Medigap Plans in 2014
As we approach the end of 2013 in a time where many changes are happening in the Healthcare System in this country, one question that is being asked quite often is whether the 2014 Medigap Plans will change. Not only will they not change, but the last major changes in any Medicare Supplements took place in 2010. During this time period, Medicare eliminated plans E, H, I, and J and brought into new plans which were plans N and M.
Many people also think that their premiums will change due to a new calendar year. This also is not the case as different companies have various a rate increases at different times throughout the year. There are however, many people who might want to change plans during the open enrollment period of 2013. This time period lasts for October 15 through December 7, 2013. It common misconception is that people must wait until this time to change their supplement plan. Medicare supplement policies may be changed any time throughout the year, not just that during the open enrollment period.
As within the past two years, Medicare supplement plan F and plan G will likely remain the two most popular plans for 2014. Plan F of course offers 100% coverage of the gaps in Medicare, and plan G is nearly identical with you having to simply pay the part B deductible yourself first out-of-pocket.
Medigap plan G is seeing a large rise in popularity due to the fact that it has lower premiums than plan F with only one small out-of-pocket deductible. By paying this Part B deductible yourself you can save money, especially if you are close to the age of 70 and above. Another fact about plan G that many people do not realize is that the rate increases each year are less than those of plan F. This is primarily due to the fact that anyone on a plan F can receive what is called first-dollar coverage with their policy. This means they can go to the emergency room for any little thing and not have to pay any co-payments or deductibles before their coverage kicks in.
On a plan G, or even a plan N, the policy holder must first pay the part B deductible prior to receiving any benefit from Medicare. This typically results in a more responsible group who knows that it will only use their coverage if they need to. In turn this results in lower claims being paid out, as well as lower rate increases each year.
Enrollment in to Medigap Plans in 2014
For those wishing to return to original Medicare coming from a Medicare advantage plan, they must wait until October 15th to do so. At this time they may also submit an application for a Medicare supplement plan of their choice in which coverage will begin January 1st. Beneficiaries will have the option of enrolling in any Medigap plan that they choose, however approval is subject to medical underwriting by the company, unless they are in a guaranteed issue period.
As mentioned above anyone wishing to change Medigap plans in 2014 could have done so at anytime throughout the year and did not have to wait until the enrollment period. This is because Medicare supplement plans are a month to month policy and do not rely on a calendar year. To view quotes instantly online simply enter your zip code below and see if there are better options available for you starting today!