Medicare Supplement Plans Comparison Chart 2021
Traditional Medicare was created to assist the elderly with medical costs. Once people hit retirement, many are on a fixed budget and need to make it last. That means they cannot afford unexpected expenses. But, there are still a bunch of out of pocket costs left for seniors to cover when they only have Medicare. Medicare Supplement plans were introduced as a way to provide seniors with options for additional coverage based on their requirements. They help reduce the out of pocket costs. To help out, we have put together a Medicare Supplement Plans Comparison Chart for 2021.
This chart offers information about the different plans designed by Medicare. This helps you get a quick and simple overview to determine what works for you and won’t do.
Why Compare Medicare Supplement Plans
While Medicare Supplement comes in 10 different plans, insurance companies do not usually carry them all. Instead, they generally offer a lineup that includes 7. The amount of coverage is different between each plan, and you should always compare each one to decide what is the right choice. You need to learn which plans will reduce yours out of pocket costs that outweigh the premium and Part B deductible. Some plans are high coverage, others only cover essential care.
There is an advantage to the number of plans available, but we often hear how it makes it seem more complex to choose the right one. There are options that offer a wider amount of benefits, a larger network, and then there are some that offer minimal coverage.
Many seniors make the mistake of thinking a high-coverage plan provides the best deal and most peace of mind. However, the problem with that is with overpaying for medical coverage you do not use. If you are not suffering from a severe illness, you may be satisfied with a medium or low coverage plan, which has cheaper premiums.
If you are able to afford some out of pocket costs, then we suggest looking at these other plans. Just be sure you make a note of which medical expenses you want to ensure are covered in case something does change. Some choose a slightly higher coverage plan to give themselves a safety net.
Because of the various options available, it is important that people take the time to research them all. While Medicare does regulate the minimum benefits included in Medicare, the plans are sold by insurance companies across the country. These insurance providers may be known nationwide, or smaller companies that tailor to local areas. Either way, they have the ability to set their own rates and include membership perks to add more value to plans.
That means there are more things to look at when comparing rates than just going with the lowest rate. You will be better off taking a little time to compare benefits to ensure you get the ones that cover your current out of pocket expenses. Also, look at the membership perks, if there are any, between the different insurance companies. They often add things such as free gym access or discounts that can save you even more during the year.
Once you decide which plan is right for you, this can help narrow down where you purchase the plan as well. You may find the plan you want is not offered by all of the companies in your area. Another thing to consider is how claims are filed. There are some carriers that allow clients to file a claim online only. This can make it easier for many seniors who may have mobility issues as it does not require getting out and going to a physical location. However, some seniors may prefer paying in person.
Customer service is another area to check into. You can learn more about how good the insurance providers’ customer services are in a couple ways. You could call them directly and speak to an agent to learn more about how knowledgeable and helpful they are. Also, researching reviews online is another method. You will want to choose a company that has a trusted support line in case anything ever went wrong. For instance, denied claims or questions about coverage. You could also call to ask about their current membership perks.
With all of these factors, it is significant that you assess them all and compare carriers and plans. This gives you the best opportunity to get a plan that will save you the most money over the year. After all, saving is the reason people look into supplemental coverage. You don’t want to pay for extra coverage only to have massive out of pocket expenses for medical care or visiting your doctor.
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What Are The Most Popular Medicare Supplement Plans?
The following will go over the most commonly purchased plans. Seniors often go for these because of their high coverage status. In all, there are ten plans, but only eight will be available for new enrollment. However, we will cover the now delisted Plan F as seniors who already have it can continue renewing.
Plan F
This was, at one point, the most popular of all the plans because of its full coverage status. That means it would pay the costs for every Medicare approved treatment. Because of this, insurance companies also charged the most for it. Over time, because of inflation and the cost of living going up, the monthly premiums also increased.
It was delisted by Medicare because of how expensive it had gotten. However, they are allowing seniors that had it already, to continue renewing. The benefits have not changed, but carriers do continue to increase the price each year as fewer seniors are enrolled in it.
It covers all of the following benefits:
Medicare Part A deductible
Medicare Part B deductible
Part A hospice coinsurance
Part A Skilled Nursing coinsurance
Part B excess charges
Part A and B copayments
Three pints of blood per year
Foreign Travel Transportation
All of these costs are covered in full between Medicare, and Plan F. This eliminates out of pocket costs, but the monthly premiums are very expensive. They are so high, seniors were deciding to switch from Plan F to an alternative high coverage plan, such as Plan G or Plan N.
If you are not sure which plans are similar to Plan F, you may use our Medicare Supplement plans comparison chart for 2021.
Plan N
The third highest covered plan is Medicare Supplement Plan N. This is the second most popular plan to go with now because of the balance it gives seniors when looking for a mix between a high coverage option and a lower premium each month.
This plan is more suited for those that need a high amount of coverage, such as a frequent doctor or ongoing treatments. However, it leaves some of the smaller costs as out of pocket expenses. Therefore, you should consider rates that are less than the out of pocket costs and premium together.
Out of pocket expenses include some copayments, coinsurance, and excess charges, which can be up to 15% of the invoice. Excess charges are not that common, but you can call your doctor to ask if they charge them or not before making a decision.
Plan G
Currently, the most popular option, Plan G, helps cover most of the same costs as the previous leader (Plan F). While it does not cover everything, it still offers comprehensive coverage that takes care of the majority of costs. It is also much cheaper than Plan F premiums.
The Medicare Part B deductible is the one expense that remains out of pocket with this option. Currently, this fee is $198. It can change annually, but not usually by a drastic amount. However, it does cover the Part A deductible, which saves $1,400 or more each year. The deductible must be paid out of pocket before benefits kick in.
Many seniors have saved hundreds per year with Plan G, despite paying almost two hundred out of pocket at the start of the year. That is because they are covered for all of the essential stuff, the high dollar medical care, and the smaller things like copayments and coinsurances.
Plan G covers foreign travel for emergencies, covering up to 80% each time. Three pints of blood for transfusions, and all the other things in Plan F.
Due to it now being the most comprehensive plan available, it is the most expensive premiums compared to the other plans. However, it is often priced competitively as it is one of the more common plans most insurance companies carry. Because of that, you could find it much cheaper when comparing rates.
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Choosing The Correct Plan
This is very important, you want to ensure you are choosing a plan that you will be happy with for the remaining part of the year. Once you enroll, it is not easy to switch until the annual open enrollment period. This period lasted from October 15th to December 7th and was introduced to provide a better structure and sense of coverage.
The first thing you want to do is write down all of your current out of pocket expenses for medical treatments, doctor visits, hospital stays, and so on. Then figure out how much you are spending and find a plan that will cover the expenses you need help with the most. This will give you a starting point.
After you know which plan covers most or all of your out of pocket costs, compare the rates with similar plans that either covers a little more or less. This will give you an idea of how many monthly premiums will be and gives you the opportunity to choose the most affordable route.
If you can pay for occasional copayments out of pocket, something like Plan N may be a better fit. This gives you a balance. But, if budgets are tight or you want to know there are no unexpected costs in case something happens, Plan G might be the better choice.
However, if you are in good health, and you rarely go to the doctor, a smaller coverage plan could be just as sufficient. The most common benefits people look for is coverage for Part A deductible each year.
The worst thing you can do when choosing a Medicare Supplement plan is to go with the first one you see or just choosing the lowest premium. That is because you may find that you still have a lot of out of pocket costs, you may not have enough coverage, etc.
Likewise, you do not want to go straight for the highest coverage plan, either. You may be paying a lot more than you need to for benefits you do not use. That is why comparing is important.
Comparing Medicare Supplement Prices
Guaranteed coverage is given to all Medicare Supplement plans during your initial open enrollment period. This period lasts six months and begins three months before you turn 65. This period allows you to enroll in the plan of your choice without being asked medical questions by the insurance companies. That means they cannot increase quotes based on pre-existing conditions. Also, they cannot deny you for any reason.
Therefore, this gives you the best rates possible, and if you miss this opportunity, they can charge more based on your medical conditions or deny you for being too high risk. They can also ask medical questions and deny you during the annual open enrollment period, meaning it is important you choose a plan that you’re satisfied with for the foreseeable future.
If you need help finding a plan that provides adequate coverage after looking at the Medicare Supplement plan comparison chart for 2021, we are here to help. We have a team of professional agents that are great at answering your questions and helping you determine the best plan to choose.
