Medicare Supplement Plans 2020

Medicare Supplemental insurance plans are undergoing some major changes for the first time in years, and seniors who are eligible for these Supplement plans or even those who have already signed up for them should know about these changes and how they will affect them. Medicare Supplement plans 2020 has in store are different from what we have seen in the past. Let’s get into what these plans have to offer and what makes them different now.

A Change in Legislation

Those who know about Medicare Supplements know that there are 10 plans in all, and each of them offers something a bit different. Some of them are high coverage plans, while others offer decidedly less coverage. You can pick and choose from a list of plans to find one that suits your needs best. No matter what kind of supplemental coverage you need for your medical expenses, there is a plan in the line-up that fits the bill.

Two of the highest coverage plans- C and F- are going to basically go away, though. These two plans offer high coverage, with Plan F covering every supplemental expenses. That makes them sought after plans for many seniors. They have some of the highest subscription rates out of any of the plans due to their high coverage. But new legislation has limited who they can be sold to.

Now, only Medicare members who have signed up for these plans can sign up for them again. If you don’t currently have a Plan C or Plan F subscription, then you are never getting one, unless the law changes again. These two plans were deemed overpriced and offering little value to the consumer, so now they are locked off for all but those who already signed up for them. Those people can renew their pans, if they want, but they may want to second guess their coverage choices.

medicare supplemental plans 2020Plan C and Plan F are entering what is called a “closed risk pool”. What this means is that since there are no new subscribers who are going to be signing up for the plans, then these two plans are likely to become more expensive. Insurance companies count on new subscribers to keep the Supplement plans profitable. They know they have to offer lower rates to longtime subscribers, but that new subscribers are more likely to pay a higher introductory rate. These two plans are often sold at a 25% markup when compared to similar plans, but they offer very little that other high coverage Supplement plans do not. This is why they are no longer being offered to new subscribers.

If you want a high coverage plan now, and you have not signed up for Medicare before, then you should be looking at Medicare Plan G or Plan N. These two Supplement plans offer a lot of coverage, but they don’t charge you ridiculous prices for it, in most cases. You can find all sorts of different prices for these plans, but you will need to source multiple quotes to find the best rate.

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Medicare Supplements and Their Coverage

You may not be familiar with Medicare Supplements. In that case, we want to make sure you know what you are signing up for with these plans and get the information you need to determine if you should indeed sign up for one of them.

First of all, you need to know that Medicare Supplements requires that you have an active Original Medicare plan. The Supplement plan is designed to only work if Original Medicare is working alongside it, so you need to have both of these plans active at the same time to enjoy supplemental coverage.

Secondly, you should be aware that private insurance companies are the only way you can get Supplement plans. You can’t go to Medicare itself and apply for one of them. Medicare may oversee these plans, but it allows private insurers to sell them. That gives the insurers some freedom as to how they can sell and set up these plans. They can set the rates they want, and they can offer more or less whichever Supplement plans they want in their own line-ups. So, while there are 10 Supplement plans in all, most of the insurance companies that sell them will only offer a few of the plans. Usually, they pick ones that they think will sell the best or that will be of the most interest to their customer base.

Medicare Supplements can cover a wide range of medical expenses for you, and all of these expenses are things that the Original Medicare does not cover. However, they are all related to Original Medicare. The way these plans fill in coverage gaps from Original Medicare is what has earned Supplement plans the name Medigap.

medicare supplemental plans 2020If you have a basic Medicare plan, then you have to pay deductibles and copayments for Medicare parts A and B. If you have a Supplement plan, then those expenses may be covered for you, depending on which Supplement plan you choose. They can cover the Medicare Part A hospice copayment, hospital expenses coinsurance, nursing coinsurance, Part B copayment and even your deductibles. Both the Medicare Part A and Part B deductible can be covered by these plans, though only a couple of them will cover you for the Part B deductible. Part B excess charges can be covered as well, but that is also a fairly rare coverage item, as it is a rare expense, and only a couple of the Supplement plans will take care of that expense for you.

The first few pints of blood you use each year can also be covered by your Supplement plan, and this item is a good example of how Original Medicare and Medicare Supplement plans 2020 is offering will work together. The Medicare Supplement plan will cover you for the first three pints of blood you use during the year, and Original Medicare will cover the rest. Normally, you would have to pay for the first three pints yourself, if you did not have supplemental coverage.

Supplement plans can also cover you for foreign travel exchange. This is something that most people are not familiar with, but it basically covers you for up to 80% of the cost of being taken to a foreign medical facility for emergency care. It only covers transportation costs, and it maxes out at $50,000 in coverage over your lifetime.

However, some Supplement plans will not cover expenses like these as much some of the other plans do. A few of the Supplement plans only cover their items for 50% or so, leaving you the rest to pay out of pocket. That partial coverage means that their premiums are cheaper than their Supplement plans, though.

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The Best Supplement Plans for 2020

We can’t say what the best Supplement plan would be for you, because we don’t know your situation. Your finances and medical needs help determine what the best plan would be, and you will have to decide for yourself what you should sign up for or if you need something else entirely.

You already know that Plan F and Plan C are off the table unless you already signed up for them. If you are looking for lots of coverage and a good price, then we suggest Plan G or Plan N as great alternatives to these two locked off plans.

medicare supplemental plans 2020Plan G covers most of the supplemental expenses we listed earlier. It will cover your copayments, excess charges, blood costs, foreign travel exchange and the Part A deductible. What it won’t cover for you is the Medicare Part B deductible, and that’s it. It covers all the other supplemental expenses, making it a robust and high coverage plan that is suitable for seniors who have a lot of out-of-pocket expenses.

Plan N closely resembles Plan G in that it covers most supplemental costs. What it does not cover is a short list, including Medicare Part B excess charges, Medicare Part B’s deductible and copayments of $20 and $50 for office visits and emergency room visits respectively.

These two plans offer a lot of coverage at a usually reasonable price, making them not just high coverage plans but also high value plans. They are some of the most economical insurance plans you can find, and that’s why we showcase them over some of the other Supplement plans. These are two of the most popular Supplement plans and for good reason.

You Should Consider Medicare Advantage

Medicare Supplement plans offer lots of value for seniors looking to have their medical expenses covered, but you have other options. One of the best alternatives to Medigap is Medicare Advantage. The Medicare Advantage plans will work as a replacement for your Original Medicare plan, taking care of all of that plans expenses, minus hospice care costs. On top of that, Advantage plans cover you for emergency medicinal care and urgently needed treatment, which covers a wide range of expenses.

That’s only the basic Medicare Advantage coverage, though. You can find Advantage plans that go far beyond that and provide you with tons of extra coverage. They can cover you for checkups for general health, for hearing and for vision. They can also cover you for prescription apparatus, such as hearing aids, eyeglasses and more. Many Advantage plans also cover Medicare Part D, which is a drug plan covering prescription medication.

All of this coverage together may seem like it would be expensive, but Medicare Advantage usually costs less out of pocket than Medicare Supplements do. That’s especially true if you find a Medicare Advantage plan that offers a $0 premium, which greatly limits your out-of-pocket expenses.

Advantage plans won’t work in any hospital or clinic, though, in many cases. You are limited by the network coverage that your insurer provides. If you go to a medical facility of any kind that is not part of their network, then you may not be covered at all, no matter which Advantage plan you choose. However, there are some choices that are available to you that determine where you can get coverage. You can choose the basic HMO plan, which most people do. That only covers you on the network and nowhere else. This is the cheapest available plan. There are also PPO plans, which give you fill coverage on the network but partial coverage outside the network. These cost more but may be better suited to your needs and the area that you live in.

Compare and Save

Whether you are getting a Medicare Supplement plan or a Medicare Advantage plan, you should compare coverage and prices on what you are interested to ensure you get a good deal. There are some very inexpensive Supplement plans available that can cover you very well. You just have to look for them and compare as many prices as you can before you make your decision.

Something to keep in mind about Medicare Supplements is that they have fixed coverage. When you sign up for a Medicare Plan G, you get all the coverage we listed above. That does not change just because you found a cheap version of it. The insurance companies selling these plans have their prices set at whatever they see fit, but that cannot have any effect on the coverage, as that is determined by Medicare and not the insurer.

This means the you can save money and still get the coverage you want simply by comparing prices. The more quotes you manage to source on a given plan, the more money you are likely to save. When you compare Medicare Supplement plans in 2020, you can see which one is being offered at the best price. We suggest figuring out which of the Supplement plans will work well for you and then sourcing quotes from different insurance companies for that specific plan. That’s your best way to get the coverage you need and save on your healthcare costs at the same time.

Compare Medicare Supplemental Plans for 2020

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