You should always compare Medigap insurance plans when researching your Medicare options. The best way to compare them is by doing your due diligence.
If you’re enrolled in Parts A and B, you’re also eligible to purchase supplemental Medicare coverage for the expenses that Original Medicare doesn’t cover.
The government has authorized 10 standard Medicare Supplements, or Medigap insurance plans. Dozens of insurance companies offer these plans, but they don’t all charge the same rates.
That’s why it’s so important to compare Medigap insurance plans side by side with all the carriers.
There’s a simple reason behind Medigap: Medicare Parts A and B only pay about 80 percent of your medical costs, leaving you to pay deductibles and the other 20 percent.
By paying a monthly premium, you can greatly reduce the amount you’ll pay out of pocket for your health care.
Compare Medigap Insurance Plans
These plans are identified by letters, ranging from A through N. Below, we’ve assembled a quick summary of each plan’s major benefits in most states. If you live in Massachusetts, Minnesota or Wisconsin, your Medigap options are a little different.
We’ve created this chart to help you understand the plan differences at a glance.
- Plan A extends your Part A coinsurance hospital benefits for up to a year. It also covers Part A hospice care and the coinsurance or co-payment at doctor’s offices and other Part B health care providers.
- Plan B has all the benefits of Plan A, plus it pays the Part A deductible.
- Plan C includes all of Plan B’s benefits, plus coinsurance for skilled nursing facility care, foreign travel emergency insurance, and the annual Part B deductible.
- Plan D has the same benefits as Plan C, except that it doesn’t pay your Part B deductible.
- Plan K, L, M, and N offer the same features as Plan D, but they pay less than 100 percent of your costs for certain services or deductibles. For example, Plan K covers only 50 percent of your Part B coinsurance, while Plan N requires co-pays.
Most Popular Medigap Plans
- Plan F is the most comprehensive plan available. It includes all the benefits of Plan C, and it also pays Part B excess charges. Doctors that do not accept Medicare as full payment for services can bill you for “excess charges” of up to 15 percent on top of what Medicare pays. For example, if Medicare pays $1000 for a service, the doctor can charge you $1150, and you will be responsible for the extra $150.
- Plan HD-F is a high deductible version of Plan F. It offers the same benefits as Plan F, but you must meet an annual deductible before your insurance pays anything.
- Plan G is the only plan other than Plan F that covers excess charges. The difference between Plan G and Plan F is that Plan G does not pay the annual Part B deductible.
Compare Medigap Plans F and G
When you compare Medigap Plans F and G side by side, you’ll see that both plans offer almost the same benefits.
They’re the only two plans that will cover any Medicare Part B excess charges. The only difference is that Plan G won’t cover your Part B deductible.
Compare Medigap Plans F and N
When you compare Medigap Plans F and N side by side, you’ll notice that Plan F has more benefits, but the costs are also higher. Plan N is a good alternative for those who are looking for lower premiums.
Plan N pays for your Part B coinsurance but does require a small deductible. Unlike Plan F, letter Plan N doesn’t cover your Part B deductible or any excess charges.
Choosing a Medigap Carrier
Many insurance companies sell policies, though every company doesn’t offer every single plan. That means you may have to shop around to find the coverage you want.
In addition, insurance premiums are not standardized. That means a Plan F from one company may cost substantially more than the exact same policy from another insurer even though the benefits are the exact same.
Where to Compare Medigap Insurance Plans
At MedicareFAQ, we make shopping for coverage easy. We search the top Medigap insurance plans to find the best rates on policies. We’ll explain the plans and your options and help you get the coverage you need; at a price, you can afford.
If you’re ready to compare Medigap insurance plans now, fill out our rates form here to see rates side by side with the top carriers!