Understanding which Medicare Supplement (aka Medigap or MedSup) plan covers the most can make all the difference in securing your health and finances. Each MedSup plan provides different levels of benefits, so it’s important to understand what each one includes. Let’s break down the different Medicare Supplement plans and help you find the best fit for your needs.
What’s the best Medigap plan for the most coverage?
Historically, the Medigap plan that covers the most is Plan F. It offers the most coverage, paying for the maximum allowed Medicare-covered medical expenses after Original Medicare has paid its share. However, it’s important to note that Plan F is not available to new Medicare enrollees who became eligible in 2020 or later.
For those individuals, Plan G is usually the next best option. It offers very similar coverage to Plan F, but with a slight difference: it doesn’t cover the Medicare Part B deductible of $257. While this might seem like a drawback, many people find that the monthly savings in lower premiums outweigh the cost of paying the Part B deductible out of pocket.
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Compare Medigap Plan Options and Benefits
Medigap plans are standardized, so no matter which insurance company you go with, a plan with the same letter will provide the exact same benefits and network. Therefore, regardless of the company, a Plan G is always a Plan G.
Across the U.S., with the exception of Wisconsin, Minnesota, and Massachusetts, you can choose from 10 distinct Medicare Supplement plans. Here’s a general overview of what each plan includes:
| Benefits | A | B | D | G | K | L | M | N |
|---|---|---|---|---|---|---|---|---|
| Medicare Part A Deductible ($1,676) | 100% | 100% | 100% | 50% | 75% | 50% | 100% | |
| Part B Deductible ($257) | ||||||||
| Medicare Part A Hospital Coinsurance and 365 additional hospital days | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Medicare Part B Coinsurance | 100% | 100% | 100% | 100% | 50% | 75% | 100% | 100% |
| First 3 Pints of Blood for a Transfusion | 100% | 100% | 100% | 100% | 50% | 75% | 100% | 100% |
| Medicare Part A Hospice Coinsurance or Copay | 100% | 100% | 100% | 100% | 50% | 75% | 100% | 100% |
| Skilled Nursing Facility Coinsurance | 100% | 100% | 50% | 75% | 100% | 100% | ||
| Medicare Part B Excess Charges | 100% | |||||||
| Foreign Emergency Healthcare | 80% | 80% | 80% | 80% | ||||
| Max Out-of-Pocket | $7,200 | $3,610 |
*Medigap Plan G High deductible ($2,870) is also available. Note: Plan F and Plan C are not featured on this chart as they are no longer available to those new to Medica
You’ll notice that Plans G offer the most coverage available now. They’re a great choice because they cover more, but they often cost about the same as plans with less coverage. It’s a bit strange, but it’s all about risk. Popular plans with lots of members are less risky for insurance companies, so they can sometimes offer better deals.
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What’s the most popular Medigap plan?
While the best MedSupp policy depends on your individual needs, what’s the most popular Medigap plan right now? Data from America’s Health Insurance Plans (AHIP) shows that enrollment in Medigap Plan G is skyrocketing, with over 340,000 new members joining in just one year.
Why all the hype? Plan G covers most of your out-of-pocket Medicare costs, except for the Part B deductible. There’s also a high-deductible option if you’re okay with paying a bit more upfront to lower your premiums. For the third year in a row, Plan G has led in growth rate, both in percentage and number of enrollees. (Source: AHIP.org)
Other plans to consider are Medigap Plan N and High Deductible Plan G. These options have lower premiums but more cost sharing.
What are the Medigap plans with Extra Benefits?
Besides the regular Medigap plans, some companies offer special plans that go beyond the standard coverage. They’re like the standard plans, but with some extra benefits. For example, “G Extra” includes you access to telehealth services, hearing aids, and vision care. Learn all about Medigap plans with extra benefits here. Note: These plans are currently only available in a few states like CA, NV and IL.
Ready to the next step?
Now that you know the basics, it’s time to take the next step! Get a free quote on a Medigap plan and enroll today. If you have any questions, give us a call at 800-930-7956. Remember, our service is free!