
- 365-lifetime hospital days after Medicare
- Foreign travel emergency, up to plan limit
- Part B excess charges
Plan G is our number one Medicare Supplement recommendation because it tends to make the most sense for many beneficiaries.
The premium of Plan G in addition to the $185 annual deductible is typically lower cost than the annual premium cost of Plan F. Meaning overall, Plan G can offer you more value.
You don’t need to worry about Medicare Supplement Plan G going away in 2020. As a matter of fact, those new to Medicare in 2020 will see that Plan G has more benefits than any other plan available to them.
Plan N is Our Runner-Up
Medigap Plan N is one of the top 3 Medicare Supplement Plans for 2020. Plan N has a relatively low monthly premium as well as nice benefits.
Plan N requires you to pay small copayments when you receive certain services; such as $20 at the doctors and $50 for an emergency visit.
Medicare Supplement Plan N doesn’t cover the Part B 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.
Plan F Could Still be an Option
In 2020, Plan F will be discontinued for those New to Medicare. However, if you’re eligible before 2020 then you can enroll in Plan F when you enroll in Medicare.
Medicare Supplement Plan F is the most comprehensive policy you can purchase. Plan F will cover the Part B deductible as well as everything covered by Medicare Supplement Plan G.
The only reason this Plan F isn’t ranked number one is that the costs tend to be much higher than other policies.
Plan F would be beneficial for you if making a monthly premium with no deductible or copays appeals to you. This plan has full benefits, and it provides proper benefits for those with ongoing health conditions.
High Deductible Plan F for 2020
The high deductible Plan F has the same benefits as standard Plan F; however, there is a $2,240 deductible that must be met before your Medigap plan will offer coverage.
High deductible Plan F has higher out of pocket expenses; although, you can expect a much lower premium.
This plan is considered first-dollar coverage and won’t be available to those new to Medicare in 2020.
Compare Rates Online for the Top 2020 Medigap Plans
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.