More than half of all individuals who first became eligible for Medicare in 2020 and purchased supplemental coverage selected Plan G, according a new study reported by the American Association for Medicare Supplement Insurance (AAMSI).
“Some 11,000 Americans turn 65 every day which means they must make consequential decisions regarding their Medicare coverage,” said Jesse Slome, AAMSI’s director. “Available plan choices changed starting in 2020 with the elimination of Plans C and F for new Medicare enrollees.”
Plan F had previously been the most popular Medigap plan choice for new enrollees. According to the study, the top choice in 2020 was Plan G.
“Medicare Plan G has replaced Plan F as the most popular Medigap choice among seniors turning age 65,” Slome added. “It offers great value to those willing to pay a small annual deductible. Plan G provides full coverage for gaps in Medicare such as the hospital deductible, co-pays and coinsurance as well as the 20% that Medicare Part B doesn’t cover.”
About a third (32.8%) of buyers selected Plan N, the survey found.
“Plan N generally has lower premiums that G which makes it an attractive option for many,” Slome said.
The survey of several thousand policy buyers was conducted for AAMSI by MedicareFAQ.com, a leading provider of Medicare insurance plans for consumers nationwide.
The American Association for Medicare Supplement Insurance advocates for the importance of insurance protection. To access the latest Medicare insurance statistics, go to www.medicaresupp.org/facts-2021. AAMSI produces the national Medigap industry conference (Chicago, September 8-10, 2021) and makes available a national online directory listing local Medicare insurance agents.
2020 Medigap New Enrollee Survey Findings
Plan B, D & K: 0.1%
Plan F*: 2.5%
Plan G: 58.8%
Plan HDG: 5.8%
Plan N: 32.8%
* Individuals already on Medicare (example; disability) with Plan F prior to 2020 were able to keep Plan F when they turned age 65. Source: AAMSI.