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What is the Best Medicare Supplement Plan for 2023?


What is the Best Medicare Supplement Plan for 2023?

Original Medicare (Part A and Part B) is a federal healthcare program that leaves out-of-pocket costs for enrollees. When you have Original Medicare, you do not have 100% coverage.

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To fill this coverage gap, many seniors enroll in a Medicare Supplement (Medigap) plan to help cover the costs that Original Medicare leaves for you. Knowing the best Medicare Supplement plans for 2023 can ensure you receive the most complete coverage possible.

What Are the Top Medicare Supplement Plans?

Medicare Supplement (Medigap) plans pay secondary, meaning after Original Medicare pays its portion. Each Medigap plan is identified by a different letter, A through N.

There are 12 Medicare Supplement plans available to those enrolled in Original Medicare; ten lettered plans and two high deductible plans. Across all carriers, benefits from the same letter plan are identical.

However, the top three Medicare Supplement plans are those with the highest levels of benefits. These plans are popular because of their coverage, low out-of-pocket costs, availability, and overall client satisfaction.

Below we review the top three Medicare Supplement plans and how you can benefit from their coverage.

  1. Medigap Plan F
  2. Medigap Plan G
  3. Medigap Plan N

Medicare Supplement Plan F: The Premium-Only Plan

Medicare Supplement Plan F is the most comprehensive Medigap option available, so it is considered one of the best Medicare Supplement plans. This option supplies you with 100% coverage after Original Medicare pays its portion.

Medigap Plan F covers the Medicare Part A and Part B deductibles and coinsurance. While on Medicare Supplement Plan F, you will never spend a dime on any Medicare-covered medical services outside your monthly premium. The plan also includes coverage for some foreign travel emergency care.

However, not everyone with Medicare is eligible for this Medigap Plan F. So. You will need to ensure you qualify. To get Medicare Supplement Plan F, you must have Original Medicare before January 1, 2020.

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If you enrolled in Medicare Part A or Part B before 2020, you can keep your Medicare Supplement Plan F, enroll in Plan F, or switch to Plan F from another Medicare plan.

Medicare Supplement Plan F may be the best Medicare Supplement plan for those who:

  • Frequently visit doctors and hospitals
  • Live in a state that allows excess charges (although that does not mean your doctor will bill for them)
  • Often travel outside the United States

If you enjoy the benefits of Medicare Supplement Plan F but want to pay a lower monthly premium, Medigap High Deductible Plan F might be right for you. High Deductible Plan F offers the same benefits as standard Plan F, but there is a $2,700 deductible in 2023. You must reach this deductible before your coverage fully kicks in.

This deductible makes the monthly premium significantly lower than the standard Medicare Supplement Plan F premium. To be eligible for Medicare Supplement High Deductible Plan F, you must also be eligible for Medigap Plan F.

Medicare Supplement Plan G: The Budgeter’s Plan

Medicare Supplement Plan G allows you to budget your medical spending by only being responsible for the annual Medicare Part B deductible. After this, you receive 100% coverage on all Medicare-covered medical expenses.

In 2023, the Medicare Part B deductible is $226. Thus, outside your monthly premium, your only out-of-pocket medical cost for the entire year is $226. Because of these low out-of-pocket costs, Medigap Plan G is one of the best Medicare Supplement plans in 2023.

Due to Medicare Supplement Plan F’s enrollment regulations, Plan G is becoming the most popular Medigap option.

Medicare Supplement Plan G may be the best plan for those who:

  • Want to avoid surprise out-of-pocket hospital costs
  • Seek low annual rate increases
  • Like to travel outside of the United States
  • Live in a state that allows excess charges

Medicare Supplement High Deductible Plan G is just as it sounds. This plan covers the same benefits as the standard Medicare Supplement Plan G but offers a lower monthly premium due to its higher deductible.

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Remember that Medicare Supplement High Deductible Plan G comes with the same higher deductible as High Deductible Medicare Supplement Plan F, which is $2,700 in 2023.

Medicare Supplement High Deductible Plan G is a more affordable plan option for those who:

  • Cannot afford Medicare Supplement Plan G’s premium
  • Are looking for catastrophic coverage

If you enrolled in Original Medicare before 2020, you are only eligible for Medigap High Deductible Plan F. Those who sign up for Original Medicare in 2020 or later are only eligible for High Deductible Plan G.

Medicare Supplement Plan N: The Pay-As-You-Go Plan

Medicare Supplement Plan N is the most budget-friendly option on our list of the best Medicare Supplement plans. With this, however, comes more out-of-pocket costs. Medicare Supplement Plan N covers the full Medicare Part A deductible and Part B 20% coinsurance.

Medigap Plan N leaves you responsible for the Medicare Part B deductible and small copays when visiting the doctor or hospital. Additionally, you are responsible for excess charges on this plan if they apply in the state where you receive care. Remember that these charges are rare, even in states that allow them.

With Medigap Plan N, you will owe $20 copayments at the doctor and $50 for an emergency room visit. However, you will not have copays if you visit one of your local urgent care facilities.

Medicare Supplement Plan N is a fantastic option for those who do not regularly go to the doctor or hospital but want emergency coverage.

Medicare Supplement Plan N may be the best choice for those who:

  • Seek a relatively low monthly premium
  • Do not mind small copayments
  • Are not concerned about excess charges

Although Medicare Supplement Plan N is not as comprehensive as other letter plans, it is one of our clients’ most popular Medicare Supplement plans. Medigap Plan N makes the list of best Medicare Supplement plans due to its lower premiums and accessibility for relatively healthy people.

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Medicare Supplement Plan F vs G vs N Comparison

Most Affordable Medicare Supplement Plans

There is no one-size-fits-all Medicare Supplement plan. Every person enrolling in Medigap has varying health needs and budgets.

It is no secret that the Supplement plans come with the most affordable monthly premiums. Depending on your state, high-deductible Medicare Supplement Plan F or Plan G will cost anywhere from $40-$80 each month.

However, when you look at overall spending with the high-deductible Medicare Supplement plans, you may find you have a more affordable option. If you enroll in a high-deductible Medigap plan, you must meet the full deductible amount before you receive any coverage. Thus, if you have major surgery or require hospitalization, you will pay most of the cost out-of-pocket.

Regarding overall cost, the most affordable Medicare Supplement plan for most people is Medigap Plan G. This plan has a mid-range monthly premium compared to other Medicare Supplement plans. However, the out-of-pocket costs allow it to be one of the lowest-cost plans when you combine premium and out-of-pocket amounts. Aside from your monthly premium, all you are responsible for out-of-pocket with this plan is the Medicare Part B deductible.

FAQs

Is Medicare Supplement Plan F the best Medicare Supplement plan?
Medigap Plan F is considered one of the best Medicare Supplement plans because it provides the most comprehensive coverage. With Supplement plans, the best choice for one individual may not be the best plan for another person. However, the best choice for you is the policy with the most coverage and lowest premium in your area through a reputable carrier.
How do I find the best Medicare Supplement insurance plans?
Contact a licensed Medicare agent you can trust to provide an unbiased quote from each carrier in your area. Our licensed insurance agents are interested in pairing you with the best coverage for your needs rather than prioritizing a particular insurance company.
What is the next best Medicare Supplement plan after Medigap Plan F is discontinued?
For those newly Medicare-eligible, the next most comprehensive Medicare Supplement plan is Medigap Plan G. If you are looking for the next best option compared to Medicare Supplement high-deductible Plan F, look at High Deductible Plan G. However, it is important to remember those options may not be the best for your needs; consider the most important aspects of your coverage and go from there.

How to Compare the Best Medicare Supplement Plans for 2023

Understanding which of the best Medicare Supplement plans is suitable for you is as easy as picking up the phone. We have a staff of licensed Medicare agents to walk you through finding the best coverage.

You can easily compare Medicare Supplement plans and rates for 2023 by filling out our online rate form or calling us. Our licensed insurance agents can help you compare the best Medicare plans and carriers in your area. Let our experts help you find a plan in your area 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. Supplements and Other Insurance, Medicare. Accessed May 2022.
    https://www.medicare.gov/supplements-other-insurance/how-to-compare-medigap-policies
  2. Medicare Supplement Insurance, Medicare. Accessed May 2022.
    https://www.medicare.gov/Pubs/pdf/11575-Medigap-Getting-Started.pdf
  3. How to Compare Medigap Policies, Medicare. Accessed May 2022.
    https://www.medicare.gov/supplements-other-insurance

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.

22 thoughts on “What is the Best Medicare Supplement Plan for 2023?

  1. I am interested in changing my medicare coverage. I became disabled in Mississippi and became covered by Medicare before I turned 65. I have since had my 65th birthday. I would like to learn what may be the best plan option for me at this time.

    1. Hi William! Those who enroll in Medicare before 65 get a second Medicare Supplement Open Enrollment Period when they do turn 65. The first 6 months you’re 65 & your Part B is in effect you’ll be able to enroll in any Medigap plan that’s available in your area. To be able to see what plan is the best option for you, we would need some more information. Give us a call so we can help!

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