Medigap enrollment trends have been pretty interesting lately. Some Medicare Supplement Plans really took off, while others didn’t do so well. Let’s dive into the latest numbers and see which plans are gaining popularity and which ones are falling behind. Whether you’re thinking about switching plans or just curious about what’s happening, we’ve got all the details you need.
Medigap Enrollment Trends: Plan G Takes the Lead
The most recent data from America’s Health Insurance Plans (AHIP), from 2022, reveals that if there’s one clear winner in the Medigap world, it’s Plan G. In 2022, it posted an 8% enrollment increase, adding 343,000 new members. Why the popularity? Plan G offers comprehensive coverage, paying for nearly all Medicare costs except the Part B deductible. Plus, its high-deductible option provides flexibility for those looking to lower their premiums without sacrificing protection. Finally, since those who turned 65 after 2020 cannot enroll in Plan F, Medigap G is the plan that offers the most coverage. Read all about Medigap Plan G here.
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Medigap Plan A Makes a Comeback
After years of declining enrollment, Plan A surprised everyone with a 4% growth in 2022. This basic Medigap plan offers low premiums and straightforward coverage. Many states require that Plan A be available to those under 65 who are eligible for Medigap.
If you’re looking for a more affordable option with more coverage than plan A, consider Medigap plan N or high deductible Medigap G.
You might also want to check out Medicare Advantage (AKA Medicare Part C). Compare here Medicare Advantage vs. Medigap and see which one fits your needs. Need help making a decision? Our experts at Senior65.com can provide free, personalized guidance. Call us at 800-930-7956.
Medigap Plan F: Yesterday’s Star
Medigap Plan F, once the most popular choice, saw a 7% drop in enrollment in 2022. This decline is not surprising, as Plan F is no longer available to new Medicare enrollees due to changes implemented in 2020. This plan, which covers all Medicare deductibles and coinsurance amounts, is still an option for anyone who was Medicare-eligible before 2020
Other plans like Plans D, C, and B have also seen significant double-digit declines, ranging from 10% to 18%. These plans might not be keeping up with the evolving needs of Medicare beneficiaries, who are clearly favoring options like Plan G.
How to Choose the Right Medigap Plan for You
Thinking about Medigap? Choosing the right plan is key. Knowing the Medigap enrollment trends can help guide your decision, but there’s more to consider. Don’t worry, we’ve got you covered. This chart breaks down the different plans so you can find the perfect fit for your budget and needs:
| Benefits | A | B | D | G* | K | L | M | N |
|---|---|---|---|---|---|---|---|---|
| Medicare Part A Deductible ($1,676) | 100% | 100% | 100% | 50% | 75% | 50% | 100% | |
| Part B Deductible ($257) | ||||||||
| Medicare Part A Hospital Coinsurance and 365 additional hospital days | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Medicare Part B Coinsurance | 100% | 100% | 100% | 100% | 50% | 75% | 100% | 100%** |
| First 3 Pints of Blood for a Transfusion | 100% | 100% | 100% | 100% | 50% | 75% | 100% | 100% |
| Medicare Part A Hospice Coinsurance or Copay | 100% | 100% | 100% | 100% | 50% | 75% | 100% | 100% |
| Skilled Nursing Facility Coinsurance | 100% | 100% | 50% | 75% | 100% | 100% | ||
| Medicare Part B Excess Charges | 100% | |||||||
| Foreign Emergency Healthcare | 80% | 80% | 80% | 80% | ||||
| Max Out-of-Pocket | $7,200 | $3,610 |
*Plan G in California offers two additional options with additional benefits: Plan G Extra and Inspire.
**Plan N pays 100% of the Part B coinsurance, except for a copayment of up to $20 for some office visits and up to a $50 copayment for emergency room visits that don’t result in inpatient admission.
Next Steps
Focus on the policy. Medigap plans are standardized, so the company you choose isn’t as important as the plan letter. So, pick a plan that fits your budget and needs, then shop around for the best price.
Now that you know the differences between the plans, get an instant Medigap plan quote and enroll. We’re here to help you every step of the way. Call us at 800-930-7956 or leave a comment below. Our agents can’t charge you a fee for a quote or to enroll you.