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What is the best Medicare Supplement plan?
The best Medicare Supplement plan for you ultimately depends on your specific health care needs, lifestyle and budget. With that said, Plan G is quickly becoming the most popular Medicare Supplement plan type for new Medicare enrollees. With the exception of Plan F, which is no longer available to all beneficiaries, Plan G covers the most Medicare costs of any Medigap plan type. Those enrolled in Plan G are only responsible for paying their annual Medicare Part B deductible. After that point, the plan provides 100% coverage on all Medicare-covered medical expenses.
What is the most popular Medicare Supplement plan?
Plan F, Plan G and Plan N are the most popular types of Medicare Supplement plans. Medicare Supplement Plan F is the most comprehensive Medigap option available, providing beneficiaries with 100% coverage of Medicare-covered medical expenses after Original Medicare pays its portion. Medicare Supplement Plan G leaves beneficiaries responsible only for their annual Medicare Part B deductible, after which the plan provides 100% coverage on all Medicare-covered medical expenses. Finally, Medicare Supplement Plan N is considered a pay-as-you-go type of plan that tends to be the most affordable for beneficiaries who don’t require medical care regularly but are interested in emergency coverage.
Is Plan F the best Medicare Supplement plan?
Medicare Supplement Plan F is considered one of the best Medigap plan types due to its comprehensive nature. However, only those who were eligible for Medicare on or before January 1, 2020, can still sign up for Plan F. People who already had or were covered by Medicare Plan F before January 1, 2020, are also able to keep their plan. All other Medicare enrollees must select another type of Medigap plan.
Who regulates Medicare Supplement plans?
All Medigap plans must follow both federal and state laws and regulations in terms of how they’re labeled and what coverage they provide. Most states have a government department of insurance or similar entity that helps ensure that all private insurance providers offering plans of a certain letter or type are meeting the standards set by Medicare and marketing the plans accurately. The Centers for Medicare and Medicaid Services (CMS) also conducts targeted market conduct examinations on an as-needed basis and responds to consumer inquiries and complaints to make sure all players remain compliant with Medigap plan standards.
Is it better to have Medicare Supplement or Medicare Advantage?
Whether a person purchases a Medicare Advantage or Medigap plan depends on their specific health care needs. Medicare Advantage plans serve as a substitute for Original Medicare, providing the same coverage plus additional benefits like prescription drugs coverage (Part D). Meanwhile, Medigap plans are sold by private insurance companies to people enrolled in Original Medicare to help fill the gaps of that coverage. Medigap plans provide standardized coverage and help pay for things like deductibles, coinsurance and copays. However, Medigap policies don’t cover prescription drugs. A person enrolled in Original Medicare who wants prescription drug coverage must purchase a separate Medicare Part D plan in addition to any Medicare Supplement plan.
When can I change my Medicare Supplement plan?
Technically, you can change which Medicare Supplement plan you’re enrolled in at any time after your six-month open enrollment period closes. However, unless the rate on your current plan is increasing and you want to shop for a lower rate, there’s generally few reasons to switch Medigap plans. You also aren’t guaranteed that your application for a new plan will be accepted outside your initial enrollment period.
When does Medicare Supplement open enrollment take place?
Medigap open enrollment is a six month period that begins when an individual enrolls in Medicare Part B and is at least 65 years old. Some states may offer additional enrollment periods. After the enrollment period ends, you may not be able to buy Medigap or you may purchase it for an increased price.
How long does Medicare Supplement open enrollment last?
The initial open enrollment period for Medicare Supplement coverage lasts six months, beginning the month you’re both at least 65 years old and enrolled in Medicare Part B coverage. You can try to enroll in a Medigap plan outside this open enrollment period as well, but you may be denied coverage or subject to medical underwriting, potentially leading to higher monthly premiums for the same benefits.