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What Is the Best Medicare Supplement Plan in 2022?

Happy New year 2022 celebrating Medicare Supplement Insurance in 2022

Best Medicare Supplement Plan in 2022 – We all want the best health insurance, right? We want the most benefits, the most comprehensive coverage, and preferably, the least out-of-pocket expenses. If you’re looking for the best Medicare supplement in 2022, we’ve got answers for you.

Medicare Supplement Insurance in 2022

Before we start throwing the word “best” around, it’s important to understand that nothing in the Medicare program is a “one-size-fits-all” solution. Everyone has different medical needs and different budgets. What’s best for your best friend may not be best for you.

In fact, you’ve got about ten Medicare supplements options, and any of them would significantly reduce your out-of-pocket costs. Enrolling in any of them would give you great coverage.

But, if we’re going to have to pick favorites, there are two Medicare supplement plans that stand out as the best in 2022.

Medicare Supplement Plan G

When our clients ask which Medicare supplement will give them the best coverage in 2022, our answer is Medigap Plan G. Technically, that’s not quite true, but it’s still the one we recommend.

Plan F offers slightly more coverage than Plan G. It includes payment for the Part B deductible, which is $233 this year. Plan G doesn’t include that, but it’s still typically more cost-effective. In addition, your 65th birthday must have been before January 1, 2020, in order for you to be eligible for Plan F. For newly-eligible Medicare beneficiaries, Plan F is not an option.

Let’s take a moment to explain why Plan G might actually be better than Plan F, even though it has less coverage.

The average cost for Plan G is between $120 – $180 per month. The average cost for Plan F is between $150 – $230. This varies quite a bit based on your zip code, age, and gender, but those are some rough numbers for us to begin with. Let’s pretend you’re offered Plan G for $120 or Plan F for $150. Your annual premiums would be:

  • Plan G: $1,440
  • Plan F: $1,800

That makes Plan G $360 cheaper per year than Plan F. Even if you paid the Part B deductible, you’d be $127 ahead. Therefore, even though Plan F offers more coverage, we recommend Plan G.

Senior lifestyle Happy with Medicare Supplement Plan G
There are no enrollment periods specific to Medicare supplement insurance plans.

Want to Switch from Plan F to Plan G?

If you’re currently on Plan F and would like the opportunity to save money with Plan G, you can choose to apply at any point during the year. There are no enrollment periods specific to Medicare supplement insurance plans. However, access to plans is not guaranteed.

To switch Medicare supplements, you’ll need to pass medical underwriting in most states. Insurance companies can choose to deny coverage due to your current or past medical conditions. When you apply for a different plan, you’ll answer a series of health questions, and the insurance company will pull your medical records to determine if you’re eligible to enroll.

Each insurance company has its own list of conditions that would permit you from joining one of their plans, but there are a few generalities that all insurance carriers will deny coverage for. Some things on that list include a diagnosis for the following:

  • Dementia
  • Cancer
  • Stroke
  • Heart attack
  • Drug or alcohol abuse treatment
  • Lupus
  • Neuropathy
  • Organ transplant
  • Rheumatoid arthritis
  • Pacemaker
  • Stents

Most of the conditions on our list include a diagnosis within the last 2 – 5 years, depending on the carrier. However, some, like an organ transplant, will nearly always be declined regardless of how long ago the transplant took place.

Special Rules about Guaranteed Issue

We said that in most cases, you’d need to pass medical underwriting if you want to switch your Medigap plan. However, some states have their own unique rules about when you’ll have guaranteed issue rights. For most states, this revolves around your birthday.

Five states grant you guaranteed issue rights each year on your birthday. Those five states are California, Idaho, Illinois, Oregon, and Nevada. They have a 30-63 day period of time that you’re allowed to switch to the same plan or a plan with fewer benefits (like switching from Plan F to Plan G). Illinois only allows you to switch within the same insurance carrier, but the others allow you to change companies as well. Individuals on Plan F in these states have a good opportunity to switch to Plan G and save money.

Four states offer guaranteed issue rights year-round. The four states are Washington, New York, Connecticut, and Vermont. Exactly what that means varies in each state, but if you’re currently enrolled in Plan F, it would certainly be worth looking into what’s required in these states.

Lastly, Missouri has guaranteed issue rights on the anniversary of your plan. You can choose the same plan with a different company for a 62-day period around the plan’s renewal date.

Remember, the best medicare supplement for one person does not mean it’s the best choice for everyone. There are plenty of other great options – whether with another Medigap plan or with a Medicare Advantage plan. Speak with one of our licensed insurance agents to find out what might be the best one for you.

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