Medicare Supplement Plans Comparison Chart 2023
Most states have ten standardized Medicare Supplement (also known as Medigap) insurance plans. A basic understanding of these plans – Plan A, B, C, D, F, G, K, L, M, and N – is tremendously helpful when shopping for the best Medigap plan to fit your needs.
How to Compare Medicare Supplement Plans
The 2023 Medicare Supplement plans comparison chart below highlights the benefits and some limitations for all Medigap plans.
*High-deductible plans (such as HD-F or HD-G) are offered in some states, meaning you pay for Medicare-covered costs (coinsurance, copayments, and deductibles) up to the deductible amount of $2,700 (for the year 2023). However, plans C and F are only available to individuals who became eligible for Medicare before January 1st, 2020.
** For Plans K and L, once your annual Part B deductible and out-of-pocket limits are met, the Medigap plan pays 100% of covered services for the rest of the calendar year.
*** Plan N pays 100% of the Part B coinsurance. You will be responsible for a copayment of up to $20 for some office visits, but there is no charge if you are admitted as an inpatient to the hospital through an emergency room visit.
What Do Medicare Supplement Plans Cover?
Medicare Supplement insurance plans (also known as Medigap plans) are offered through private insurance companies and work alongside your Original Medicare coverage. Medicare Supplement plans do precisely what their name implies: supplement the coverage provided by Original Medicare by paying for certain out-of-pocket Part A and Part B costs. They do not offer additional benefits outside of those provided by Original Medicare. In other words, if Original Medicare does not cover a service, it will not be covered by a Medicare Supplement plan.
Medigap plans are accepted by any healthcare provider or facility that accepts Medicare.
How to Enroll in a Medigap Plan
The best time to enroll in a Medigap policy is during your one-time 6-month Medigap open enrollment period. Enrollment begins the first month after you turn 65 and are enrolled in Medicare Part B. During this time, an insurance company cannot deny you enrollment or charge you higher premiums due to preexisting conditions or the state of your current health.
You can enroll in a Medicare Supplement insurance plan at any time. However, purchasing a policy after your open enrollment window ends may affect your premium or limit the number of plans for which you are eligible. For example, private insurance carriers may ask for your medical history or deny coverage. Some states offer protections against these actions. If you would like to find out the requirements in your state, please call your state’s Department of Insurance.
Medigap Cost
Plan N proves an attractive option if you are looking for an affordable Medigap plan. On average, Plan N carries a premium of $91.46 per month. However, if you need more comprehensive coverage, consider Plans G or F – which can range between $105 to $195 monthly.
| Medigap Plan | Premium | Gender/Age | State |
|---|---|---|---|
| Plan F | $195.09 | Male age 70 | TX |
| Plan G | $105.62 | Female age 65 | OH |
| Plan N | $91.46 | Female age 65 | PA |
| Plan A | $185.93 | Male age 65 | CA |
Note: These sample rates are subject to Medicare Part B start date and/or medical underwriting.
Insurance companies determine their rates in one of three ways:
- Community-rated: priced so that everyone enrolled in a particular plan is charged the same rate, regardless of age.
- Attained-age: pricing is based on your age. As you get older, your rates will increase.
- Issue-age: pricing is based on your age when you buy the policy. Cost increases can happen on issue-age policies due to company increases and medical inflation costs.
Insurance companies sometimes use other criteria to determine rates. They may offer discounts to non-smokers, women, beneficiaries who opt to pay for a full calendar year, or those paying premiums by automatic withdrawal. Prices can also vary significantly depending on the state and/or county of residence.
However, keep in mind that coverage benefits for a particular Medigap plan must remain the same regardless of the rates an insurance carrier charges. For example, all Plan N policyholders will receive the same Plan N covered benefits, regardless of their monthly premium differences.
Ready to Learn More?
Choosing the right Medicare Plan is not a decision that should be taken lightly. With Policy Guide’s assistance, you will have access to the knowledge and expertise of professional agents who can help you compare different health plans, prices, and policies to ensure that you make an informed decision. Let us guide you through this process so your chosen plan best suits your needs.