Medicare Supplement Plans Comparison Chart
Understanding Medicare Supplement Plans
Medicare Supplement plans, otherwise known as Medigap plans, help pay some of the health care costs that Original Medicare does not. All Medigap plans follow federal and state laws to protect the consumers of these policies and ensure consistent standards are satisfied. The plans allow you to see any doctor who accepts Medicare patients and covers you for any travel in the U.S.
Some plans will cover the payment of your deductible. If not, then your Medigap plan will pay your coinsurance only after you have paid the deductible. As long as you pay your premiums, your Medigap policy guarantees life coverage.
How Do I Pick a Medicare Supplement Plan?
First, review the differences outlined in the Medicare Supplement chart below in the official guide of the Medicare & You Handbook. You will notice the Plan letters with the most checkboxes offer the most coverage. The plans are federally standardized, which means the coverage is the same for each Plan letter, yet the prices vary depending on factors such as location, age, and the insurance carrier. We will go into further detail into the popular plans that have a high enrollment each year.
Medicare Supplement Plan F
Plan F is the most comprehensive plan and has long been the most popular option. It covers all items and leaves no out-of-pocket costs for covered services. The popularity of this plan comes from the peace of mind it provides. Beneficiaries know the plan covers all items approved by Medicare.
There is also a high-deductible plan offered for Plan F and Plan G. The deductible amount is $2,490. However, Medicare still pays claims until you satisfy your deductible. For example, if your Medicare-approved bill is for $1,000.00, Medicare would pay $800.00 (80%) for Part B services, and you would pay $200.00 (20%) towards your deductible.
The Plan F is only offered to those that are grandfathered into the plan as of Jan 1st, 2020.
Medicare Supplement Plan G
Plan G benefits are practically identical to Plan F. The only difference is that Plan G does not cover the Medicare Part B deductible. For an apples-to-apples comparison, if your Plan F premium is $300/mon, your yearly expense is $3,600. If your Plan G premium is $150/mon, your annual cost is $1,800, but you may have to satisfy the Part B deductible of $233/yr for 2022. Even if you meet the Part B deductible, you will still save nearly $1,500/yr by switching plans.
Medicare Supplement Plan N
Medicare Supplement Plan N is similar to Plan G, except for three main differences. First, Plan N subjects you to co-payments of up to $20 for office visits. Second, there are also co-payments up to $50 for hospital visits if not admitted. Lastly, there are Part B excess charges for providers that don’t accept Medicare assignment. These providers can charge you 15% more than the Medicare-approved rate. These states do not have Part B excess charges:
- New York
- Rhode Island
- Starting January 1, 2010, any Medigap plans sold to new customers with Medicare won’t be allowed to cover Part B deductibles.
- For this reason, Plans C and F have not been available to new Medicare enrollees starting January 1, 2020.
- If you currently hold one of these plans prior to January 1, 2020, your coverage will be unaffected, and you will be able to keep your plan.
- If you are eligible for Medicare before January 1, 2020, but did not enroll until after, then you may still be able to purchase one of these plans.
What is the Best Medicare Supplement Plan?
The best Medicare supplement plan depends on you and your health care needs. Every Medicare supplement plan offers the same basic benefits as the rest. However, it is the additional benefits of a plan and what is offered in your area that will make the difference in your choice.
You can learn more about these supplement plans by connecting directly with one of our trusted agents. We offer expert advice and honest opinions on all of our available plans. If you’re interested, we can get you started and guide you all the way through enrollment. Have questions? We have answers. Give us a call a call today!
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