Find the Best Medicare Supplemental Insurance for Your Needs

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If you’re turning 65 or have been on Medicare for a while, you may be considering purchasing a Medicare Supplemental insurance plan. Medicare Supplement insurance, also known as Medigap, helps cover the costs of healthcare that Original Medicare does not cover, such as copayments, coinsurance, and deductibles.

The best Medicare Supplemental insurance for you will depend on your healthcare needs and budget. In this article, we’ll explore the top companies and plans for Medicare Supplemental insurance and answer frequently asked questions to help you make an informed decision.

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Top Medicare Supplemental Insurance Companies

When shopping for Medicare Supplemental insurance, you’ll want to consider the reputation and financial strength of the insurance company. The following companies are among the highest-rated for Medicare Supplemental insurance:

Company
Rating
AARP
A+
Cigna
A
Humana
A-
Mutual of Omaha
A+
UnitedHealthcare
A

These companies offer various plans with different coverage levels and premiums. It’s important to note that Medicare Supplemental insurance plans are standardized, meaning that every plan with the same letter (e.g., Plan F) must offer the same benefits, regardless of the insurance company you choose.

Best Medicare Supplemental Insurance Plans

As mentioned, Medicare Supplemental insurance plans are standardized, which means that you can compare plans from different companies based on their benefits and costs. The following plans are among the most popular:

Plan F

Medicare Supplement Plan F is the most comprehensive plan and covers all out-of-pocket costs that Original Medicare does not cover. This includes copayments, coinsurance, deductibles, and even excess charges from doctors who do not accept Medicare assignment. Plan F is not available to new Medicare beneficiaries as of 2020, but if you were enrolled in Plan F before that date, you can keep it.

Plan G

Medicare Supplement Plan G is similar to Plan F but does not cover the Medicare Part B deductible (which is $203 in 2021). Plan G may have lower premiums than Plan F, but you’ll have to pay the Part B deductible out-of-pocket each year.

Plan N

Medicare Supplement Plan N is a popular choice for those who want lower premiums but are willing to pay some out-of-pocket costs. Plan N requires you to pay copayments of up to $20 for doctor visits and up to $50 for emergency room visits. Additionally, you’ll have to pay the Part B deductible and any excess charges.

FAQ

What is Medicare Supplemental insurance?

Medicare Supplemental insurance, also known as Medigap, is private health insurance that helps cover the costs of healthcare that Original Medicare does not cover. There are ten standardized Medigap plans (labeled A, B, C, D, F, G, K, L, M, and N), and you can purchase them from private insurance companies.

When can I enroll in Medicare Supplemental insurance?

You can enroll in Medicare Supplemental insurance during your Initial Enrollment Period (when you first become eligible for Medicare) or during a Special Enrollment Period (e.g., if you lose employer-sponsored health insurance or move out of your plan’s service area). After these periods, you may have to answer medical questions and potentially pay higher premiums or be denied coverage.

How much does Medicare Supplemental insurance cost?

The cost of Medicare Supplemental insurance will depend on various factors, such as your age, location, and the plan you choose. Generally, older individuals and those in higher-cost states will pay more for Medigap plans. Additionally, more comprehensive plans (e.g., Plan F) will have higher premiums than less comprehensive plans (e.g., Plan N).

Do I need Medicare Supplemental insurance?

Medicare Supplemental insurance is optional, but it can help protect you from high out-of-pocket costs for healthcare. If you expect to have a lot of medical expenses, you may want to consider a more comprehensive Medigap plan. However, if you rarely visit the doctor and do not expect to have many healthcare costs, you may be able to skip Medigap altogether.

Can I change Medicare Supplemental insurance plans?

Yes, you can change Medicare Supplemental insurance plans at any time, but you may have to answer medical questions and potentially pay higher premiums or be denied coverage. If you’re considering changing plans, make sure to compare the benefits and costs of each plan carefully.

In conclusion, Medicare Supplemental insurance can help cover the costs of healthcare that Original Medicare does not cover. By comparing plans from top-rated insurance companies such as AARP, Cigna, Humana, Mutual of Omaha, and UnitedHealthcare, you can find the best plan for your needs and budget. Keep in mind that Medigap plans are standardized, and you can choose from popular plans such as Plan F, Plan G, and Plan N. If you have any questions about Medicare Supplemental insurance, consult with a licensed insurance agent or Medicare counselor.

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