Best Medicare Supplement Plans

by | Aug 30, 2024 | Medicare

Unlocking Peace of Mind: Your Guide to the Best Medicare Supplement Plans

Picture this: You’ve spent a lifetime working hard, chasing dreams, and building a future. Now, as you embrace the golden years, one thing becomes abundantly clear — your health is your most precious asset. And in the world of healthcare, knowledge is power.

Are you ready to discover the key to unlocking a future where your health is protected, your finances are secure, and your peace of mind is unwavering? Join us on this expedition to find the “Best Medicare Supplement Plans” — your passport to a life well-lived.

Let’s Dive Deeper into the World of Medigap!

Medicare Supplement Plans, also known as Medigap, are your secret weapon in the battle for comprehensive healthcare coverage. In this section, we’ll unravel the mysteries of Medigap, helping you understand how these plans work and why they’re a vital part of the healthcare puzzle.

What Are The Best Medicare Supplement Plans?

Medigap plans are like the missing puzzle piece that perfectly fits into your Original Medicare coverage. Think of them as your personal health safety net. They are insurance policies sold by private companies, designed to fill the gaps left by Medicare Part A and Part B.

How Do They Work?

When you have Original Medicare, it covers a significant portion of your healthcare expenses, but not everything. This is where Medigap swoops in to save the day. It covers co-payments, deductibles, and coinsurance, leaving you with minimal out-of-pocket costs. Plus, with most Medigap plans, you have the freedom to choose any doctor or specialist who accepts Medicare.

Why Choose a Medicare Supplement Plan?

The answer is simple: peace of mind. With a Medigap plan, you can say goodbye to the uncertainty of healthcare costs. No more worrying about unexpected medical bills derailing your financial plans. Medigap plans provide predictability and protection, ensuring that your health and savings are safeguarded.

The Benefits of Medigap

Comprehensive Coverage: Medigap plans cover a wide range of services, from hospital stays to skilled nursing facility care, and more.

Freedom to Choose: Unlike some other Medicare options, you can see any doctor or specialist nationwide who accepts Medicare.

Predictable Costs: With Medigap, you know exactly what your healthcare expenses will be, making budgeting a breeze.

medicare supplement plans best Medicare supplement plans

The Drawbacks of Medigap

Higher Premiums: Medigap plans often come with higher monthly premiums compared to Medicare Advantage plans.

No Prescription Drug Coverage: While it fills many gaps, it doesn’t cover prescription drugs. You’ll need to enroll in Medicare Part D for that.

drawbacks of Medigap

Top Insurance Companies for Medicare Supplement Plans

When it comes to securing your healthcare future with a Medicare Supplement Plan, you want to partner with the best in the business. Here, we present a lineup of the top insurance companies that have consistently excelled in providing Medicare Supplement Plans, also known as Medigap, to beneficiaries across the United States.

Top 4 Best Medicare Supplement Plans

Insurance companyCustomer FeedbackOffers Dental, Vision, & HearingOffers household discountUnique offeringAM Better Rating
blue cross best Medicare supplement plans⭐⭐⭐⭐YesYes - Household discount up to 10%Offers guaranteed issue plans to all anytime of the year.A+
Mutual of Omaha White Logo⭐⭐⭐⭐⭐NoYes- Household discount up to 12%Great customer service. Immediate access to ID cards. A+
humana⭐⭐⭐⭐YesYes up to 5%Great customer serviceA-
allstate health solutions⭐⭐⭐⭐YesYes - Household discount up to 10% and 5% activity trackerLowest rates and immediate access to policy ID cardA
This table compares the best Medicare Supplement Plans features. The customer feedback rating is based on surveys, verbal feedback, and annual reviews with between our clients and agents. We are transparent about our feedback and document the results on 1-5 scale. The feedback, ratings, discounts, and plan offerings may change from year to year so we advise you to check with us to confirm recent rates.

Compare Medigap plans side-by-side

Table comparing different Medicare Supplement Plan Benefits

Medigap BenefitPlan APlan BPlan CPlan FPlan GPlan KPlan LPlan MPlan N
Part A coinsurance and hospital costs up to an additional 365 days after Medicare benefits are used 
Part B coinsurance or copayment50%75%pays 100% of the costs of Part B services, except for copayments for some office visits
Blood benefit (first 3 pints)50%75%
Part A hospice care coinsurance or copayment50%75%
Skilled nursing facility care coinsurance50%75%
Part A deductible50%75%50%
Part B deductible
Part B
excess charge
Foreign travel emergency (up to plan limits)80%80%80%80%80%
Out-of-pocket limitN/AN/AN/AN/AN/A$7,060 in 2024$3,530 in 2024N/AN/A
Table comparing different Medicare Supplement Plan Benefits
Source: Medicare.gov

* Plans F and G also offer a high-deductible plan in some states. With this option, you must pay for Medicare-covered costs (coinsurance, copayments, and deductibles) up to the deductible amount of $2,700 in 2024 before your policy pays anything.

Key Features of Medicare Supplement Plan G:

  1. Part A Hospital Coinsurance and Costs: Plan G covers the coinsurance, copayments, and deductibles for Medicare Part A, including hospital stays, skilled nursing facility care, and hospice care.
  2. Part B Medical Expenses: It covers the coinsurance or copayment for Medicare Part B services, such as doctor visits, lab tests, and durable medical equipment.
  3. Blood: Plan G covers the first three pints of blood each year.
  4.  Part A Hospice Care Coinsurance or
  5. Copayment: It covers the coinsurance or copayment for hospice care under Medicare Part A.
  6. Skilled Nursing Facility Care
  7. Coinsurance: Plan G covers the coinsurance for skilled nursing facility care under Medicare Part A.
  8. Part A Deductible: It does not cover the Part A deductible, which is an annual amount beneficiaries must pay before Medicare coverage begins.

Medicare Advantage vs Medicare Supplement Plans

What are the differences?

Medicare Advantage, also known as Medicare Part C, is a type of private health insurance that replaces Original Medicare. It covers everything that Medicare Part A and Part B cover, and usually includes prescription drug coverage (Part D) as well. Some Medicare Advantage plans may also offer extra benefits, such as vision, hearing, dental, and fitness services. However, Medicare Advantage plans have restricted networks of providers, hospitals, and suppliers that you must use to get full coverage. You also have to pay a monthly premium for your plan in addition to your Part B premium. In 2023, the out-of-pocket maximum for Medicare Advantage plans may not exceed $8,300 for in-network services and $12,450 for combined out-of-network services.

HMOsHMOs
HMOs typically require that you receive all services from in network providers:

You must have a primary care physician (PCP), referrals for specialists, and prior authorizations for treatments and some prescriptions.
Drug coverage usually is included. You aren’t able to purchase standalone drug coverage.
Lower costs if you stay in network.
PPOsPPOs
PPOs include a preferred network of providers, but you have the option of choosing doctors or hospitals from outside of the network for a higher cost.

You don’t need to choose a primary care doctor or referrals for specialists.
Drug coverage is usually included.
You aren’t able to purchase stand-alone drug coverage.
Higher premium and out-of-network costs.
PFFS PlansPFFS Plans
PFFS plans don’t require a primary care physician or referrals for specialists:

You can go to any Medicare-approved health care provider or facility that accepts the plan’s payment terms and agrees to treat you.
May include drug coverage, or you can purchase a standalone drug plan.
Higher cost if you choose a provider that doesn’t agree to the plan’s terms.
SNPsSNPs
SNPs are only for people with specific conditions and characteristics, and include care coordination and targeted benefits tailored to meet your specific needs:

You need a PCP and referrals to specialists.
Drug coverage is always included.
If you’re eligible, you can join an SNP at any time.

Similarities

Both Medicare Advantage and Medicare Supplement are optional ways to enhance your Original Medicare coverage. You have to be enrolled in Medicare Part A and Part B to be eligible for either option. You also have to live in the service area of the plan you choose. Both options are regulated by the federal government and follow certain rules and standards. Both options are renewable as long as you pay your premiums and the plan is available in your area.

Pros of Medicare Advantage

  • You have more flexibility and choice in choosing your providers, hospitals, and suppliers.
  • You have more predictable and stable out-of-pocket costs.
  • You have coverage for some services that Original Medicare does not cover.
  • Your plan does not change its benefits or costs each year.
pros of Medicare advantage plans

Cons of Medicare Advantage

  • You have to pay a separate premium for your plan and your Part D plan if you want drug coverage.
  • You may not get any extra benefits that Original Medicare does not offer.
  • You may pay higher premiums than Medicare Advantage plans.
  • You may not qualify for financial assistance to lower your costs if you have a low income.

Medicare Supplement Plan G [Infographic]:

Medicare Supplement Plans G infographic

Still have questions?

We’ve got answers.

What is Household Discount in Medicare Supplement Plans?

A household discount, sometimes referred to as a “household premium discount” or “household savings,” is a cost-saving feature that some insurance companies offer with their Medicare Supplement (Medigap) plans. This discount is typically available to Medicare beneficiaries who live in the same household and both have Medigap coverage with the same insurance company.

Are Medigap premiums in addition to Medicare Part B premiums?

Yes, Medigap premiums are separate from your Medicare Part B premiums. You’ll pay a monthly premium to your Medigap insurance company in addition to your Part B premium.

Are Medigap plans available to people under 65 with disabilities?

Some states offer Medigap plans to individuals under 65 with disabilities, but availability varies by state. Check with your state’s insurance department for more information.

Can I change my Medigap plan later if my needs change?

Yes, you can change your Medigap plan at any time, but you may be subject to underwriting and could be denied coverage or charged higher premiums based on your health if you switch outside of your Medigap Open Enrollment Period.

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