Medigap Plan Comparison
Medigap plans work by supplementing your Original Medicare coverage. These insurance plans can help you pay for things that Original Medicare doesn’t cover, like deductibles, coinsurance, copayments, and more.
It can be overwhelming to compare Medigap plans, as each Medicare Supplement plan has its own unique coverage details and nuances. Having a general understanding of the differences between the various Medicare Supplement plans and being aware of what each plan offers can help you choose the Medigap policy that’s right for you.
Which Medigap plan should you choose?
Some of the most popular Medigap policies today are Plans G and N. These plans offer some of the broadest coverage available, and as a result, many beneficiaries choose to invest in their higher premiums which, in the end, don’t tend to be much higher than rates of plans that offer significantly less coverage.
Plan F covers the most benefits of any plan, but Plan F is only available to people who first became eligible for Medicare before January 1, 2020. Because of this, Plans G and N have become increasingly more popular.
What does each Medigap plan cover?
While you can find extensive information about each Medigap policy on their corresponding pages on our website, we’ve laid out the basics of each plan below. You can also check out each Medigap insurance plan’s benefit details in our Medigap plan comparison chart:
The most basic Medigap plan available, Plan A only offers the “core benefits” that every plan is required to cover. This includes your Medicare Part A coinsurance/hospital costs, Medicare Part B coinsurance, Part A hospice care coinsurance/copay, and your first three pints of blood for a medical procedure.
Plan C is one of the most comprehensive plans, and the only benefit that it doesn’t cover is your Part B excess charges. However, Plan C is not available to beneficiaries who became newly eligible for Medicare on or after January 1, 2020.
Plan F offers the most coverage of any Medigap policy and doesn’t leave out any benefits. But like Plan C, people who became new to Medicare on or after January 1, 2020 cannot enroll in Plan F.
High Deductible Plan F
High Deductible Plan F is an alternative to Plan F that offers you a lower monthly premium in exchange for a high deductible ($2,490 in 2022).
Plan G is an extremely popular plan, and the only benefit that it doesn’t cover is the Medicare Part B deductible (which has been set at $233 in 2022).
High Deductible Plan G
Like Plan F, Plan G also offers a high-deductible option that allows you to get great coverage at a lower monthly premium. Its deductible amount is the same as for High Deductible Plan F ($2,490 in 2022).
Plan K is a cost-sharing plan, and the majority of its benefits are only partially covered (50%). This allows for broad coverage while maintaining a lower monthly premium. Plan K also has an annual out-of-pocket limit of $6,620 in 2022.
Another cost-sharing plan, Plan L covers 75% of the majority of its benefits. Its out-of-pocket maximum is set at $3,310 in 2022.
While Plan M is technically also a cost-sharing plan, the only benefit that it partially covers (50%) is the Medicare Part A deductible ($1,556 in 2022). Unlike Plan K and Plan L, it does not have an out-of-pocket spending cap.
Plan N is another especially popular policy, and the only two benefits not included in the plan are your Part B excess charges and deductible (the latter of which has been set at $233 in 2022). However, you will have to pay a small copay when you visit the doctor ($20 per visit) or the emergency room ($50 per visit).
As you can see, each Medigap plan has its unique set of benefits and choosing which one is right for you is best done with the help of an expert. If you would like guidance when choosing a Medicare Supplement plan, reach out to a licensed insurance agent here at Medicare Plans Direct.