What are the different Medicare Supplement Plans?

If you choose Original Medicare to get your Part A Hospital & Part B Physicians insurance, then you will have very good insurance. But you will have some deductibles and co-pays. Most people purchase a Medicare Supplement policy, also referred to as a Medigap Policy, to fill in most of the gaps. There are 10 standardized plans; although, your state may not offer all 10. Whichever plan you choose will be exactly the same from company to company. Some plans also offer a high deductible option. No Plans are allowed to cover the Part B Deductible as of 2020 and going forward. (The Part B deductible is $198). Because of this, plans C & F will no longer be available. However, if you already have one of these plans then you can keep it. You can also keep it if you were eligible for Medicare prior to January 1 of 2020.

As you look at the Medigap Chart of Plan types you can see that G & N cover the most holes of the plans available and seem to be the most popular. Plan G will cover everything but the Part B deductible ( $198). Keep in mind that Medicare Supplement policies work in conjunction with Medicare. So, if Medicare denies coverage then the Medicare Supplement policy will likewise not provide coverage.

Plan N is similar to Plan G. It also does not cover the Part B deductible. Plan N also requires you to pay $20 for doctor visits and a $50 co-pay for emergency room visit. If Plan N is $20 or $30 a month less than Plan G, then it might make sense for you, especially if you are in good health and don’t visit your doctor’s office very often.

As you are considering the costs associated with various plans there are a few things to keep in mind.

First, when you are looking at the Part B excess charge you need to be aware that only doctors who opt out of Medicare can charge the excess charges but nothing will cover a doctor that opts out. You likely will not have to worry about the Part B excess. The doctor that can charge excess is a doctor that is in the Medicare program but on a non par basis.

Additionally, Plan F is available for those who had it before 2020. Costs for these members going forward might increase. There will be no new enrollees from this point forward. It will eventually become a pool of aging members that have more health issues. So, it is possible that Plan F rates could rise in the future. This is just speculation; however.

You can switch Medicare Supplement policies at any time, but once you get past your open enrollment period there will be health underwriting. There is no guarantee that the new company will accept you. Medicare Supplement premiums may have increased over time so it certainly does not hurt to see if another company will accept you even if you are past 65 and no longer in open enrollment. It could potentially save you several dollars per month.