by Russell Noga | Updated August 24th, 2023
If you’re turning 65 and you plan on enrolling in Original Medicare, a Medicare Supplement plan can help you fill in the gaps and make your health insurance more affordable. There are a lot of different supplement plans, however, and trying to figure out which one to choose can leave you feeling dizzy.
To help simplify things for you, we’ve narrowed down the options to the top 5 Medicare Supplement plans for 2024. Below, you’ll find an overview of these plans, including what they cover, as well as some other handy information that will make signing up for Medicare Supplement Insurance less overwhelming.
What is Medicare Supplement Insurance?
Medicare is a health insurance program that’s sponsored by the federal government. It’s intended for people who are aged 65 and older; younger individuals with certain disabilities may qualify for coverage, too.
Original Medicare – Part A and Part B – covers the cost of things like inpatient (hospital stays, etc.) and outpatient (doctor visits, etc.) medical care and services. Though Original Medicare does cover a lot, it doesn’t cover everything, and beneficiaries are expected to pick up the tab for the expenses that aren’t covered.
Medicare Supplement Insurance – also called Medigap- is an additional form of health insurance that helps to cover the costs that Original Medicare doesn’t cover; things like coinsurance, copayments, and deductibles, for example.
There are a total of 10 different Medigap policies, named after letters, and they can be purchased from private health insurance companies. All plans are standardized, so Plan N would offer the same benefits, whether it was purchased from one private health insurance company in Florida or another private health insurance company in Texas.
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Important Things to Know About Medigap Things to Know About Medigap Insurance
The following are some of the key facts that are important to know about Medicare Supplement Insurance plans:
- Medigap is only available for Original Medicare beneficiaries. Medicare Supplement Insurance is only intended for people who have Medicare Part A and Part B; it is not intended for those who have Medicare Advantage. Also, you must be enrolled in Original Medicare before you can purchase a plan.
- Plans offer individual coverage. Medigap plans only cover one person, so if your husband or wife is an Original Medicare beneficiary and would also like Medigap insurance, he or she will have to purchase a separate plan.
- Coverage varies from plan to plan. Benefits vary from plan to plan; however, all plans of the same letter must offer the same standard benefits that are approved by the federal government.
Top 5 Medicare Supplement Plans
Of the 10 standardized Medicare Supplement policies, Plans F, G, N, D, and C are the most popular among Original Medicare beneficiaries.
Medicare Plan F
Medigap Plan F pays 100% of the gaps in Medicare Part A and Medicare Part B.
Coverage includes:
- Part A and Part B deductible
- Part A coinsurance and hospital expenses – up to an added 365 days once your Part A benefits have been used
- Part A hospice coinsurance or copayment
- Part B coinsurance or copayment
- Part B excess charges
- First three pints of blood
- Coinsurance for skilled nursing facility care
- Emergency medical care that is received within the first 60 days of traveling outside of the United States
Unfortunately, however, new Medicare enrollees can no longer enroll in Plan F. If you were eligible for Medicare before December 31, 2019 and you already had this Medigap plan, you can keep it, or if you hadn’t yet enrolled, you may be able to purchase it.
Medicare Plan G
Medicare Supplement Plan G is the most comprehensive option for new Medicare enrollees. It covers everything Plan F does, with the exception of the Part B deductible.
- Part A deductible
- Part A coinsurance and hospital expenses – up to an added 365 days once your Part A benefits have been used
- Part A hospice coinsurance or copayment
- Part B coinsurance or copayment
- Part B excess charges
- First three pints of blood
- Coinsurance for skilled nursing facility care
- Emergency medical care that is received within the first 60 days of traveling outside of the United States
Medicare Plan N
Medicare Plan N has lower premiums than Plan G; however, you will have to pay all or part of the Part B copayment.
- Part A deductible
- Part A coinsurance and hospital expenses – up to an added 365 days once your Part A benefits have been used
- Part A hospice coinsurance or copayment
- First three pints of blood
- Coinsurance for skilled nursing facility care
- Emergency medical care that is received within the first 60 days of traveling outside of the United States
Medicare Plan C
Medigap Plan C covers everything that Plan F covers, with the exception of the Part B excess charges; additionally, like Plan F, Medicare Supplement Plan C is no longer available to newly enrolled Medicare beneficiaries.
- Part A deductible
- Part A coinsurance and hospital expenses – up to an added 365 days once your Part A benefits have been used
- Part A hospice coinsurance or copayment
- Part B coinsurance or copayment
- First three pints of blood
- Coinsurance for skilled nursing facility care
- Emergency medical care that is received within the first 60 days of traveling outside of the United States
Medicare Plan D
Plan D offers similar coverage to Plan C, except it doesn’t pay the annual Medicare Part B deductible, nor does it cover Medicare Part B excess charges. Not many companies offer Medigap Plan D.
- Part A deductible
- Part A coinsurance and hospital expenses – up to an added 365 days once your Part A benefits have been used
- Part A hospice coinsurance or copayment
- Part B coinsurance or copayment
- Part B excess charges
- First three pints of blood
- Coinsurance for skilled nursing facility care
- Emergency medical care that is received within the first 60 days of traveling outside of the United States
Compare Medicare Supplement Insurance Quotes Today!
Before enrolling in Medicare Supplement Insurance, it’s a good idea to compare quotes from several different insurance companies.
To start receiving quotes from reputable insurers in your area, fill out the form to the right or call 1-888-891-0229 now!
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Frequently Asked Questions
What are Medicare Supplement Plans, and why are they essential?
Medicare Supplement Plans, also known as Medigap, are private insurance policies that help cover the gaps in Original Medicare. They are crucial because they can reduce out-of-pocket expenses for healthcare services.
Which are the Top 5 Medicare Supplement Plans in the market?
The Top 5 Medicare Supplement Plans are Plan F, Plan G, Plan N, Plan C, and Plan D. These plans offer comprehensive coverage and are popular among beneficiaries.
What benefits does Medicare Supplement Plan F provide?
Medicare Supplement Plan F offers the most comprehensive coverage, covering all deductibles, coinsurance, and excess charges under Original Medicare.
How does Medicare Supplement Plan G differ from Plan F?
Medicare Supplement Plan G provides almost the same coverage as Plan F, except it doesn’t cover the Part B deductible. However, it is often more cost-effective for many beneficiaries.
What does Medicare Supplement Plan N cover?
Medicare Supplement Plan N covers Part A coinsurance and hospital costs, Part B coinsurance (except for a copayment of up to $20 for some office visits and $50 for emergency room visits), and Part A deductible.
Is Plan C still available for new enrollees?
No, as of January 1, 2020, Plan C (as well as Plan F) is no longer available for new enrollees. Only those who were eligible for Medicare before that date can still choose these plans.
What benefits does Medicare Supplement Plan D provide?
Medicare Supplement Plan D covers Part A coinsurance, hospital costs, skilled nursing facility care coinsurance, Part A deductible, and 80% of foreign travel emergency expenses.
Can I switch from one Medicare Supplement Plan to another?
Yes, you can switch Medicare Supplement Plans at any time of the year. However, you may be subject to medical underwriting if not within your Medigap Open Enrollment Period.
Are the benefits of Medicare Supplement Plans the same across different insurance companies?
Yes, the benefits of each standardized Medicare Supplement Plan are the same, regardless of the insurance company offering them. However, premiums may vary.
How can I find the best Medicare Supplement Plan for my needs?
To find the best Medicare Supplement Plan, compare the available plans in your area, assess your healthcare needs and budget, and consider consulting with a licensed insurance agent or counselor.
Find the Right Medicare Plan for You
Finding the best Medicare plan for you doesn’t have to be stressful. Whether it’s a Medigap plan or you have questions about Medicare Advantage or Medicare Part D, we can help.
Call us today at 1-888-891-0229 and one of our knowledgeable, licensed insurance agents will be happy to assist you!
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.