Medigap
Medigap (also called Medicare supplement insurance or Medicare supplemental insurance) refers to various private
Over 14 million Americans had Medicare Supplement insurance in 2018 according to a report by the American Association for Medicare Supplement Insurance.
Medicare recipients under age 65
Recipients of
Products available
Medigap offerings have been standardized by the
Some employers may provide Medigap coverage as a benefit to their retirees. While Medigap offerings have been standardized since 1992, some seniors who had Medigap plans prior to 1992 are still on non-standard plans. Those plans are no longer eligible for new policies.
Over the years, new laws have brought many changes to Medigap Policies. For example, marketing for plans E, H, I, and J has been stopped as of May 31, 2010. But, if someone was already covered by plan E, H, I, or J before June 1, 2010, they can keep that plan. Medigap plans M and N took effect on June 1, 2010, bringing the number of offered plans down to ten from twelve.
Congress passed the bill H.R. 2 on April 14, 2015, which eliminates plans that cover the part B deductible for new Medicare beneficiaries starting January 1, 2020. Those who enroll into Medicare after this date will not be able to purchase plans F or C; however, people who enrolled into Medicare prior to then will still be able to purchase plans F or C. Congress believes eliminating first dollar coverage plans will save Medicare money.[2]
In 2020, 58.8 percent of individuals turning 65 and first becoming eligible for Medicare picked Plan G as their Medicare Supplement plan choice. Plan N was the second most-popular choice accounting for 32.8 percent when turning age 65.[3]
Costs
Costs for Medicare Supplement insurance vary widely. The 2020 Medigap Price Index found that someone turning 65 could pay more than three times more[clarification needed] for virtually identical coverage. Among the top-10 metro areas, the lowest cost for a male age 65 was $109-per-month available in Dallas. The highest cost was $509-per-month in Philadelphia.
See also
References
- ^ "Section 6: Medigap Policies for People with a Disability or ESRD" (PDF). Choosing a Medigap Policy: A Guide to Health Insurance for People with Medicare. Centers for Medicare & Medicaid Services. 2011. pp. 39–40. Archived from the original (PDF) on September 27, 2011. Retrieved September 20, 2011.
- ^ "What Is The Future Of Plan F?". Bluewave Insurance Services. Retrieved 14 May 2020.
- ^ "Study Reveals Medicare Supplement Choices". American Association for Medicare Supplement Insurance. Retrieved 20 April 2021.