Original Affordable Medicare Supplements (Part A and Part B) is a federal healthcare program that leaves out-of-pocket costs for enrollees. When you have Original Medicare, you do not have 100% coverage.
What Are the Top Affordable Medicare Supplements?
Affordable Medicare Supplements (Medigap) plans pay secondary, meaning after Original Medicare pays its portion. Each Medigap plan is identified by a different letter, A through N.
There are 12 Affordable Medicare Supplements plans available to those enrolled in Original Medicare, ten lettered plans and two high deductible plans. Across all carriers, benefits from the same letter plan are identical.
However, the top three Medicare Supplement plans are those with the highest levels of benefits. These plans are popular because of their coverage, low out-of-pocket costs, availability, and overall client satisfaction.
Below we review the top three Medicare Supplement plans and how you can benefit from their coverage.
Medicare Supplement Plan F: The Premium-Only Plan
This Plan is the most comprehensive Medigap option available, considered one of the best Affordable Medicare Supplements. This option supplies you with 100% coverage after Original Medicare pays its portion.
Medigap Plan F covers Medicare Part A and Part B deductibles and coinsurance. While on Medicare Supplement Plan F, you will never spend a dime on any Medicare-covered medical services outside your monthly premium. The plan also includes coverage for some foreign travel emergency care.
However, not everyone with Medicare is eligible for this Medigap Plan F. So. You will need to ensure you qualify.
Medicare Supplement Plan G: The Budgeter’s Plan
This plan allows you to budget your medical spending by only being responsible for the annual Medicare Part B deductible. After this, you receive 100% coverage on all Medicare-covered medical expenses.
Thus, outside your monthly premium, you’re only out-of-pocket medical costs for the entire year. Because of these low out-of-pocket costs, Medigap Plan G is one of the best Medicare Supplement plans in 2022.
Due to Medicare Supplement Plan F’s enrollment regulations, Plan G is becoming the most popular Medigap option.
Medicare Supplement Plan N: The Pay As You Go Plan
Medicare Supplement Plan N is the most budget-friendly option on our list of the best Medicare Supplement plans. With this, however, comes more out-of-pocket costs.
- Plan N covers the full Medicare Part A deductible and Part B 20% coinsurance.
- Medigap Plan N leaves you responsible for the Medicare Part B deductible and small copays when visiting the doctor or hospital.
- Additionally, you are responsible for excess charges on this plan if they apply in the state where you receive care.
- Remember that these charges are rare, even in states that allow them.
- This Supplement Plan N is a fantastic option for those who do not regularly go to the doctor or hospital but want emergency coverage.
Most Affordable Medicare Supplement Plans
- There is no one size fits all Medicare Supplement plan. Every person enrolling in Medigap has varying health needs and budgets.
- It is no secret that the Supplement plans come with the most affordable monthly premiums. Depending on your state, high-deductible Medicare Supplement Plan F or Plan G will cost anywhere from each month.
- However, when you look at overall spending with the high-deductible Affordable Medicare Supplements, you may find you have a more affordable option.
- If you enroll in a high-deductible Medigap plan, you must meet the full deductible amount before you receive any coverage.
- Thus, if you have major surgery or require hospitalization, you will pay most of the cost out-of-pocket.
Which Plan Is Best?
Here’s the short answer: If you want 100% coverage of everything, an F or G plan (depending on your eligibility) is your choice. The other programs offer progressively less range for lower upfront costs.
For a more detailed answer, you can do one of the following:
- Speak with a qualified insurance agent or Medicare advisor to find the plan that fits you.
- Read the Medicare publication Choosing a Medigap Policy, where you’ll find descriptions of each policy type and what it covers.
Affordable Medicare Supplements policy supplements your Original Medicare coverage, covering more expenses. It provides more choice and cover a larger network of healthcare providers than other options. If you travel or need coverage that Original Medicare doesn’t offer, Medigap might be a good option.