Consumer Reports' Top 10 Medicare Supplemental Insurance Plans

Introduction

Medicare Part A and Part B provide basic health coverage for seniors, but they have significant coverage gaps. Medicare supplemental insurance (Medigap) plans can help fill these gaps and provide peace of mind.

What is Medigap?

Medigap plans are private health insurance policies that cover the costs that Medicare doesn't, such as copayments, deductibles, and coinsurance. They are standardized, meaning that the benefits are the same for all plans with the same letter designation.

Consumer Reports' Top 10 Medigap Plans

Consumer Reports recently evaluated 40 Medigap plans and ranked them based on their premiums, coverage, and customer service. The top 10 plans are:

1. AARP Medigap Plan G
2. Humana Medigap Plan G
3. Aetna Medigap Plan G
4. Cigna Medigap Plan G
5. UnitedHealthcare Medigap Plan G
6. Mutual of Omaha Medigap Plan G
7. Blue Cross Blue Shield Medigap Plan G
8. WellCare Medigap Plan G
9. Humana Medigap Plan F
10. Aetna Medigap Plan F

Which Plan is Right for You?

The best Medigap plan for you depends on your individual needs and budget. Here are some factors to consider:

• Coverage: Medigap plans offer a range of coverage options. Some plans cover only the basic benefits, while others provide more comprehensive coverage.
• Premiums: Medigap premiums vary depending on the plan, the coverage you choose, and your age and health.
• Deductibles: Some Medigap plans have deductibles, which you must pay before the plan starts to cover costs.
• Copayments: Copayments are fixed amounts that you pay for certain services, such as doctor visits or hospital stays.
• Coinsurance: Coinsurance is a percentage of the cost of a service that you pay after you meet the deductible.

How to Choose a Medigap Plan

Once you have considered your needs and budget, you can start shopping for a Medigap plan. Here are some tips:

1. Compare plans: Use the Consumer Reports Medigap comparison tool to compare plans side-by-side and find the best fit for your needs.
2. Get quotes: Get quotes from several different insurance companies to find the best possible deal.
3. Read the policy carefully: Before you purchase a Medigap plan, read the policy carefully to make sure you understand the coverage and the costs.
4. Ask for help: If you need help choosing a Medigap plan, you can contact a licensed insurance agent or the State Health Insurance Assistance Program (SHIP).

Conclusion

Medigap plans can help you fill the gaps in Medicare coverage and protect your retirement savings. By carefully considering your needs and comparing plans, you can find the best plan for you.

5 Questions to Ask Yourself Before Choosing a Medigap Plan

1. What are my health care needs?
2. What is my budget?
3. What type of coverage do I want?
4. What are the premiums and deductibles?
5. What is the customer service like?

3 Things to Keep in Mind

1. Medigap plans do not cover prescription drugs. You will need a separate Part D prescription drug plan if you want coverage for these costs.
2. Medigap premiums can increase over time. Be sure to factor this into your budget when choosing a plan.
3. Medigap plans are not available to everyone. You must be enrolled in Medicare Part A and Part B to be eligible for Medigap coverage.

4 Tables to Help You Make a Decision

| Plan | Premium | Coverage | Deductible | Coinsurance |
|---|---|---|---|
| Aetna Medigap Plan F | $1,100 | Comprehensive | $0 | 20% |
| Cigna Medigap Plan F | $1,000 | Comprehensive | $0 | 20% |
| UnitedHealthcare Medigap Plan F | $900 | Comprehensive | $0 | 20% |
| Mutual of Omaha Medigap Plan F | $800 | Comprehensive | $0 | 20% |