Which Medicare Supplement Plans in 2014 Are The Best?

With this year’s enrollment period right around the corner many people are beginning to ask “Which Medicare supplement plans in 2014 are the best?” While there are no major changes in the benefits of each supplement plan for 2014, in today’s economy and all the changes in Health Care coming up it is extremely important that you look at different options to make sure you are enrolled in the best plan.

Popular Plans For 2014

With no new plans added it will likely remain the top three plans for 2014 will be Plan F, Plan G, and Plan N.  In the past Medigap plan F was everybody’s go-to plan due to relatively low monthly premiums and 100 percent coverage of the gaps in part a and part B Medicare.  However as the rate of baby boomers extends to nearly 10,000 people per day and given the state of today’s economy in the U.S., more and more people are looking to save as much money as possible.  This means exploring lower cost options.

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Lower Cost Options

For those not wanting to spend the higher monthly premium on Plan F there are two other fantastic options to help save people money.  In fact even if you are not on a limited income but still like to save money you should at least check the rates of these two plans a against what you are currently paying for Medigap Plan F.

 

Medicare supplement Plan G

Many insurance carriers are seeing a substantial rise in people who are enrolled in Plan G.  The only difference between plan F and plan G is one small deductible that you must pay each year while on plan G.  This is the part B annual deductible and averages are round $150 per year.  The great thing is that even with having to pay this deductible the lower monthly premiums of plan G make this plan a great savings.  Historically plan G has often had lower rate increases than plan F as well making this an outstanding option for people in 2014.

Medicare supplement Plan N

Medigap plan N is also seen a sharp rise in applicants as it has even lower premiums than plan G.  This is due to extra cost sharing options involved with the plan.  This means that you will enjoy lower premiums however you will also have additional out-of-pocket expenses in order to use your coverage.  These expenses include:

Paying the annual part B deductible yourself

•Having to pay up-to a $20.00 co-pay per doctor’s visit after this deductible is met

•A $50.00 co-pay if you visit the emergency room and you are not admitted

•You will have to pay any part B excess charges that might occur

For people who are relatively healthy and do not see their doctor very often or those coming off a Medicare advantage plan Medigap plan N is an outstanding choice.  Having these extra out-of-pocket expenses typically means people will not use their coverage as much and take greater care of their health.  This often results in lower rate increases for the group.

Although Plan F pays 100 percent of the gaps in Medicare, that’s no reason why you should not seriously consider one of these other Medicare supplement plans for 2014. Compare rates now on Plans F, G, and N to see just how much you could save.

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