by Russell Noga | Updated August 24th, 2023
Medicare can cover many of your health care expenses, but it doesn’t cover everything.
Medicare Supplement plans, also known as Medigap policies, are designed to pick up where Medicare leaves off; in other words, they cover the expenses that government-backed medical insurance program doesn’t and can save you a big chunk of change.
There are 10 different Medigap policies, and each one covers different expenses. If you’re a Medicare beneficiary or you plan on enrolling in the program within the next year, you’re probably wondering about Medicare Supplement plans for 2024.
Since nothing is more important than your health, planning ahead is always a smart idea. For help choosing the best Medicare Supplement plan for your specific needs, keep on reading.
About Medicare Supplement Insurance
Medicare Supplement Insurance is additional insurance that can assist you with covering health care expenses that Original Medicare – Part A and Part B – doesn’t cover, such as copays, deductibles, and coinsurance. There are a total of 10 different standardized plans, which are named for letters, and these policies are sold by private health insurance companies.
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While each lettered plan covers different out-of-pocket expenses (Plan F covers different expenses than Plan G, for example) because Medigap policies are standardized, all lettered plans must provide the same coverage, no matter which insurance company sells them, or where they’re purchased; for instance, while specific insurance companies might offer additional benefits, all Medigap Plan N must provide the same foundational benefits.
It’s important to note that you do have to pay additional premiums on a monthly basis, on top of the premiums for Part B and Part D (if you choose to enroll in Part D). Despite the additional premium, Medicare Supplement Insurance can help you save a significant amount of money overall, as the supplemental insurance will cover a lot of the expenses that Original Medicare doesn’t cover, and those expenses can really add up over time.
How Medigap Insurance Works
Medicare will pay for the approved amount of medical expenses. Your supplemental insurance plan will then step in and pay for the expense that it covers, as long as you remain current with your policy’s premiums. In order to purchase a Medigap policy in 2024, you must be enrolled in Original Medicare (Part A and Part B). That’s it! The way that Medicare Supplement Insurance works really is that simple!
Medicare Supplement Plans 2024
As mentioned, there are a total of 10 different Medigap policies; however, out of these policies, there are three plans, in particular, that stand out and that we think are the best options for 2024: Plan F, Plan G, and Plan N.
Medicare Supplement Plans 2024
Plan F is the most comprehensive Medigap policy, meaning that of all the different options, Plan F covers the most out-of-pocket expenses. There is a catch, however: New enrollees can’t purchase this plan, as those who became eligible for Medicare after January 1, 2020, can no longer enroll in this Medicap policy. If you were enrolled in Medicare and were already covered by Plan F prior to that date, you can hold onto your plan. Additionally, if you were eligible for Medicare before the start of 2020 but you hadn’t enrolled yet, you may be able to purchase the plan.
What Plan F Covers
- Part A deductible
- Part A coinsurance and hospital expenses (up to an extra 365 days after your Medicare benefits have been used)
- Part A coinsurance or copayment for hospice care
- Part B deductible
- Part B excess charges
- Coinsurance for skilled nursing facility care
- Blood transfusions (first 3 pints)
- Emergency medical care that you receive within the first 60 days of traveling abroad
What Plan F Doesn’t Cover
- Long-term care
- Prescription drugs
- Vision care, including corrective lenses
- Dental care
- Private-duty nursing care
Medicare Supplement Plan G
Plan G is the most comprehensive supplement policy for new Medicare enrollees. In other words, if you become eligible for Medicare after January 1, 2020, and are not eligible for Plan F, Plan G is a great alternative because of all the plans that you are eligible for, Plan G will cover the most out-of-pocket expenses that Original Medicare doesn’t pay for. The Part B deductible is the only thing that Plan G doesn’t cover that Plan F does.
What Plan G Covers
- Part A deductible
- Part A coinsurance and hospital expenses (up to an extra 365 days after your Medicare benefits have been used)
- Part A coinsurance or copayment for hospice care
- Part B excess charges
- Coinsurance for skilled nursing facility care
- Blood transfusions (first 3 pints)
- Emergency medical care that you receive within the first 60 days of traveling abroad
What Plan G Doesn’t Cover
- Part B deductible
- Long-term care
- Prescription drugs
- Vision care, including corrective lenses
- Dental care
- Private-duty nursing care
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Medicare Supplement Plan N
Plan N doesn’t cover as much as Plan F or Plan G, as you will have to pay for some copays, as well as a small yearly deductible; however, the premiums for Plan G are lower than the premiums for Plan F and Plan G.
What Plan N Covers
- Part A deductible
- Part A coinsurance and hospital expenses (up to an extra 365 days after your Medicare benefits have been used)
- Part A coinsurance or copayment for hospice care
- Part B coinsurance; you’ll need to pay a copayment of up to $20 for doctor appointments and up to $50 for ER visits (the ER copay is waived if you’re admitted)
- Coinsurance for skilled nursing facility care
- Blood transfusions (first 3 pints)
- Emergency medical care that you receive within the first 60 days of traveling abroad
What Plan N Doesn’t Cover
- Part B deductible
- Long-term care
- Prescription drugs
- Vision care, including corrective lenses
- Dental care
- Private-duty nursing
Frequently Asked Questions
What are Medicare Supplement plans?
Medicare Supplement plans, also known as Medigap, are private insurance plans designed to fill the gaps in Original Medicare. They help cover out-of-pocket costs such as deductibles, coinsurance, and copayments.
What factors should I consider when choosing a Medicare Supplement plan for 2024?
When choosing a Medicare Supplement plan for 2024, consider factors such as your specific healthcare needs, budget, coverage preferences, available plans in your area, and the financial stability and reputation of the insurance companies offering the plans. As well, many companies offer household discounts and other discounts. Call us today to see if you qualify.
What is the difference between Medicare Supplement Plan G and Plan N?
Medicare Supplement Plan G offers comprehensive coverage, including coverage for Medicare Part A and B deductibles, coinsurance, and excess charges. Plan N offers similar coverage but may require copayments for certain services.
Is Plan G or Plan N better for 2024?
The best Medicare Supplement plan for 2024 depends on your individual needs and preferences. Plan G is often considered a popular choice due to its comprehensive coverage, while Plan N can be a more cost-effective option with slightly more cost-sharing requirements.
What are the benefits of Medicare Supplement Plan G for 2024?
Medicare Supplement Plan G provides coverage for Medicare Part A and B deductibles, coinsurance, and excess charges. It offers a high level of coverage, allowing you to have predictable out-of-pocket costs for covered services.
What are the benefits of Medicare Supplement Plan N for 2024?
Medicare Supplement Plan N provides coverage for Medicare Part A coinsurance and hospital costs, as well as coverage for Part B coinsurance or copayments, except for a copayment of up to $20 for some office visits and up to $50 for emergency room visits that don’t result in inpatient admission.
Can I switch Medicare Supplement plans in 2024?
Generally, you can switch Medicare Supplement plans at any time during the year. However, it’s important to note that if you have pre-existing conditions, you may be subject to medical underwriting when changing plans outside of your initial enrollment or guaranteed issue periods.
What are some other popular Medicare Supplement plans for 2024?
In addition to Plan G and Plan N, other popular Medicare Supplement plans for 2024 include Plan F, Plan C, and Plan D. These plans may vary in terms of coverage and cost-sharing requirements, so it’s important to compare them based on your specific needs.
Where can I get more information about Medicare Supplement plans for 2024?
For more information about Medicare Supplement plans for 2024, you can visit the official Medicare website, consult with licensed insurance agents who specialize in Medicare or attend educational seminars to understand the available options and make an informed decision.
Is there a best Medicare Supplement plan for everyone in 2024?
The “best” Medicare Supplement plan for 2024 varies depending on individual needs and circumstances. What works for one person may not work for another. It’s essential to assess your healthcare needs, budget, and coverage preferences to determine which plan is the best fit for you in 2024.
Call Us for a Free Quote on Medicare Supplement Insurance
Our professional, experienced, and fully licensed agents are available for a free consultation at 1-888-891-0229.
We’ll find you the best premium for any Medigap plan in any state. If you want a fast quote, use our automated online quoting tool to get an estimated premium on any policy.
Or fill out the contact form, and we’ll get a Medigap expert to call you back to discuss your healthcare requirements and budget.
Russell Noga is the CEO and Medicare editor of Medisupps.com. His 15 years of experience in the Medicare insurance market includes being a licensed Medicare insurance broker in all 50 states. He is frequently featured as a featured as a keynote Medicare event speaker, has authored hundreds of Medicare content pages, and hosts the very popular Medisupps.com Medicare Youtube channel. His expertise includes Medicare, Medigap insurance, Medicare Advantage plans, and Medicare Part D.