How Many People Really Have a Medicare Supplement?

Apparently, a lot of people…

This is summarized information from a recent report by Gorman Health Group entitled: “Market Trends: Medicare Supplement.”

medicare-supplement-trends

Medicare Supplement (Medigap) Trends

Did you know that, as of the end of 2015, nearly 1 in 4 Medicare beneficiaries receives supplemental Medigap coverage? This means, there are almost 12 million Medigap enrollees. That’s a lot of people! This is a 22% increase from the number of enrollees in 2010. Each year, this growth percentage steadily climbs, from 2% in 2011 to 6% in 2015.

medicare-supplement-trends

While the percentage of Medicare Supplement policyholders altogether continues to increase each year, there is a large variation in the percentage of beneficiaries with a Medigap policy in each state. In the majority of states (30 total), 20-29% of Medicare beneficiaries hold a Medicare supplement policy. However, Medigap penetration rates are as low as 3% in Hawaii and as high as 51% in Nebraska. The states with the highest Medigap penetration (above 40%) are clustered in the Plains States: Nebraska, Kansas, Wyoming, South Dakota and North Dakota.

Which Medigap Plan Is the Most Popular?

Nearly 6.5 million Medicare Supplement policyholders (55%) are enrolled in Plan F, making it the most popular. Next in popularity are Plans N and C, both with just over 960,000 enrollees. Plans L and M consistently hold the lowest enrollment. For a refresher on the features and benefits of the different Medigap plans, please see our Medigap Plan Comparison Chart.

What’s Coming Next?

There’s no way to know for certain what is to come. But we can confidently predict that the number of Medigap enrollees will continue to grow exponentially each year. If these trends continue (which we think they will!), we can safely say that when the numbers come out for 2016 enrollment, the number of enrollees will have increased to well over 12 million.

Medicare Supplement Insurance has historically been and will continue to be a vital component of Medicare coverage, covering that 20% gap that causes fear for so many Medicare beneficiaries. If you have any questions about Medicare supplements, or you would like to get a free quote on a Medicare supplement policy from 30 of the top carriers, please call us to speak with one of our friendly and knowledgeable agents at (866) 894-3258. We look forward to hearing from you soon!

Comments

    • Madeline Struve says

      Hi Ms. Irwin,

      Thank you for your question. Many different providers include Silver Sneakers, including Aetna, Anthem Blue Cross, Humana and United Healthcare. This will vary by state. If you already have a Medicare Supplement plan, you can visit the link below to check if it is included with your policy.

      https://tools.silversneakers.com/Eligibility/HealthPlans

      If you do not already have a Medicare Supplement, please give us a call at (866) 894-3258, and one of our friendly and knowledgeable agents can talk through it some more with you.

      Thanks again!

    • Madeline Struve says

      Hi there,

      Good question. We believe that the percentage of people on Medicare purchasing supplemental plans will only continue to increase more each year. If you take a look at the chart on the post above, you’ll see that the difference in the number of enrollees gets larger each year. The growth rate is growing exponentially. Additionally, the Plan F is by far the most popular plan, with 55% of Medicare Supplement policyholders enrolled in this plan.

      We are confident that the number of enrollees for 2016 and in the coming years will continue to grow exponentially.

      Thank you for your comment! If you have any questions, please feel free to give us a call at (866) 894-3258.

    • Madeline Struve says

      Hi Mr. Conner,

      We offer Dental, Vision and Hearing Plans from Central United Life and Medico. There is no underwriting involved and you can choose to use your own provider. The premiums are very affordable – as low as $31 each month. For more information, please see our resources at the link below, or give us a call at (866) 894-3258 to speak with one of our friendly agents about finding the perfect plan for you.

      http://www.gomedigap.com/resources-for-our-dental-vision-hearing-policy-holders/

      We look forward to hearing from you soon!

  1. Bill E. Workman says

    Last year you suggested that my wife and I to swap from the most popular plan “F” to plan “G” which supposedly would save us some on the premium..
    Should I check back each year to see about which way to go or will you contact me with anything that would be better for us??

    • Madeline Struve says

      Hi Mr. Workman,

      Great question. Depending on the situation, we do recommend Plan G to many clients, as it is identical to the “unlimited” Plan F except for the Part B deductible. The savings on the premium of the Plan G (compared to the Plan F) typically outweighs the small Part B deductible that you will have to pay if you go with Plan G.

      At GoMedigap, we have a service called Rate Watch. If you are one of our clients, we will automatically and continuously monitor your Medigap plans and prices to ensure that you are getting the best price possible. If there is any opportunity to save you money on your current plan with a different provider, one of our Rate Watch agents will be in contact with you to let you know.

      You don’t need to do anything! We will do the research and contact you if there are any potential savings. We will get in touch with you usually just before your annual renewal date.

      If you have any other questions, please don’t hesitate to ask. You can always give us a call at (866) 894-3258 and speak to one of our agents. Have a good day!

    • Madeline Struve says

      Hi Ms. Jones,

      That’s a great question. Plan F and Plan G are two of the more popular Medicare Supplement plans. Most people automatically prefer Plan F because it offers slightly more coverage than Plan G. However, Plan G actually covers everything Plan F does with the exception of the Part B deductible. The 2017 Part B deductible is $183, but this is subject to change annually. Although the Plan G does not cover the deductible, many people choose the Plan G, as the premiums are often less expensive than the Plan F premiums.

      I hope this helps. For more information, please visit this blog post about this topic: http://www.gomedigap.com/blog/when-does-plan-g-make-more-sense-than-plan-f-2/

      If you’d like, please give us a call at (866) 894-3258, and one of our friendly and experienced agents would be happy to explain this in more detail by looking at your current situation. Have a great day!

      • Madeline Struve says

        Plan G and Plan F are identical, except that Plan G does not cover the Part B deductible ($183 for 2017). Other than that, the coverage is exactly the same. Often, the Plan G has a less expensive premium than Plan F.

        In order to definitively answer this question on which plan would be best for YOU, we would need to know a bit more about your current situation and circumstances. If you’d like to chat with one of our agents to see if there is a better option for you, please give us a call at (866) 894-3258. One of our agents would be happy to help.

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