Comparing Popular Medigap Plans
- Admin
- Aug 4, 2024
- 4 min read
Overview
Are you interested in a Medigap plan but not sure where to start? The good news is that Medigap plans are federally regulated - this means you do not need to worry about coverage comparisons between insurance carriers. All Medigap plans of the same letter offer the same coverage regardless of the insurance carrier. This means that a Medigap Plan G with one carrier will provide the same coverage as a Medigap Plan G with another carrier. When choosing your carrier, the key differences will be the monthly premium, rate increase history and customer service.
What are popular Medigap Plans?
Three popular Medigaps plans are F, G, and N.
Medicare Supplement Plan F is not currently available to those new to Medicare.
Medicare Supplement Plan G and N are commonly considered for those new to Medicare or those looking to replace a Plan F due to rate increases, for example.
Generally, a Plan N will be less expensive than a Plan G. The key difference between Plan G and Plan N is that with Plan N you are responsible for Medicare Part B excess charges.
What does Medicare Supplement Plan G cover?
Medicare Supplement Plan G covers:
Medicare Part A Coinsurance and hospital costs (up to 365 days after Medicare benefits are used up)
Medicare Part B Coinsurance or Copayment
Blood (first 3 pints)
Part A Hospice Care Coinsurance or Copayment
Skilled Nursing Facility Coinsurance
Medicare Part A Deductible
Medicare Part B Excess Charges
Foreign Travel Emergencies
What does Medicare Supplement Plan N cover?
Medicare Supplement Plan N covers:
Medicare Part A Coinsurance and hospital costs (up to 365 days after Medicare benefits are used up)
Medicare Part B Coinsurance or Copayment
Blood (first 3 pints)
Part A Hospice Care Coinsurance or Copayment
Skilled Nursing Facility Coinsurance
Medicare Part A Deductible
Foreign Travel Emergencies
What are the Medicare Part B Excess Charges on Plan N?
With Medicare Supplement Plan N, you are responsible for Medicare Part B Excess Charges. These are excess charges that a provider may charge if they don't accept Medicare's assigned rate. Providers can charge up to 15% more with you being responsible for these charges.
You are also responsible for copayments with Medicare Supplement Plan N:
$20 copayment for doctor's office visit
$50 copayment for emergency room visits (if not admitted)
How does Medicare Supplement Plan G Compare to Other Supplement Plans?
When considering your options for Medicare Supplement plans, it is important to review and understand all of your options.
Medicare Supplement Plan G offers comprehensive coverage for beneficiaries.
Medicare Supplement Plan G provides the same comprehensive coverage as Plan F except that Plan G does not cover your Medicare Part B annual deductible ($240 in 2024). Medicare Supplement Plan F has restricted enrollment (only available if you turned 65 before January 1, 2020 or in certain limited circumstances).
Many beneficiaries compare Medicare Supplement Plan G and Plan N. Medicare Supplement Plan N also provides extensive coverage; however, beneficiaries may have certain copayments for services such as outpatient doctor visits and emergency room admissions. Generally, a Plan N will have lower monthly premiums than a Plan G.
How much does Medicare Supplement Plan G Cost?
The average cost for a Medicare Supplement Plan G is approximately $200/month for 2024. The cost for a Medicare Supplement plan is essential when considering your options. The cost of a plan can vary on
Age (at time of plan enrollment)
Location
Tobacco Use
Your monthly plan premium can increase based on certain factors including:
Inflation
Healthcare costs
Market rates
Medicare Supplement Plan coverage is Federally regulated which means that coverage is the same within a given plan regardless of the insurance company you choose. A Medicare Supplement Plan G with one company will provide the same coverage as a Plan G with another company. However, when choosing a company it is important to consider their financial stability and history of premium increases.
Eligibility
You can enroll in a Medicare Supplement Plan G at any time throughout the year if you are Medicare eligible.
Medical Underwriting
If you are currently enrolled in Medicare and wish to change your plan coverage outside of your initial enrollment period, you may be required to undergo medical underwriting. Medical underwriting involves a review of your medical history.
For coverage starting January 1, 2022, Medicare Advantage (Part C) plans accept all health conditions, including End-Stage Renal Disease (ESRD).
Medigap (supplement) plans may require medical underwriting; however, you can enroll without medical underwriting if you apply during your initial Open Enrollment Period. The initial Open Enrollment Period includes:
The three (3) months before your turn age 65
The month you turn 65
The three (3) months after your turn 65
Example: If your birthday is 07/15/1957 and you turn 65 on 07/15/2022, you can enroll from April-October 2022.
Important: To avoid coverage gaps, we recommend enrolling in Medicare at least one month prior to the month that you turn age 65. If you wait until the month you turn 65 to enroll, your coverage may be delayed. Additionally, if you do not enroll in Medicare Part B when you are first eligible, you may be subject to a late enrollment penalty.
How do I Enroll in Medicare Supplement Plan G?
To enroll in a Medicare Supplement Plan G:
Enroll in Medicare Part A and B (New to Medicare? Learn how to complete your initial enrollment here).
If you are new to Medicare, you must pay Part B monthly premiums (the standard premium in 2024 is $174.70 per month). You will also be responsible for paying a premium associated with your Medigap plan
Contact us at (833) 379-1951 to enroll in a Medigap plan to meet your needs
To find a Medicare Supplement plan that meets your needs, please contact us for a free consultation with a licensed agent at (833) 379-1951.
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