Medicare Supplement Plans in 2022 will have some changes. For one, there will be more plan options to choose from. Secondly, the cost of some plans may go up while others may go down. It’s important to stay informed about these changes and what they could mean for you as a Medicare beneficiary. In this blog post, we’ll compare the different types of Medicare Supplement Plans available in 2022 and help you understand what to expect.
What is a Medicare Supplement or Medigap Plan?
A Medicare Supplement or Medigap Plan is a health insurance plan that helps pay some of the out-of-pocket costs not covered by Medicare. These plans are offered by private insurers and are standardized by the federal government. This means that each insurer must offer the same basic benefits, but they can differ in cost, coverage levels, and other features.
There are currently ten different types of Medicare Supplement Plans available, each with its own set of benefits. Plan A is the most basic and Plan G is the most comprehensive. The other plans fall somewhere in between these two extremes.
What’s Changing in 2022?
The biggest change coming to Medicare Supplement Plans in 2022 is the addition of two new plans: Plan M and Plan N. Plan M will offer basic benefits at a lower premium, while Plan N will have slightly higher out-of-pocket costs but will not cover Part B excess charges. In addition, some of the existing plans may see changes in their premiums and benefits.
Comparing Plans
Now that we’ve gone over the changes coming to Medicare Supplement Plans in 2022, let’s compare the different types of plans that will be available.
Plan A is still the most basic plan, covering only core benefits like hospitalization and hospice care. Plan B also covers these basic benefits but adds coverage for medical expenses like doctor’s visits and preventive services. If you’re looking for the most comprehensive coverage, Plan G is still the best option. It covers all of the core benefits plus a few extras, like foreign travel emergency care.
Of course, the best Medicare Supplement Plan for you will ultimately depend on your individual needs and budget. Be sure to compare plans and shop around to find the one that’s right for you.
What are the Different Types of Medicare Supplement Plans?
There are currently ten different types of Medicare Supplement Plans available, each with its own set of benefits. Plan A is the most basic and Plan G is the most comprehensive. The other plans fall somewhere in between these two extremes.
What’s the Best Medicare Supplement Plan for Me?
The best Medicare Supplement Plan for you will ultimately depend on your individual needs and budget. Be sure to compare plans and shop around to find the one that’s right for you. Let’s look at some of the different plans and what they cover.
K plan- This is the most basic form of Medicare supplement plan. It only covers three core benefits which are hospitalization, hospice care, and Part A coinsurance.
L Plan- This medicare supplement plan builds on the K plan by also covering Part B coinsurance, blood, and the first three pints of blood you receive in a year.
C Plan- The C Plan is the most comprehensive Medicare supplement plan. It covers all of the benefits of the K and L plans, plus it covers skilled nursing facility care, Part A deductible, Part B deductible, Part B excess charges, and foreign travel emergency care.
Current Medigap Plans Available
N- Plan N is a medicare supplement plan that covers all of the benefits of the K and L plans, plus it covers Part B coinsurance, Part B deductible, Part B excess charges, and foreign travel emergency care. The only difference between Plan N and Plan C is that Plan N does not cover the skilled nursing facility care benefit.
G plan- The G plan is a medicare supplement plan that covers all of the benefits of the K, L, and N plans. The only difference between the G plan and the other medicare supplement plans is that the G plan also covers the Part A deductible.
High Deductible G- The High Deductible G plan is a medicare supplement plan that has the same benefits as the G plan, but with a higher Part A deductible. This means that you would have to pay more out of pocket before your medicare supplement plan would start paying for your medical expenses.
M plan- The M plan is a medicare supplement plan that covers all of the benefits of the A plan, plus it also covers Part B coinsurance.
B plan- The B plan is a medicare supplement plan that covers all of the benefits of the A plan, plus it also covers Part B coinsurance and Part B excess charges.
Plan F- The Plan F is a medicare supplement plan that covers all of the benefits of the A plan, plus it also covers Part B coinsurance and Part B deductible.
With the F plan being discontinued we find that the G plan is the best option followed closely by the N plan. Please give us a call so we can see which plan makes sense for you.