The Best Medicare Supplement Plans in 2022:
Medicare Supplements or Medigap plans are always standardized, meaning that the plan benefits are the same by letter across any insurance company so for example, a plan A will be the same Medicare supplement plan no matter which insurance company you buy it from, whether it's Blue Cross Blue Shield or Aetna or United Healthcare it's always the exact plan by letter additionally since these plans are supplemental plans they're secondary to the original Medicare benefits you can always visit any Doctor Who takes original Medicare, so there are no networks on these plans, which is what a lot of people like about Medicare supplement plans you can always choose your doctors.
So, what are the top Medicare plans for 2022 right now:
The Medicare supplement plans that generally have the best value are Medicare supplement plan G and Medicare supplement plan N; Plan G also has a high deductible version, a popular plan, especially in certain states. When you look at the cost vs. the benefit ratio, the other available plans are not as widely offered as the more popular plans like Plan G and Plan N, so Medicare supplement plan G is the most comprehensive Medigap plan available to any newly eligible Medicare beneficiary it has full coverage aside from your Medicare Part B deductible now right now the Part B deductible is $203.00 annually we project it will be about $230 a year starting in 2022. You must pay into your Medicare Part B deductible each calendar year with plan G before your coverage kicks in. After that, you're covered at 100% for any Medicare Part A or B coverage service. This means that your hospital stays, diagnostic testing, office visits, and even chemotherapy are all covered at 100% after you've met that Part B deductible; if you have plan G, this is very comprehensive coverage. Hence, it offers you that Peace of Mind knowing that you have so little out-of-pocket exposure.
Another difference between plan G and plan N:
Coverage for Medicare Part B excess charges, so plan end does not cover Medicare excess charges plan G covers them at 100% Medicare excess charges are pretty rare they're a form of balance billing that can happen if you go to a Doctor Who accepts Medicare patients, but they don't accept Medicare assignment or Medicare as payment in full in that case the doctor could bill you excess charges of up to 15% above the Medicare-approved amount for that service again excess charges are pretty rare.
Plan N has fewer benefits than plan G:
It is less expensive it has a lower monthly premium typically than Medicare supplement plan G, so when you're deciding on your Medicare supplement plan, you'll want to consider how many office visits do you typically have in a calendar year as well as your general health or maybe even your family's health history if you're someone who has frequent office visits maybe you're going to the doctor 6 times per year on average then you'll probably want to consider plan G so you don't have to worry about any copays now if your office visits are generally less than that then you may come out ahead with plan N when you factor in the savings in the monthly premium.
It would help to consider the pricing difference between plan G and plan N in your area:
In some areas, it's a big price difference between the monthly cost for plan G vs. plan N, while in some states, the difference isn't that large at all, so that's something else that you want to factor in when you're making your decision when it comes to deciding on the best Medigap or Medicare supplement plan for you.
You want to compare the benefits of the different plan letters to determine which plan best meets your needs but what is just as essential is choosing the right insurance company for your Medicare supplement plan. Hence, as we reviewed before, Medicare supplement plans are always precisely the same by plan letter no matter which insurance company you buy it from. Still, the different insurance companies can charge vastly different prices for the same plan.
Choosing a Medicare Insurance Company:
When choosing an insurance company for your Medicare supplement plan, you want to find a company that has an excellent low rate since the plans are standardized. Still, you also want to choose a good insurance company. Well, we recommend looking for a company that is at least A-rated for financial strength. A company in the Medicare market for a while has good customer service and support and has a relatively low rate increase history.
When you look back on their historical rate increases overtime, Medicare supplement rates do go up overtime you are going to get rate increases typically they happen once a year around your policy anniversary date but typically going with a company that is very strong financially means that they can handle paying out large claims and hopefully keep your rates lower over time.