How Many Medigap Plans Are Available – How many Medigap plans are available? You may be wondering just that if you are nearing the age of Medicare eligibility or if you’re already enrolled in the program. The answer is quite a few. But don’t worry; we can help simplify things for you. This article will discuss the different types of Medigap plans available to Florida residents in 2022 and which ones are the most popular.
Medigap Plan Availability in 2022
One of the great things about Medigap plans (also called Medicare supplement plans) is that they never change! This is because the federal Medicare program standardized all Medigap plans many years ago. Since they are standardized, their benefits never change, and each plan remains the same from one insurance carrier to the next. So, Plan K is Plan K, no matter who you purchase it from or how long you have it. The only thing that will change over time is the premium. Simple, right?
There are a few Medicare supplement plans that have been phased out in the past, but there are currently ten Medigap plans available in 2022: Plans A, B, C, D, F, G, K, L, M, and N. Plans F and G also have high deductible options.
You can choose any one of the ten plans, and rest assured you’ll have excellent healthcare coverage. However, three plans stand out as the most popular Medicare supplements in Florida.
Florida’s Most Popular Medigap Plans in 2022
You should take the time to review the other Medigap plans as well, but for now, we’ll help you get familiar with the most popular ones: Plans F, G, and N.
Plan F: The Premium-Only Plan
Plan F was the most popular plan across all states up until 2020. The program went through some changes that were laid out in the Medicare Access and CHIP Reauthorization Act of 2015. Part of the goal of the Act was to provide fair reimbursement to providers. In order to do this, they needed to find funding. Since Plan F leaves its enrollees with nearly no out-of-pocket costs, reducing the number of enrollees in the plan was an easy way to increase spending.
Plan F is still available, but you must have turned 65 before January 1, 2020, to be eligible for the plan. If you were already enrolled or if you want to enroll now, you still can – as long as your 65th birthday was before the cutoff.
So what did Plan F cover? In a nutshell, everything. Plan F picked up all leftover costs after Original Medicare (Parts A and B) had paid their portion. As long as the service was covered under Original Medicare, Plan F would also cover it.
Plan G: The New Cadillac
Because of the changes from MACRA, newly-eligible Medicare beneficiaries cannot enroll in the premium-only plan. Anyone looking for the next best thing need not look any further than Plan G.
Plan G is nearly identical to Plan F, save for one benefit. Plan G does not include payment for the Part B deductible, which is $233 in 2022. Otherwise, the benefits are exactly the same. In fact, many individuals who are eligible for Plan F are choosing to enroll in Medigap Plan G instead.
The reason for their choice is the premiums. The monthly premiums for Plan F are higher than Plan G, and they have been increasing at a faster rate. Most of the time, the cost-saving of Plan G more than makes up for the $233 difference in coverage.
Plan N: The Up-and-Coming Star
Beneficiaries looking for a more budget-friendly Medicare supplement insurance plan have been drawn to Plan N. It’s actually the fastest growing Medigap plan today.
Like Plan G, Plan N does not include coverage of the Medicare Part B deductible. It also does not cover Part B excess charges. However, many argue that the excess charges are so rare that the lack in coverage is dismissable. They might be right. Over 96% of all healthcare providers accept Medicare assignment, which means they accept the Medicare-approved fees for services. Plus, there are eight states who do not allow providers to include excess charges at all, regardless of their relationship with the Medicare program.
Since most people aren’t worried about excess charges, the most apparent difference is in the appointment copays. With Plan N, you’ll need to pay up to $20 each time you visit your doctor. If you go to an emergency room, you’ll pay up to $50. (Providers and facilities can choose to charge less, but these are the maximum amounts.)
If you rarely visit the doctor or don’t mind paying these copays, Plan N could be a great option for you. It offers lower premiums than Plans F or G and has a history of minor rate increases.
There are more than these three Medigap options in Florida. There are also other ways to get extra coverage, like with a Medicare Advantage plan. It’s a lot to think about, which is why so many people enlist the help of a licensed insurance agent. Our agents specialize in all things Medicare and would love to help you choose a plan that’s right for you. Give us a call today and schedule a complimentary consultation.