Medigap Plan L
We recommend Idaho residents not focus on this Medigap Plan
Why don’t we recommend Medigap Plan L? Because the plan has limited Idaho and National enrollment.
We feel there are better choices for people that prefer a Medigap plan.
Why is limited enrollment in a Medigap Plan across the Nation an issue?
First, what is ‘limited enrollment’? According to the Mark Farrah report dated 5/29/2020 (found here) the national enrollment in Plan L combined with Plan K had 1% of the Medigap market in the US through 12/31/2019. This is the lowest national enrollment in any Medigap plans currently available. The insurance company with the largest Medigap market share included Plan L in their Medigap plan portfolio. Their marketing muscle is still having a challenging time moving the needle on this plan.
Other Medigap Plans offer better value
The monthly premiums for Plan L is available on the Idaho Department of Insurance website. Click here to see the current chart. When you consider the plan member’s out of pocket costs when compared to other Medigap plans, it is easy for us to leave this plan off our ‘short list’. We encourage Idaho residents to considerPlan F Hi-deductible, Plan G, or Plan N. Check the above mentioned link to see current rates for these plans. Some other thoughts on Plan L:
Medigap Plan F Hi-deductible has a lower annual out of pocket limit than Plan L
and some vendors monthly premium’s are less than half of Medigap Plan L
What should I do if I have a Medigap Plan L?
That is up to you. Don’t forget if you are outside of your Medigap open enrollment period and do not have a ‘guaranteed issue‘, you will have to answer the underwriting (health history) questions on the application of the new company you are considering . Read should I change Medigap policies and if you wish to pursue this then call us. We will help you find a Medicare supplement insurance plan that offers good value and meets your needs (and retirement budget).
What Medigap Plans do you recommend?
Each of the 12 Medigap plans pay a different combination of the costs left over by Medicare Part A and Part B. At this time we feel Medigap Plan F Hi-Deductible (certain situations), Medigap Plan G, and Medigap Plan N are the plans Idaho residents should be considering. Why are we recommending these plans? All of these plans have a decent market share, monthly premiums are attractive and provide good value. Note the monthly premiums offered by the different insurance companies offering these plans can vary by 200% for the same exact coverage.
We encourage Idaho residents to work with a professional Medicare insurance broker when selecting both a Medigap plan and the right insurance company. We have screened each of the companies offering these plans and have identified ones we would do business with ourselves and would recommend to Idaho residents.
Idaho residents interested in a Medigap Plan
Call us at (208)-867-0296 if you would like to talk about Medigap plans.
We also help Idaho Medicare beneficiaries find the Prescription Drug plan that covers all of their med’s and at the lowest annual out of pocket cost for them.
Learn more about us before you call and then learn the answer to the question ‘Why should I use an independent agent?‘.
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