Medicare supplement plans are changing
and today I'm going to talk about what
the best Medicare supplement plans are
for 2020 so stay tuned hi my name is
Stephanie apt I am an independent
Medicare consultant and an insurance
professional and today I'm going to talk
about what the top Medicare supplement
plans are for 2020 macro laws are
changing some things about the way
Medicare supplement plans are going to
be regulated and it can be a pretty
confusing topic so let's break it down
the chart you see on the screen here
shows these standardized Medicare
supplement plans that are offered in
most states and these are plans lettered
a through n and if you look at the chart
you can see that letters F and C are
kind of off to the side they're not
quite an alphabetical order there and
that's because these two plans are no
longer going to be offered to newly
eligible Medicare beneficiaries and
macro law defines newly eligible as
anyone who attains age 65 on or after
January 1st of 2020 or anyone who first
becomes eligible for Medicare benefits
due to age disability or end-stage renal
disease on or after January 1st 2020 so
Medicare supplement plans F and C still
exist and they are very much available
to anyone who's not considered a newly
eligible Medicare beneficiary but these
two plans are no longer going to be
available to anyone who meets that
definition of newly eligible Medicare
beneficiary as defined by macro law it's
all a little bit confusing there's a lot
of different letters and they definitely
don't try to make it simple so that's
what we're going to do today we're going
to break it down and simplify it to
figure out which plans are the best
value for 2020 the most popular plan
that we see folks going with that are
generally the best value for your dollar
right now our Medicare supplement plan G
and plan N and let's talk a little bit
about these two plans and how they work
Medicare supplement plan G covers 100%
of the gaps in Original Medicare Parts A
and B so if you have Original Medicare
and a Medicare supplement plan G you
have 100% coverage for all of your
Medicare a and B expenses after you've
met the Medicare Part B deductible so
you'll see that the only thing plan G
doesn't cover is that Medicare Part B
deductible for this year 2019 the Part B
deductible is one hundred and
eighty-five dollars the Part B
deductible can change a little bit over
time last year it was a hundred and
eighty three dollars this year it's one
hundred and eighty-five dollars so it
can fluctuate a little bit but plan G
covers 100% of your medical costs after
that deductible has been met
the other popular plan that we're seeing
a lot of folks go with these days is
Medicare supplement plan n an Medicare
supplement plan and is similar to plan G
let's take a look at some of the
differences there so you can see
Medicare supplement plan and also does
not cover the Medicare Part B deductible
so you do have to pay that deductible
before your coverage kicks in with plan
n and you can see these stars here these
denote Medicare Part B co-payments so
after you've paid your Medicare Part B
deductible plan and kicks in at a
hundred percent but you still will
likely pay co-pays at the doctor of up
to $20 so it's up to a $20 copay at the
doctor's specialist office and that's
just for an office visit and you'll also
pay a copay of up to fifty dollars for
an emergency room or ER visit finally
Medicare supplement plan n does not
cover the Medicare Part B excess charges
you can see that's another thing that
makes it a little different
and plan G now I'm gonna link another
video below that talks in more depth
about Medicare Part B excess charges in
general Part B excess charges are pretty
rare and usually when we do see them
they're not very extreme so for many
folks this is not a deciding factor
against Medicare supplement plan n but
it is something to know that your
Medicare supplement plan end would not
cover any potential Medicare Part B
excess charges now in general plan n is
likely going to be seeing a little bit
lower rate increases than plan G after
the year 2020 due to the way that macro
laws are going to impact guarantee issue
rights when it comes to Medicare
supplement insurance and the fact that
these rate increases will likely be
lower with plan n than with plan G is
another reason that people are looking
at plan n as a really great value plan
that's worth considering plan D is
another Medicare supplement plan that I
get asked about when you look at the
benefits of Medicare supplement plan D
it does offer very complete coverage in
some areas plan D is definitely worth
considering but in a lot of areas
Medicare supplement plan D is not
offered by very many insurance carriers
and the ones that do offer it tend to
price it a little bit high so a lot of
times we see Medicare supplement plan D
priced significantly higher than plan G
so in some areas it's not the best value
but you do want to check in your area to
see if that's a plan worth considering
and finally Medicare supplement plan F
now this is one of the plans that's
getting impacted by macro law no longer
going to be available to people newly
turning 65 after January 1st 2020 but
what if you're not a newly eligible
Medicare beneficiary is Plan F a plan
worth considering well Plan F has
historically been the most popular plan
because it was the only plan that
offered first dollar coverage though
like
just mentioned if you turn 265 before
January 1st 2020 or you became eligible
for Medicare before January 1st of 2020
plan F is still available to you but it
may not necessarily be the best value
plan for you the pricing on Medicare
supplement plan F is usually about three
to five hundred dollars more in annual
premium than on plan G so a Plan F
usually cost you at least three to five
hundred dollars more every year than a
plan G and the only additional benefit
that Medicare supplement plan F offers
when it's compared to plan G is coverage
for the Part B deductible which is
currently a one hundred and eighty five
dollar deductible so usually Plan F is
not necessarily the best value
additionally with macro laws changing
the way that Plan F is regulated it's
now going to become a closed risk pool
since there's no newly turning 65 year
olds newly eligible Medicare
beneficiaries coming on to Plan F
anymore
it is going to become a risk pool of an
aging population so the theory there is
the rate increases on plan F may get
higher as time goes on in general
Medicare supplement plan G and plan n
are the two most popular Medicare
supplement plans moving into 2020 that
typically offer the best value for your
dollar in most parts of the country now
of course the plan that's best for you
is going to be based off of several
different factors including your age
your area and your specific needs it's
also important to remember that Medicare
supplement plans are standardized so a
plan end with one company is the same
exact coverage plan and as with any
other company so those plans benefits
are regulated by law the only difference
you see will be the cost which can vary
from one insurance company to another
you'll want to make sure that you're
choosing a
competitively priced insurance carrier
for your Medicare supplement plan that
has good strong financials and a mild
rate increase history as well of course
this is where I would be happy to help I
am an independent broker so I'm licensed
in and work in most all states in the
country and I would be more than happy
to provide you with information or a
free no-obligation quote at any time
feel free to reach out to me via phone
or contact me via email or you can fill
out a quote request on our website we'd
be happy to help your information is
always kept private secure and never
shared thanks so much for watching I
hope you enjoyed this video talking a
little bit about the best Medicare
supplement plans for 2020 we'll see you
soon
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