2020 was a difficult year and it is finally time to move on especially for folks over the age of 65. It might be time to consider planning ahead regarding health insurance. Medicare Supplement plans provide high-coverage medical care options that are affordable. Medicare Supplement plans help cover medical expenses left from Original Medicare. Medicare Supplement is also called Medigap because it fills in traditional Medicare’s gaps. It is never too early to think about the kind of healthcare plan you will need for 2021. So, what will be different for next year’s Medicare supplement insurance?
Medigap Comparison Chart 2021
The chart is simple to read with the right guidance. The left column contains benefits, and the right shows the amount each letter (plan) pays. The top contains Medigap plans for 2021 offered and broken down by Plan letter. The most favored Medicare Supplement Plans for 2021 will be Medigap Plan G 2021, Medigap Plan F 2021, and Medicare Supplement Plan N 2021. Overall, there aren’t any major changes with Medigap Plans 2021, but a few things should be considered particularly for individuals with Medigap Plan F.
Medigap Plan G 2021
Medicare Plan G 2021 is currently the most popular plan that people will favor in 2021. This plan offers the highest coverage among all the supplement plans. This plan is optimal if you want a high-coverage plan. It doesn’t change its benefits no matter what company you choose to enroll with.
Plan G pays all the gaps in Medicare aside from Part B deductible. The only difference with Plan G is payment for the Part B deductible. Since Part B deductible is paid by Plan F, in Plan G, you pay for the deductible yourself. In 2021, the price for the Part B deductible will increase slightly. Part B deductible is paid once annually resetting every January. 100% of the excess gap paid with Plan G is yours for the rest of the year after you meet the deductible.
Medigap Plan F 2021
Medigap Plan F 2021 provides 100% coverage across the board. It excludes foreign travel wherein 80% for emergencies are paid. Plan F is regulated by the government. An interesting fact about Plan F is that it isn’t sold to the public but some are still covered by it. It was discontinued but anyone who hasn’t canceled it can still renew it.
Plan F covers every supplemental expense which makes it a full-coverage plan. The price could change a little bit in 2021. Unlike Plan G, the premium is higher and you only get a $198 benefit from Plan F because Plan F pays the Part B deductible for you. Currently, the deductible is only $185 and it could change slightly in 2021. Current subscribers will gain all costs from this plan because it’s been discontinued. Prices are expected to increase greatly in a short time.
Medicare Supplement Plan N 2021
Similar to Plan G, Plan N allows you to pay the Part B deductible. Plan N covers several things Plan G handles. It also covers coinsurance, nursing care, and three pints of blood. Plan N is cheaper and provides slightly lower coverage in comparison to Plan G.
However, you might gain a co-pay of approximately $20 per doctor’s visit or special visits. Co-pay will never reach more than $20 because it only requires a small amount. However, co-pays add up with more visits to the hospital. Plan G might be more ideal for you if you have a medical condition that needs visits to the doctor or if you just visit the doctor often. It can be a more cost-effective choice that pays many supplemental medical expenses. Plan N also doesn’t cover excess charges from the Part B deductible.
Ultimately, the difference between the two premiums should be considered regardless of your medical situation. For example, a couple decided to take part in a premium plan. Both premiums for Plan N and Plan G were compared. Plan N’s premiums required $30 less than Plan G per month, for each person. Both of them were healthy and obviously chose Plan N. This shows that Plan N is better for those people who pay fewer visits to the doctor’s office or have low health risks.
If you have any questions about Medicare supplement plans, give us a call at 855-249-0191 for a consultation and free quote comparison.