Trying to decide on the right Medicare Supplement (Medigap) plan for you? It’s important to consider both cost and the amount if coverage provided.
Steps to choose the best Medigap plan
There are two main steps when choosing a Medigap plan. First, you need to determine the right type of Medigap plan for your coverage needs. Then, you should compare plans across insurance carriers to find the best price for your plan.
Understanding Medigap Plans
There are 10 different Medigap plan types (A, B, C, D, F, G, K, L, M, and N) offering everything from basic coverage to a more comprehensive option. All Medigap plan types offer the same basic benefits, but some offer additional coverage at a higher premium.
Medicare Plan A and Plan B
These are basic, lower-cost Medigap coverage options. Plan A covers the 20% copayment that Medicare requires for outpatient treatment, but it does not cover the Part A hospital deductible or the Part B excess charges. Plan B has the same level of coverage as Plan A, but includes the Part A hospital deductible.
Medicare Plan C and Plan D
While Medigap Plan C is no longer available for new enrollees, it is still open to those who became eligible prior to January 1, 2020. For those who cannot enroll in Plan C, Medigap Plan D is a good alternative as it offers similar coverage, except it does not cover the Part B deductible (neither plan pays Medicare Part B excess charges).
Medicare Plan F and Plan G
As the most comprehensive plan options, these cover nearly all out-of-pocket expenses at a high monthly premium, and they also offer high-deductible options. While high-deductible plans require greater out-of-pocket expenses, you’ll pay less in premiums each month.
Plan F covers almost all expenses Original Medicare does not cover; however, it is only available for those who became eligible prior to January 1, 2020. Plan G provides nearly all the same benefits, but at a slightly lower monthly premium because it does not cover the Part B deductible.
Medicare Plans K, L, and M
Medigap Plans K, L, and M are all lower-cost options. In exchange for the lower premiums, these plans cover only a portion of the amount not covered by Original Medicare. These plans can be thought of as partial coverage plans and make sense for those who want coverage, but do not want a high monthly premium.
Medicare Plan N
This low-cost option offers coverage for copays on doctor’s visits and trips to the emergency room. Because copays for these visits are typically not expensive, you should review whether the savings on this plan is a better fit for your budget.
You can review these plans side-by-side with our comparison chart. Beneficiaries will have the broadest range of options available to them if they sign up for Medicare during their Initial Enrollment Period (IEP).
Compare Medigap carriers and premiums
Outside of choosing the plan type that is best for your unique needs, you’ll also want to consider the insurance carrier. Knowing the differences between carriers can greatly impact your experience. Carrier features could include:
- Discount programs and other incentives
- An easy-to-use website
- 24/7 customer service phone numbers
- Information on whether your rates increase with age
- Accompanying dental and vision plans
- Availability in a wide geographic area
Each plan is offered by a number of providers — that’s why comparison shopping is key! Our Licensed Insurance Agents are always available to help you determine which Medigap plans are worth exploring. United Medicare Advisors works with over 20 different insurance carriers, making comparison shopping simple. Give us a call to get your free Medicare consultation at 1-855-665-9200.
