Medicare Supplement Plan G 2020
There are nearly a dozen Medigap plans available for 2020, but Medicare Supplement Plan G 2020 is going to be the most popular. It has always been one of the favorite supplementary plans due to its high coverage and affordable rates, but now that some changes are happening to the higher coverage plans, Plan G gets it chance in the spotlight.
How MACRA Is Affecting Medicare Supplements
There are big changes happening in Medicare due to a new set of regulations known as MACRA. This act changes the way ID cards are issued and what is listed on them, but it also has a major impact on the supplementary plans.
In particular, it basically delists Medicare Supplement Plan F. This plan offers full coverage on all suppletory expenses, covering seniors for all their deductibles, copayments, coinsurance costs, excess charges for Part B of Medicare, foreign travel costs for emergency medical incidents and the first three pints of blood you use each year. It covers all of that at what is often a very high price, ad this is why Plan F is being left off the list of available plans for new subscribers.
In fact, the only people who can sign up for Plan F in 2020 are the ones who had Plan F coverage for all of 2019. They can renew their Plan F, but no one else can access it. Plan C is going the same way, and these two plans are going to see major price increases as a result. When plans enter this kind of closed risk pool, the insurers have to jack up the prices to make up for the lack of new subscribers.
What to Know about Plan G
Medicare Supplement Plan G is a great choice to use instead of Plan F. Even if you have Plan F right now, we would suggest dropping it for Plan G instead. That’s because Plan G offers just about the same amount of coverage but charges you much less for it. That’s even truer now that Plan F is in a closed risk pool and is getting steadily more expensive. The gap between that plan and Plan G is going to get much larger very quickly.
Plan G is able to cover you for all the Medicare Part A deductibles, the Part B excess charges and the Part A coinsurance costs for hospice care. It covers the nursing care coinsurance too, as well as the copayments for parts A and B of Medicare. It will even cover the cost of blood you use each year as well as the foreign travel exchange that applies when you need emergency medical transport outside the US borders.
All of this is offered to seniors at a pretty reasonable rate, most of the time. The rates will vary from one provider to the next, and you can use our site to compare them. We have a quote search tool that provides you with a list of quotes for any plan you want to look at. If you want to see how much insurers are charging for Medicare Supplement Plan G, then you can search it on our site for free and get an answer back in a matter of moments. You’ll see a list of quotes from insurers in your local area. You can use that information to find the cheapest versions of the plan you want, never worrying that you are going to miss out on some coverage. The coverage remains the same regardless of the price.
MACRA is introducing a new Plan G to help take the place of the discontinued Plan F. This will be called High Deductible Medicare Supplement Plan G. It covers all the same expenses as the regular Plan G. The one difference is in the pricing. It has a higher deductible, yes, but it also has a lower monthly premium, which can help balance out the cost and may even make it a cheaper plan for some seniors. We don’t know what the cost of the deductible will be yet or which insurers will be selling this plan, but we do know that we’ll have the prices for you as soon as they become available. Keep checking back with us to see when they are revealed, as we frequently update our site with the latest pricing information.
Consider Plan N
Any senior who thinks that Medicare Supplement Plan G will be a good choice for them in 2020 should also look at a similar plan- Supplement Plan N. This one comes with almost the same coverage as Plan G. It differs in that it covers slightly less and balances that discrepancy out by selling at a lower price.
Plan N covers all the coinsurance costs for you- both nursing care and Part A hospice coinsurance. It also covers the Part A deductible and the Part A and B copayments. It will ask that you pay small copayments for every ER visit and doctor’s office appointment, though. These only cost $50 and $20 respectively.
Plan N also covers the cost of the blood you use each year that isn’t covered by your basic Medicare plan. It covers you as well for foreign travel exchange, which takes care of up to 80% of the cost of any emergency medical transport you require outside the US borders.
How to Get Medicare Supplements
You won’t find Medicare Supplements through Medicare itself. Instead, they are sold by private insurers, the names of some you might already be familiar with. There are literally dozens of insurers that sell plans like Medicare Supplement Plan G 2020, and some of these operate nationally while others operate only on a local level and may not sell plans near you.
You can sign up for these Supplements once you are eligible. Most people who are 65 years or older will be eligible for them, but you also have to have a valid Medicare plan. The Supplements are designed to work with the basic Medicare plan, adding on coverage that the Medicare plan misses out on. Here are some of the more notable Medicare Supplement insurance companies:
Aetna– (NYSE: AET) Aetna offers a lot of member benefits to its subscribers. The sell a wide array of insurance plans, including other types of medical plans, such as family and dental offerings. They also provide their customers with dieting and exercise plans and other measures that can help them to live healthier lives.
Mutual of Omaha– One of the most popular Medicare Supplement providers is Mutual of Omaha. This company is based in Omaha, Nebraska and has a great reputation for customer service. They have been stable and strong for decades, providing their customers with steady rates and peace of mind.
Cigna– (NYSE: CI) Cigna is one insurance company that operates globally, and it does so while offering a vast assortment of medical insurance plans. It has two bases of operations- Bloomfield, Connecticut and Philadelphia, Pennsylvania. It offers far more than just medical insurance, also covering accident plans, life insurance and more.
United Healthcare/AARP– (NYSE: AARP) Under United Healthcare, AARP has really thrived. The senior-focused company has done well for a long time on its own, offering the very best in services for the elderly and retirees. It operates much of its organization as a non-profit entity, and it has numerous customer benefits to offer its subscribers that really make it stand out from the other insurers.
BCBS: (NYSE: ANTM) BCBS is unique in that it is not just one big company but rather a collection of smaller companies. These all have their own personality and member benefits, and that allows for a more personal touch with this insurer. They also specialize in low rates, offering some of the most competitive prices of any insurance company.
Advantage Plans Are Another Great Option
If you need some extra coverage for your healthcare because your basic Medicare plan is simply not cutting it, then there is more to choose from than just Medicare Supplements. Advantage plans are a bit more robust than Supplement plans, offering coverage for the entirety of Medicare Part A and Part B, as well as coverage for emergency and urgently needed services. That’s all base coverage for Advantage plans, and many of them will also cover the cost of Medicare Part D as well as annual checkups and related expenses.
Advantage plans are not going to offer you coverage everywhere. They are limited by the network of the insurer that is selling them. If you sign up for an Advantage plan from a small insurance company, then you are likely to have a small network to get coverage from, so you may have trouble finding a medical facility near you that honors your Advantage plan.
You do have some options with Advantage plans, and those options can determine whether you get coverage outside the network or not. If you go with the HMO option, then you get full coverage within your insurer’s network and no coverage outside of it. A PPO plan will give you full coverage on the network too, but it also gives you partial coverage outside the network, which means it costs more, but it may be a better choice in some instances.
We are going to cover a few of the major insurance companies that sell Medicare Advantage plans so you can get an idea of what your choices are. Remember to use our site to compare their prices and get a good deal on the plan you want.
Humana– (NYSE: HUM) The Humana Advantage plans are called Humana Gold Plus, Humana Gold Choice and Humana Choice Pro. These come in both HMO and PPO varieties, and there are some as cheap as $0 per month as far as the monthly premium. You will still be responsible for the deductible.
AARP/United Healthcare– With AARP Advantage plans, you get a variety of choices labelled as AARP Complete. There are HMO and PPO choices there as well, and these benefit from a large insurer network, as AARP and United Healthcare work together to provide you with an extensive coverage area that spans much of the country.
BCBS– BCBS is made up of a number of small companies that work together to provide affordable Advantage plans. These go by names such as Blue Saver, Blue Value and Blue Advantage, among others, and they offer varied medical coverage for you.
Kaiser– (NYSE: KGHI) The Kaiser-Permanente Advantage plans go by the names Medi-Cal and Advantage Plus. These come from this Oakland, California-based company and benefit from professional medical oversight to ensure that Kaiser’s customers are well taken care of.
Is Plan G the Right Choice?
We have told you about a lot of different options for medical coverage here, and we want you to make the choice that is right for you. Plan G may be the most popular plan moving forward, but there are other options that may work better for you. Open Enrollment for Medicare Supplements starts on October 15th, and you will need to pick your plan shortly after that date if you want it to cover you throughout 2020. Just don’t rush into picking a plan. This is something you want to spend some time thinking about.
You can use our site as often as you need in order to compare prices and ensure you are getting the best possible deal. We will also be glad to talk to you and answer any questions you have or provide advice that will give you peace of mind about the choice you make for medical coverage. We want you to feel great about the plan you go with, so feel free to get in touch with us and have your concerns dealt with.
Medicare Supplement Plan G for 2020 is going to save many seniors on their medical bills for the coming year. It may be able to do the same for you, but please make sure you look at your other options first before choosing a plan.