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Affordable Medicare Supplement Insurance Plans


Overpaying for your health insurance is not ideal. If you are eligible for Medicare and wondering how you can lower your health insurance costs, Medicare Supplement plans can help. If you are wondering what affordable Medicare Supplements are available in your area, we are here to help.

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Medicare Supplement plans help cover the costs left behind by Original Medicare and help create affordable health care for those enrolled in a Medicare plan. Medicare supplement plans are identified by a letter A-N. All lettered plans have different benefits that help cater to your needs.

It can be difficult to understand the different Medicare Supplement plans, as well as knowing which ones are available for you. We’re here to help make your search for the cheapest Medicare Supplement plans a little easier. Below, we discuss some of your options, including Medicare Supplement Plan G, Plan N, and the High Deductible Medicare Supplement Plan G.

What are the Most Affordable Medicare Supplement Plans?

When asking which Medicare Supplement plan is the cheapest, most people mean the policy with the lowest premium. Yet, plans with low premium tend to provide less coverage. In this article, we help you break down how the most popular Medicare Supplement plans compare in terms of total out-of-pocket costs and monthly premium.

The most affordable Medicare Supplements are Medicare Supplement Plan G, Medicare Supplement Plan N, and High Deductible Medicare Supplement Plan G. Below, we review these three plans, how much they cost, and the benefits you receive if you enroll in one of the three plans.

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Is Medicare Supplement Plan G Affordable?

Medicare Supplement Plan G is one of the most affordable Medicare Supplement plans if you want to have full coverage benefits and want to ensure you do not have high out-of-pocket costs.

Medicare Supplement Plan G benefits allow you to have no out-of-pocket costs after you have met the annual Medicare Part B deductible. So, essentially your monthly premium is the only cost you will pay once meeting the annual deductible. While premiums do vary depending on several factors, the average cost for a Medicare Supplement Plan G nationwide can range anywhere from $100 to $300 per month.

This makes Medicare Supplement Plan G one of the most affordable plans especially if you receive a high-cost surgery or receive care several times a month.

For example: Let’s say Richard is enrolled in Medicare Supplement Plan G and is needing a surgery that costs $10,000 plus one pre-op appointment and three follow up appointments. His monthly premium is $120 or $1,440 annually. After paying the Medicare part B deductible of $233 in 2022, he will pay a total annual cost of $1,673 for his surgery and follow up visits.

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Is Medicare Supplement Plan N Affordable?

Medicare Supplement Plan N is one of the more affordable Medicare Supplement plans due to its lower premium but provides fewer benefits than Medicare Supplement Plan G.

In addition to the Medicare Part B deductible, when you enroll in Medicare Supplement Plan N, you are responsible for paying small copayments at the doctor, emergency room and excess charges if applicable. These copayment help keep the monthly premium lower and more affordable.

For example: Let’s look at Richard again. Richard enrolled in Medicare Supplement Plan N with a $90 monthly premium or $1,080 annually. He requires a $10,000 surgery with one pre-op visit and three follow up visits. After paying the Medicare Part B deductible of $233 in 2022, and $20 per office visit, he will pay a total of $1,393 for his surgery and follow up visits. This is $280 less than he would pay with Medicare Supplement Plan G.

If you are someone who does not visit the doctor often or does not mind a small copay, then Medicare Supplement Plan N may be the most affordable Medicare Supplement plan for you.

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Is Medicare Supplement High Deductible Plan G Affordable?

Medicare Supplement High Deductible Plan G is the next affordable Medicare Supplement plan on the list. Medicare Supplement High Deductible Plan G is one of the newest Medicare Supplement plans and has quickly gained popularity.

This high deductible plan offers benefits identical to the standard Medicare Supplement Plan G. The only difference between standard Plan G and High Deductible Plan G is the deductible. Once your total out-of-pocket costs reach that high deductible, your benefits will work the same as with traditional Medicare Supplement Plan G.

For example: Again, let’s look at Richard. Richard enrolled in Medicare Supplement Plan HDG with a $40 monthly premium or $480 annually. He requires a $10,000 surgery with one pre-op visit and three follow up appointments. After paying the Medicare Supplement HDG deductible of $2,490 in 2022, he will pay a total of $2,970 for his surgery and follow up visits. This is more than Medicare Supplement Plan N and Plan G.

Due to the higher deductible, this plan’s monthly premium is a fraction of the traditional Medicare Supplement plan G. This makes it the most affordable plan in terms of monthly premium by far. However, if you meet the high deductible on this plan, you may end up spending more over the course of the year.

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Why is Medigap Plan F Not an Affordable Medicare Supplement Plan?

Medicare Supplement Plan F may be one of the more popular Medicare Supplement plans, with many Medicare beneficiaries choosing this plan over the others. However, you might want to know that even though it is one of the more popular plans, Medicare Supplement Plan F is not one of the most affordable Medicare Supplement plans. This is because this plan has higher premiums compared to other Medicare Supplement plans. With higher premiums comes more benefits and lower out-of-pocket costs in the long run.

Medicare Supplement Plan F is one of the most expensive plans, so, if you’re looking for cheaper Medicare Supplement plans with lower premiums, Plan F is not for you.

Medicare Supplement Plan F is also no longer available for Medicare beneficiaries who are aging in and is only available for those who were eligible for Medicare before January 1, 2020. Take note also that Medicare Supplement Plan F premiums will continue to rise as the average age of those on the plan increases.

For example: Take Richard’s example. Richard enrolled in Medicare Supplement Plan F with a $290 monthly premium or $3,480 annually. He requires a $10,000 surgery with one pre-op visit and three follow up appointments. Since his out-of-pocket expenses are covered, Richard will pay $3,480 for the surgery and visits. This is more than Medicare Supplement Plan G, Plan N, or HDG.  This makes Medicare Supplement Plan F the least affordable Medicare Supplement plan.

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Medicare Advantage Plan Vs. Affordable Medicare Supplement Plan

Those enrolled in Original Medicare are often attracted to Medicare Advantage plans because of their low or zero-dollar monthly premiums. However, many restrictions do apply to these plans. Most Medicare Advantage plans come in PPO or HMO form and have a small network of physicians and hospitals available to their plan enrollees. These networks and restrictions do not exist with affordable Medicare Supplement plans.

Also, most Medicare Advantage plans require referrals to specialists and outside diagnostic testing and treatments. While these plans offer less expensive premiums, often, several high copays offset the lower monthly premium costs.

For example: Let’s look at Richard’s example one last time. Richard enrolled in Medicare Advantage with a $0 monthly premium. He requires a $10,000 surgery with one pre-op visit and three follow up appointments. His Medicare Advantage plan has a $6,500 in-network deductible. After meeting the deductible, Richard is covered at 100% by his plan. So, Richard’s full cost for the surgery is $6,500. Even with a $0 premium plan, his out-of-pocket costs are higher than the most expensive Medicare Supplement plan, Plan F.

So, when it comes down to the details, Medicare Supplement plans are often more convenient. 

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How to Compare Rates on Affordable Medicare Supplement Plans

If you are interested in finding affordable Medicare Supplement plans available to you, our licensed Medicare agents are here to help. We have access to all the top carriers and can help find the lowest rates in your area.

To get started, call the phone number above or complete our online rate form to receive your free rate comparison today!

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Sources:

MedicareFAQ is dedicated to providing you with authentic and trustworthy Medicare information. We have strict sourcing guidelines and work diligently to serve our readers with accurate and up-to-date content.

  1. Find a Medigap policy that works for you, Medicare. Accessed July 2022.
    https://www.medicare.gov/medigap-supplemental-insurance-plans/#/m?year=2022&lang=en
  2. Medigap, Medicare. Accessed July 2022.
    https://www.cms.gov/Medicare/Health-Plans/Medigap
  3. What's Medicare Supplement Insurance (Medigap)?, Medicare. Accessed July 2022.
    https://www.medicare.gov/supplements-other-insurance/whats-medicare-supplement-insurance-medigap

Jagger Esch

Jagger Esch is the Medicare expert for MedicareFAQ and the founder, president, and CEO of Elite Insurance Partners and MedicareFAQ.com. Since the inception of his first company in 2012, he has been dedicated to helping those eligible for Medicare by providing them with resources to educate themselves on all their Medicare options. He is featured in many publications as well as writes regularly for other expert columns regarding Medicare.

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