If you are looking for the best Medicare supplement plans for 2022, you have come to the right place. In this blog post, we will discuss the top 4 plans available and why they are a good choice for you. Each of these plans offers unique benefits that can help make your retirement years more comfortable. Keep reading to learn more about each plan and find the one that is right for you!
How to Choose The Best Plan For You?
The average cost of a Medicare Supplement plan is $163 per month in 2022. However, rates can vary widely from $50 to more than $400 per month.
The best Medicare Supplement plan for you will depend on which policy provides the best benefits for your medical needs and fills in the coverage gaps where you expect to spend the most on health care.
For example, if you need skilled nursing coverage or want more protection for foreign travel emergencies, then consider how well each plan covers those categories of care. If you expect to need hospital care, a plan that pays for the Medicare Part A deductible can help protect you from a large hospital bill.
Say you need surgery in the upcoming year. For the 2022 plan year, the Medicare Part A deductible is $1,556. Some Medicare Supplement policies, such as Plan A, provide no coverage for this deductible. Therefore, you would be responsible for paying the entire $1,556 out of pocket before your Original Medicare coverage would kick in.
On the other hand, if you choose Medigap Plan G, the $1,556 deductible would be fully covered by your Supplement policy. This means you would begin having your claims covered immediately, rather than first having out-of-pocket costs for medical care. However, you should also consider the cost of the plan since Plan G can be more expensive than Plan A.
It is for this reason that you should carefully analyze what each Medigap plan covers and its costs so that you can choose the best one for your situation. Often, there is an ideal supplemental policy for your health care needs.
Which is The Best Medicare Supplement?
As mentioned above, your best Medicare Supplement plan will be the plan that balances costs and coverage. In general, policies with more comprehensive coverage for deductibles and care will have higher monthly premiums.
For instance, Plan G is good for people who want very few medical bills and are willing to pay about $190 each month. This can give you peace of mind so that you won’t be surprised by unexpected medical costs. However, if you expect your out-of-pocket medical costs to be less than the plan’s annual cost of about $2,280, then a cheaper Supplement plan may be more cost-effective.
If you consider yourself to be a healthier person. Someone who needs to go to a Dr. very seldom. The N plan may make more sense. Just pay a 20.00 dollar copay for a visit. You would still have 100% coverage for hospitalization.
Best Overall Value for 2022
Medicare Supplement Plan G is the best overall plan that provides the most coverage for seniors and Medicare enrollees. Plan G will cover almost everything except the Part B deductible. This means that you would be responsible for paying the entire Medicare Part B deductible — $233 for 2022 — before insurance benefits will begin to pay for your health care.
Plan G is the most popular Medicare Supplement for new enrollees. However, rates can be expensive, averaging $190 per month. Therefore, you should weigh the cost of this monthly premium with your potential medical expenses for the year.
On A Side Note
Best cheap Medicare Supplement plan: Plan K
If you are interested in the cheapest Medigap policy that still provides some coverage on top of Original Medicare, you may want to look into Plan K.
Plan K is significantly different from many other Medigap policies since it provides only 50% coverage for Medicare Part B coinsurance, Blood, Part A hospice, skilled nursing, and the Part A deductible. Many other Medigap plans, such as Plan G, provide full reimbursements for these types of health care.
This is crucial to consider if you need health insurance coverage for skilled nursing. In this case, if you were to get Plan K, only 50% of such costs would be covered.
On the other hand, your monthly premiums with Plan K will be much cheaper. Policyholders can expect to pay about $77 per month, making it the best Medicare Supplement plan for low-income seniors.
The best alternative to Medicare Supplement Plan G: Plan N
Plan N is a good option for individuals who want coverage that’s nearly as good as Plan G but at a cheaper price.
The only difference between the two plans is that Plan N doesn’t have coverage for Medicare Part B excess charges. This is an extra cost that your doctor or medical provider could charge you if they don’t accept the Medicare-approved amount of payment for health care services. You can protect yourself from this cost by either getting Plan G or double-checking that your medical providers accept the Medicare-approved amount for services.
If you’re willing to make this trade-off, you’ll pay about $152 per month for Plan N, a $38 savings versus Plan G.
No matter what plan you go with. Feel free to call us so we can help you shop.