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Affordable Medicare Supplement Insurance Plans


Many beneficiaries wonder what affordable Medicare Supplement plans are available in their area. Navigating the numerous letter plans, as well as keeping up with which ones are available, can be a daunting task. We’re here to help make the task of searching for cheap plans a little easier. Below, we’ll discuss some of your options including Plan G, Plan N, and the new high deductible Plan G.

What is the Cheapest Medicare Supplement Plan?

Plan G

Plan G benefits include coverage for the Part A deductible, as well as the 20% coinsurance and copayments. It also covers excess charges and medical emergencies while traveling abroad. The only thing it does not cover is your Part B deductible.

Plan N

Plan N is one of the more affordable Medicare plans due to its cost-sharing but provides fewer benefits. It offers coverage for the Part A deductible, medical emergencies while traveling abroad, and the 20% not covered by Medicare. The “cost-sharing” term kicks in here because you do have to share the cost of some services. There’s a copayment of up to $20 for office visits. There’s also a copayment of up to $50 for emergency room visits.

High Deductible Plan G

High-Deductible Plan G is the next affordable Medicare on the list. High Deductible Plan G was just introduced. It has the SAME EXACT benefits as the standard Plan G. The only difference is the deductible. Once your total out of pocket costs reach that deductible, your benefits will work the same as the standard Plan G.

Why is Plan F Not One of the Cheaper Medicare Supplement Plans?

That’s because, even though it’s one of the most popular plans, it’s not the most affordable one. With higher premiums comes more benefits. It also comes with lower out of pockets costs in the long run.

Plan F is one of the most expensive plans, so if you’re looking for cheaper premiums, Plan F is not for you. It’s also going away for new beneficiaries, including the High-Deductible Plan F.

High Deductible Plan F premiums are much cheaper than the regular Plan F, due to the higher deductible. Unless you weren’t newly eligible for Medicare, you wouldn’t be available to enroll in any first-dollar plan.

Is a “Zero Premium” Medicare Advantage Plan Better?

With Medicare Advantage, you get what you pay for.

Beneficiaries are attracted to Advantage plans because of the lower, or $0-dollar premiums. However, many restrictions do apply. Most Advantage plans come in PPO or HMO form and have a smaller network of physicians and hospitals to choose from.

Also, most of these types of plans require referrals for specialists and outside diagnostic testing and treatments. While these plans offer cheaper premiums, often, there are MULTIPLE copays that offset the lower monthly premium.

Due to many agents advising new beneficiaries to join an advantage plan, without explaining the many restrictions, Medicare was forced to bring back the Medicare Advantage Open Enrollment Period.

Too many beneficiaries were signing up for “affordable” Medicare Advantage Plans, then quickly realizing they did not have the coverage they wanted or needed. But they were stuck with the plan until the next Annual Enrollment Period.

If you signed up for an advantage plan that didn’t allow you to see the doctor you wanted to see or didn’t cover the pharmacy of your choice, you have another opportunity to switch back to Medicare. You can instead pick up an affordable supplement plan and Part D. You can also switch to another advantage plan if you wish.

How to Compare Rates on Affordable Medicare Supplement Plans

Sure the cheapest Medigap plan is what everyone wants, but some states have high Medigap premiums. It’s not the cost that matters, but the value the policy can bring you.
To compare rates for the most affordable Medicare Supplements, give us a call. You can also compare prices side by side using our online rate comparison form here.

Lindsay Engle

Lindsay Engle is the Medicare expert for MedicareFAQ. She has been working in the Medicare industry since 2017. She is featured in many publications as well as writes regularly for other expert columns regarding Medicare. You can also find her over on our Medicare Channel on YouTube as well as contributing to our Medicare Community on Facebook.

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