What Is The Best Medicare Supplement?
You are now moving into the Medicare world. You have been getting mail advertising all different plans and medicare supplement options. The question we get from all our customers is ” What is the best Medicare supplement plan I can get?” In this post, we will go over what the most popular plan options are across the county and what other factors you should consider when choosing a plan.
Best Medicare Supplement Plan Options
There are several different Medicare supplement plans to choose from several different companies. The top two supplements in 2020 for most people are Medigap Plan N and Medigap Plan G. These two plans offer the most comprehensive coverage for your money and are popular enough throughout the country to keep your rates low. Take a look at the charts below to see the difference in benefits of these two plans.
There is just a couple differences in these two plans. Plan N will have a $20 copay for office visits and a $50 copay for ER visits. Plan N also does not cover Medicare Part B Excess Charges. Plan G will not have any copays for those visits and also covers the Part B excess charge.
Both Medigap Plan G and Plan N are considered the best Medicare supplement plans because they offer such great benefits.
Which Supplement Should You Choose?
Now that you know the benefits of the plans, how do we help determine which plan will best fit you? There are several things that will play into this decision making process. Here are some things that you will want to consider before choosing which plan is best for you.
- Your Budget– While we all want the best plan out there for you, we also want to make sure we are getting something that will work with your budget. Medicare Plan N will on average be $15 to $20 less than Medicare supplement plan G. This will vary depending on your age, location, tobacco use and the companies available to choose from.
- Your Health- Your health should definitely be something you consider as you look at choosing between Plan N and G. If you know that you are going to be seeing the doctor multiple times a month during the year or in the future, you may be better off with Plan G. This is because you are only going to save around $20 per month with Plan N and will be spending that or more with office visit copays. This also means that if you are only going 1 or 2 times a year, you may very well be better off with Plan N.
- Part B Excess Charge– While many doctors work with Medicare, not all of them accept Medicare assignment. This means they can charge you more than the Medicare-approved amount up to an additional 15%. Many doctors do accept Medicare assignment but if you are not sure you can either ask the doctor or look it up here. This is a risk to be aware of when choosing a Medicare supplement Plan N.
- Your Future Premiums– Getting a good price right away is something we all want and look for when shopping for anything. Medicare supplements premiums usually start low with a lot of companies but as time goes on, these prices will get higher. This is why we start out by making sure you get with a reputable company who is stable and won’t need to raise your rates to make up for their losses. Also there is a new trend we have noticed when comparing Plan N and Plan G rate increases. Plan N is seeing much lower rate increases than that of Plan G. Plan G has seen increases anywhere from 3%-7% and Plan N has been anywhere from 0% to 5%. A lot of this has to do with the company you choose as well. So if you are looking at your future premiums you may also find that Plan N will be the more beneficial option because you not only start with a lower premium but will also see smaller price increases over time.
- Discounts– Some companies will offer you a household discount just for living with another person. There are some specific requirements that will vary from each company as to what will qualify you for a discount. Give us a call or text at 866-319-5886 and we can help figure out which company will work with you to give you a discount.
Best Medigap Option Review
In summary, there is not a one size fits all that is the best Medicare supplement plan for everyone. Contacting an agent that can help you look at all the options is the best thing you can do. We do not charge anything to help you but will do everything to get you the best plan for you. We will consider everything discussed in this article to make sure you get what you need at the best price possible. Call or text us at 866-319-5886 now and set up an appointment to look at your options today.