Comparing the Medigap Plans
Medigap plans are the easiest to shop for. You can review the chart below taken from the Medicare website, find the plan you want, and then shop for the best rates for that plan with various insurance companies through an independent agent. Here’s why it’s easy:
Every company that sells a Medigap plan must use the chart below for giving benefits. They cannot vary from the coverage under each letter. Therefore, a Plan F from UnitedHealthcare is identical to Plan F from Mutual of Omaha or Cigna or Aetna, or any other company for that matter. These plans are federally regulated.
In most cases, we have found that the Plan G offers the best value. The only difference between it and the Plan F is that the Plan G does not pay the annual Part B Medicare deductible (which is $185 in 2019). Yet many times the difference in premium between these two plans is $300 or more per year! Check our video comparing Plan F and Plan G for more detailed information.
How Do I Choose The Best Plan?
Plan F is by far the most popular plan. But the Plan G has been gaining market share as more people are educated about its value over the Plan F, as mentioned above. We have also seen increased interest in the Plan N in the last few years. Plan N offers lower premiums if you are willing to take on some cost sharing – specifically up to a $20 co-pay for doctor visits and $50 co-pay for emergency room visits. See our video on Plan N for more information.
Integrity Senior Solutions can do a Medigap comparison by comparing the rates of all the plans and all the insurance companies in your ZIP code. We will gladly send you a PDF printout of the plan customized to your needs, or you can watch along on your computer screen or tablet in real-time as we show you the options available to you through our quoting system.
The Official Medicare Supplement Plan Chart
The chart below shows basic information about the different benefits Medigap policies cover. This page is taken directly from the Medicare and You booklet, an official publication from Centers for Medicare and Medicaid Services (CMS):
If you live in Massachusetts, Minnesota, or Wisconsin
If you live in one of these 3 states, Medigap policies are standardized in a different way. For more information on how your plans are standardized, click here to go to the Medicare.gov page that addresses this.
The above chart is great for seeing how the plans compare side by side. As I mentioned previously, Plan F and Plan G are the most popular plans. They cover the most of Medicare’s gaps. Both plans leave you with the lowest out of pocket expenses for a low monthly premium.
The one thing that we hear the most from people that are deciding which Medicare coverage path to choose is that they want to go to any doctor, specialist, or hospital that they want to. They do not want to be restricted by a network. That is a great benefit of a Medicare supplement plan. It doesn’t matter who your Medigap coverage is through – if your doctor accepts Medicare, they will accept your Medicare supplement, too.
If we can answer any questions or to speak with a licensed independent agent call us at 888-228-6119. Also be sure to check out our YouTube videos.
Be sure to enroll in our FREE 5-day email Medicare Made Easy mini-course. We have put together this quick course spread over 5 days to help those who are new to Medicare. There is also a worksheet to help you keep track of the items you need to address when turning 65. To register that email mini-course, click on this link.