What Are the Best Medicare Supplement Plans?
Medigap plans are available to beneficiaries of Original Medicare Parts A & B.
They come in an assortment of options to suit your medical requirements, giving you the additional coverage you need to reduce your out-of-pocket medical expenses.
What are the best Medicare supplement plans, and how do they differ in coverage and price?
This post unpacks the differences between these policies to help you make an informed decision on which one is right for you.
Before we get into the specifics of the best Medicare supplement insurance plans, you can skip the read and call us right now at 1-888-891-0229 for personalized assistance.
Our expert licensed brokers offer you professional advice on the right plan for you.
We’ll help you understand the difference in policies and recommend the right plan to suit your situation.
Fill out the contact form on this site if you don’t have the time to talk right now. We’ll have someone call you right back with the information you need on any Medigap plan.
What Is Medigap Insurance?
Medigap insurance policies cover the out-of-pocket costs associated with your healthcare that isn’t covered by Medicare Parts A & B.
Medicare only pays around 80% of these costs, and your Medigap policy helps you cover the rest.
Medigap policies come in ten options, labeled in different letters. We’ll look at each of them in detail in a minute. For now, it’s important to note that only eight of the ten plans are available to people who became eligible for Medicare after January 1, 2020.
Plans C & F are discontinued for new members, and you’ll have to go with one of the other eight options.
If you were eligible for Medicare before the January 1, 2020, cutoff date, you could still purchase a Medigap Plan C or F policy.
Call us, and we’ll show you how.
Who Provides Medigap Insurance?
Unlike Medicare, which is a Federally organized and managed program, Medigap is available from private healthcare providers in the United States.
Several licensed insurers offer these plans, and we can help you choose the best option in your state, offering you the lowest premiums. Call us for advice.
What Are the Best Medicare Supplement Plans?
Medicare plans offer beneficiaries different levels of coverage.
Here are the basics of what each plan covers to give you an idea of what to expect.
| Plan | Plan F | Plan G | Plan K | Plan N |
|---|---|---|---|---|
| Average Monthly Premium | $179 | $145 | $77 | $111 |
| Part A coinsurance | Yes | Yes | Yes | Yes |
| Part B coinsurance | Yes | Yes | 50% | Yes |
| Blood (3 pints) | Yes | Yes | 50% | Yes |
| Part A hospice care | Yes | Yes | 50% | Yes |
| Skilled nursing facility | Yes | Yes | 50% | Yes |
| Part A deductible | Yes | Yes | 50% | Yes |
| Part B deductible | Yes | No | No | No |
| Part B excess charges | Yes | Yes | No | No |
| Foreign travel emergency | 80% | 80% | No | 80% |
Like Original Medicare, Medigap plans don’t cover the costs of your prescriptions. Nor do they cover vision, dental, or hearing costs.
Some providers offer additional packages for small fees that you can add to your policy to cover these expenses.
The Most Comprehensive Medigap Plan – Plan F
Plan F is the most comprehensive Medigap plan, but it’s only available to people qualifying for Medicare before January 1, 2020.
If you were eligible for Medicare before this date, you could still apply for Plan F, but you’ll need to undergo medical underwriting, where the insurer assesses your health before offering you the plan.
If you have a pre-existing health condition, they might decide to deny you the plan.
Plan F covers your day-to-day medical expenses and all copayments, coinsurance, and deductibles.
You essentially have no liability for inpatient or outpatient healthcare expenses. Plan F was the most popular Medigap policy up to its discontinuance in 2020.
The premium for Plan F averages $179 per month, depending on your risk profile and the state you live in, making it one of the most expensive options.
The Most Comprehensive Medigap Plan for New Enrollees – Plan G
Those new members of Medicare that enroll after the January 1, 2020 cutoff date for Plan F can register in Plan G.
Apart from Plan F, Plan G is the most comprehensive Medigap plan available. Like Plan F, it absorbs many day-to-day medical expenses, and you don’t have any coinsurance or copayment requirements.
The only difference between Plan F and Plan G is that Plan G requires you to pay the annual $226 deductible for Original Medicare Part B. After meeting this deductible, Plan G kicks in and takes care of all medical expenses associated with Medicare Part B.
Plan G is currently the most popular of all Medigap Plans, with average premiums of $145 per month.
The Most Affordable Medigap Plan – Plan N
If you’re looking for the most affordable Medigap policy, you can go with Plan N.
Plan N doesn’t offer you the same level of coverage as Plan G, but you get what you pay for.
Regardless of its limited coverage, you still get 50% coverage for care in skilled nursing facilities and hospitals.
Plan N is a good choice for healthy seniors that don’t have many healthcare costs and need to budget while on a fixed income.
You can expect to pay around $77 monthly for your premium, making it the most affordable option in the range.
The Most Affordable Medigap Plan – Plan N
Plan N is a good choice for healthy seniors who don’t make many trips to the doctor or emergency room each year.
You get a good level of coverage that’s not as comprehensive as Plan G but suitable to cover you if you have an extended hospital stay or find yourself in a medical emergency.
While the coverage isn’t as good as Plan G, you benefit by paying lower premiums.
Plan N requires you to make a $20 copayment when you see a doctor or specialist and a $50 copayment if you go to the emergency room for treatment and they don’t admit you into the hospital.
Plan N also doesn’t cover your Part B excess charges. Plan N is for you if you want good coverage but lower premiums.
On average, you’ll pay approximately $111 for a Plan N policy, but these costs can vary state-by-state and in accordance with your personal risk profile assessed by the insurer.
What Do Medigap Plans Cost?
The Federal government regulates the benefits offered in all Medigap plans. That means that all insurers offering Medigap policies must adhere to a standardized coverage for each plan, with no exceptions.
However, some insurers provide beneficiaries additional benefits, such as household discounts, reduced fees on gym memberships, and more.
The Federal government has no say in how private insurers price these plans.
As a result, you might find that insurers in your state offer the same plan at different prices.
That’s why you need an independent broker like us to assist you with getting the best rate in your state for your Medigap premiums.
Frequently Asked Questions
What are the best Medicare Supplement plans for seniors?
Popular options for seniors include Plan F, Plan G, and Plan N, offering comprehensive coverage to fill the gaps left by Original Medicare.
Which Medicare Supplement plan has the most coverage?
Plan F provides the most coverage, covering deductibles, coinsurance, and co-payments for Medicare-approved services.
What are the benefits of Medicare Supplement Plan G?
Plan G offers robust coverage, including Medicare Part A and B deductibles, coinsurance, and co-payments (excluding Part B deductible).
How do I choose the best Medicare Supplement plan?
Consider your needs, budget, health condition, and preferred doctors or hospitals. Compare plan benefits and costs for an informed decision.
Are Medicare Supplement plans worth it?
Yes, they can reduce out-of-pocket costs and offer comprehensive coverage beyond Original Medicare, making them valuable for many individuals.
Can I switch Medicare Supplement plans anytime?
Yes, you can switch plans throughout the year as long as you meet eligibility criteria and review the terms of your current plan.
How do Medicare Supplement plans work with Medicare Part D?
Medicare Supplement plans don’t cover prescription drugs. You need a separate Medicare Part D plan for prescription drug coverage.
What is the cost of Medicare Supplement Plan N in 2024?
Plan N will be one of the most popular Medicare supplement plans for 2024. Costs vary based on factors like location, age, gender, and health. Compare quotes from insurers for accurate pricing information.
Are pre-existing conditions covered by Medicare Supplement plans?
Yes, Medicare Supplement plans generally cover pre-existing conditions without denying coverage or charging higher premiums.
Can I have both a Medicare Advantage plan and a Medicare Supplement plan?
No, you cannot have both simultaneously as they provide different coverage. Choose either a Medicare Advantage plan or a Medicare Supplement plan.
What Are the Best Medicare Supplement Plans?
To compare the best medicare supplement plans with other well-known health insurance companies, submit the form to the right.
You can also call 1-888-891-0229 and one of our licensed agents will be happy to answer all of your questions and assist you with all of your needs.
Updated December 4th, 2022