Medicare 2024 Plans

What is Medicare Supplemental Insurance?

Medicare supplements came into being shortly after Medicare was signed into law. Because you are required to pay for some things, like 20% of outpatient expenses, supplemental policies were created to pay those expenses for you. This allows people to feel less worry over how much each medical visit will end up costing them.

Some of the primary advantages of a traditional Medicare Supplement policy are:

Freedom to choose your own doctors and hospitals
No referrals required to see a specialist
Predictable out-of-pocket expenses for Medicare-covered services (and zero out-of-pocket with Plan F)
Nationwide coverage – you can use it anywhere in the United States
Guaranteed renewability – the insurance company can never drop you or change your coverage due to a health condition

Supplemental insurance for seniors with Medicare is the most predictable back-end coverage that you can buy. You will know exactly what’s covered for every inpatient or outpatient procedure based on which Medigap plan you choose.

Medigap is insurance to cover your Medicare deductibles & copays

Some other things to know about Medicare Supplement insurance:

You must have Part A and Part B to buy a Medigap policy.
Medicare Supplement plans cover only one person. Your spouse must have his or her own individual policy.
You can drop your supplement at any time. There is no annual election period for Medicare Supplement plans.
The Annual Election Period in the fall is for drug plans. It does not apply to Medicare supplements in any way.
Many carriers offer household discounts if two or more people enroll in Medicare supplemental plans from the same company
Plans do not include Part D, so you’ll add a separate standalone Part D drug plan

Medigap Plan Compassion Chart

How to Compare Medigap Plans – Benefits

Learning how to compare Medicare Supplement plans is fairly easy. Medicare publishes a booklet each year that includes this Medicare Supplement Plans comparison chart. The Medigap comparison chart allows you to see and compare Medicare Supplement plans side by side. The Medicare Supplement comparison chart below shows you exactly which benefits each plan covers.

*Medigap Plan F is also offered as a high-deductible plan by some insurance companies in some states. If you choose the high-deductible option, it means you must pay for Medicare-covered costs (coinsurance, copayments, deductibles) up to the deductible amount of $2,800 in 2024 before your policy will pay anything.

**For Medigap Plans K and L, after you meet your annual out-of-pocket limit and your annual Part B deductible ($240 in 2024), the Medigap plan pays 100% of covered services for the rest of that calendar year.

***Plan N pays 100% of the Part B coinsurance, except for a copayment of up to $20 for some office visits

and up to a $50 copayment for emergency room visits that don’t result in an inpatient admission. You can find this chart as well as other great info in Medicare’s Choosing a Medigap booklet as well.

****Medigap Plan G also has a high-deductible option. In 2024, the HDG deductible is $2,800. To learn more about this plan.

Medicare Supplement Plans Comparison Chart: 10 Plan Options

The Medigap Plans comparison chart above compares all of the plans side by side. This allows you to see which ones have the most benefits, and which ones cover the least. As mentioned above, Plan F and Plan G cover the highest percentage of benefits, leaving you with very little out-of-pocket. Below is a list with a brief overview on each plan so that you can compare Medicare Supplement plans easily:

Medigap Plan A

Medigap Plan A offers the most basic of all the Medigap plans. Even still, it will cover the 20% that Medicare doesn’t pay for on outpatient treatments. That’s arguably the most important piece of all Medigap plans. All Medicare insurance carriers must offer Plan A. However, some states do not require companies to offer it to people under age 65 on Medicare disability.

Medigap Plan B

Medigap Plan B covers everything that Plan A covers but it also picks up the Medicare Part A hospital deductible. Plan B is a Medigap plan that pays after Medicare pays. Don’t confuse it with Part B, which is part of your Original Medicare benefits that pays for outpatient medical.

Medigap Plan C

Medigap Plan C is one of the most comprehensive supplements. It covers everything except Medicare excess charges. This means it pays both of your deductibles and the 20% that you would normally owe toward all outpatient expenses. Medigap plans C & F are very popular.

Medigap Plan D

Plan D covers most things but does not pay the Part B deductible nor any Medicare excess charges. This makes it one of the least popular Medigap plans. Don’t confuse it with Part D, which is your drug coverage – two different things.

Medigap Plan F

Medigap Plan F has long been the most popular selling Medigap plan in the Medicare Supplement world. It covers ALL of the items that you would normally pay. It leaves you with nothing out-of-pocket for covered services. Many people enjoy the peace of mind that comes with knowing you won’t even owe a copay for doctor visits or hospital stays.

There is also a high-deductible version of Plan F that provides great Medigap coverage after you meet a deductible first.

Medigap Plan G

Medigap Plan G has been gaining in popularity in recent years. It covers everything that Plan F does except for the Part B deductible. Premiums for Plan G are often very competitive, which can often make it a better value than Plan F. When we compare Medicare Supplements between Plan F and G in most states, we often find that Plan G is a better value annually.

Medigap Plans K, L, and M

These plans offer partial coverage of certain benefits. For instance, Plan K covers 50% of most items and Plan L covers 75% of most items. All three of these plans are rarely requested by Medicare beneficiaries, so not all carriers offer them. However, you can often find good Medicare Supplement rates for these plans in certain areas.

Medigap Plan N

Medigap Plan N was created in 2010. It offers lower premiums in exchange for you paying copays for certain things like doctor and emergency room visits. It also does not cover the Medicare excess charges. The lower premiums have been attractive to many beneficiaries, but we sometimes find that policyholders find the small bills for excess charges to be annoying.

When you are learning how to compare Medicare Supplement plans, just remember that Plan N is the one that requires copays from you for doctor and E.R. visits. That’s why the premiums are lower. People interested in the Medigap policies which offer the most affordable rates are usually interested in Plan N.

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