Older people over the age of 65 face a rather daunting task, choosing a Medicare insurance plan that fits their current needs and budget. What complicates the decision is the fact that the choice may need to meet their future needs as well. Predicting a future that could easily be 20 years is never easy.
This process makes it even more difficult that at the end of 2019, Medicare changed the rules. The most popular Medicare supplement option, Plan F, will no longer be available to future new entrants.
For years, many insurance agents have tried to simplify the decision for consumers by letting them know that Plan F or the High Deduction Plan F version is clearly the most popular choice.
That is why the first analysis of the Medicare Supplement insurance purchase form can be helpful. For clarity, the Medicare supplement is often called Medigap.
One of the key benefits of Medigap policy is the ability to use any medical professional who accepts Medicare. Medicare Advantage plans offer a number of attractive benefits – often a cheap or free option stands out in television ads. However, these plans may have certain vendors and other limitations that make comparisons vital.
The first analysis of new Medicare enrollments for 2020 who chose the Medicare Supplement revealed that Medigap Plan G is an irresistible choice. About 66 percent of individuals chose this option. Plan N was the second most popular plan choice with 18 percent of new candidates.
According to the American Supplementary Insurance Association Medicare, which released the findings, Medigap plans A and B were selected by two (2) percent of new enrollments. The balance has allocated their selection to other available plans. Massachusetts, Minnesota and Wisconsin have a different set of standardized plans, through federal waiver.
Two valuable resources can help seniors find the best options for a Medicare Supplement plan. The first is a report showing the lowest and highest cost. The Medicare Plan G Price Index lists rates for men and women over the age of 65 and reports prices for larger cities across the country.
Prices can vary significantly. Often almost identical coverage can cost twice as much. Moreover, no insurance company always had the lowest costs, nor did any insurance company have the highest costs.
Another resource is a network directory with a list of local Medicare insurance agents by zip code. The directory is free to use and is completely private, allowing consumers to see agent information without entering any personal information. Many agents can offer advice on all Medicare options, including Medicare Advantage, Medigap, as well as Medicare medication plan options.
Founded in 2000, the American Supplementary Insurance Association Medicare is an advocacy and information organization that seeks to create increased awareness of the many possibilities of Medicare insurance planning and supports insurance professionals who place Medicare insurance.