As we approach Annual Election Period (AEP) (aka Open Enrollment Season), seniors are, once again, opting for Medigap (aka Medicare Supplements) in greater numbers. There’s good reason.
A recent study conducted by AHIP (America’s Health Insurance Plans) shows that these plans offer seniors a sense of security both financially as well as for the health coverage reliability. Medicare supplements offer the consumer freedom to choose their own doctors and hospitals and helps protect against unforeseen medical expenses.
Medigap is private health insurance designed to supplement Medicare, offering coverage for the out-of-pocket costs not covered by Medicare alone, such as deductibles, coinsurance and copayments.
Medigap coverage allows seniors – many of whom are on fixed incomes – to lower medical costs and avoid getting confused by complex medical bills.
Many industry insiders feel that seeing so many seniors opting in to Medigap plans underscores the importance of these kinds of plans. These supplements provide additional access to medical care, fill the gaps in coverage and give seniors peace of mind.
Using data provided by the National Association of Insurance Commissioners, 2019 -2020 reports show that Medigap policies are continuing to help stabilize health care costs for this population.
Some of the key points were:
- Enrollment in Plan F, offering coverage for Medicare and coinsurance amounts grew by over 500,000 enrollees (a 6.5% increase).
- Enrollment in Plan G, which covers all Medicare deductibles and coinsurance amounts except the Part B deductible, increased in excess of 25% from 2019-2020, or in excess of 600,000 enrollees.
- Enrollment in Plan N, which offers a $20 co-pay for medical visits and specialists with no referral required, has also had significant increases in enrollment signups.
Many Medicare Specialists are making suggestions to clients when choosing a Medicare plan to not just think short term, being enticed to Medicare Advantage Plans for the ancillary benefits like hearing aids and Silver Sneaker gym memberships.
But in this time of COVID, it is really important to consider worst case scenarios. Being able to go see the best doctors in the nation might just save their lives. Being able to go to the nation’s best hospitals that only accept Original Medicare Parts A & B along with a Medicare Supplement Plan can mean the difference in survival.
Hospitals like the Mayo Clinic, MD Anderson and Sloan Kettering will not accept Medicare Advantage Plans for patient admission.
Freedom of choice is more important than ever with many seniors moving state to state or maintaining multiple residences. Medicare Supplements make the most sense for seniors on the move.
As an expert in the field for over 30 years, Mark Walker is available to answer any questions or discuss any concerns with regard to Medicare, supplements or any insurance questions.
Mark Walker – Lifetime Insurance Solutions – 954 383-0471 or click Lifetime Insurance Solutions.
Content provided by Lifetime Insurance Solutions