Call Us Today!

Call Us Today!

Medicare Supplement Plans Comparison

Medicare Supplement plans are inscribed with letters A to N. Each plan covers a different sect of the gaps in Medicare. 

In case you were wondering, Medicare supplements and Medigap plans are the same thing — just two different terms. 

Some plans will have higher premiums but offer more coverage. Others will have lower premiums, as you consent to pay some of the gaps in Medicare. It’s important to compare Medicare supplements so you can know which plans cover your top priorities.

Medigap Plans Comparison: 10 Plan Options

Medigap Plan F and Plan G cover the most benefits and leave you with little out-of-pocket. But there are plenty of other options, too. We’ve composed a list with a brief review of each plan so you can compare them:

Medigap Plan A

Plan A is the most basic of all the Medigap plans. Still, it’ll cover the 20% that Medicare doesn’t pay for with outpatient treatments. All Medicare insurance companies must offer Plan A. However, some states don’t require carriers to offer it to those under age 65 on Medicare disability.

Medigap Plan B

Plan B covers everything that Plan A does, plus the Medicare Part A hospital deductible. Medigap Plan B pays after Medicare pays. Don’t mistake it for Medicare Part B, which covers outpatient medical services. 

Medigap Plan C

Plan C is one of the most complete Medicare supplements. It covers everything but Medicare excess charges. So, it pays both of your deductibles and the 20% that you’d typically owe toward all outpatient costs. Medigap plans C & F are extremely popular.

Medigap Plan D

Plan D covers most items except the Part B deductible and Medicare excess charges. It doesn’t rank high in terms of popularity. Don’t mistake Medigap Plan D for Medicare Part D, which is your prescription drug coverage. These are two different things!  

Medigap Plan F

Plan F covers ALL of the things you’d normally pay, which makes it the top selling Medigap plan. You’re left with nothing out-of-pocket for covered services. Many people like the peace of mind that comes from knowing you won’t have a copay for hospital stays or doctor visits.

There’s also a high-deductible rendition of Plan F that provides excellent Medigap coverage after you first reach a deductible.

Medigap Plan G

Medigap Plan G has become more prevalent in recent years. It covers everything that Plan F covers minus the Part B deductible. Plan G premiums are normally pretty competitive, which can often elevate the value. When comparing Plan F and G in most states, we often find that Plan G is a better annual value. There’s also a high-deductible rendition of Plan G. 

Medigap Plans K, L, and M

These Medigap plans offer partial coverage of some benefits. For example, Plan K covers 50% of most things and Plan L covers 75% of most items. Since beneficiaries rarely request these plans, not all carriers offer them. However, you can usually find good rates for these Medicare Supplement plans in certain areas.

Medigap Plan N

With Plan N, you’re required to pay copays for doctor and ER visits, but the premiums are lower. That’s the trade-off. Also, Plan N doesn’t cover the Medicare excess charges. The lower premiums have been appealing to many beneficiaries, but sometimes policyholders are annoyed by the small bills for excess charges.  

If you’re interested in the policies that offer the most affordable rates, consider Plan N.

How to Compare Medigap Plans

It’s fairly easy to compare Medicare Supplement plans. Each year, Medicare publishes a booklet that includes a handy comparison chart. This chart lets you observe and compare Medigap plans side-by-side. You’ll get to see exactly what each plan covers, in terms of benefits.  

Which Is the Best Medicare Supplement Plan?

Plan F and Plan G lead the way. Plan F covers every gap in Medicare. Plan G is slightly different, but it’s still very popular. The only difference is the Part B deductible. 

Let’s say you compare the annual premiums for Plan G. If these premiums save you more than you’ll pay out for the Medicare Part B deductible, then it makes sense to enroll in Plan G.

Medigap Plan C and Plan F are no longer available to  new Medicare beneficiaries whose Medicare effective dates are January 1, 2020 and later. As a result, Plan G has risen in popularity.   

Not to be overlooked is Plan N, which has also been gaining interest in recent years. Plan N doesn’t cover excess charges, while Plans F and G do. However, N offers lower premiums if you’re inclined to do some cost-sharing.

What Else Should I Know?

When you compare the insurance prices, remember that plans are standardized. Each carrier determines their own rates, but the benefits for a Plan G are the same regardless of where you buy it. The same goes for all other Medicare supplement plans. So, you can easily shop prices between policies.

Whether you need help comparing supplements or you need a full report of what each plan covers, we can help. Call (316) 260-3331 to speak to a Medicare expert at Cornerstone Senior Advisors.