what is the best medicare supplemental plan for 2023?
Original Medicare (Part A and Part B) is a federal health care program that leaves members with out-of-pocket costs. when you have original medicare, you don’t have 100% coverage.
To fill this coverage gap, many seniors enroll in a Medicare supplemental plan (medigap) to help cover the costs that Original Medicare leaves behind for you. Knowing the best medicare supplemental plans for 2023 can ensure you receive the most comprehensive coverage possible.
what are the main medicare supplemental plans?
medicare supplemental plans (medigap) pay secondarily, that is, after original medicare pays its share. each medigap plan is identified by a different letter, a through n.
there are 12 medicare supplemental plans available to those enrolled in original medicare; ten letter plans and two high-deductible plans. in all companies, the benefits of the same card plan are identical.
however, the top three medicare supplemental plans are the ones with the highest benefit levels. These plans are popular due to their coverage, low out-of-pocket costs, availability, and overall customer satisfaction.
Below, we review the top three Medicare supplemental plans and how you can benefit from their coverage.
- medigap plan f
- medigap plan g
- medigap plan n
medicare supplemental plan f: the premium plan only
medicare supplement plan f is the most comprehensive medigap option available, making it one of the best medicare supplement plans. this option provides you with 100% coverage after original medicare pays its share.
Medigap Plan F covers Medicare Part A and Part B deductibles and coinsurance. While you’re in Medicare Supplement Plan F, you’ll never spend a dime on any Medicare-covered medical services outside of your monthly premium. The plan also includes coverage for some emergency care for foreign travel.
However, not everyone with Medicare is eligible for this medigap f plan. so. You’ll need to make sure you qualify. To get Medicare Supplement Plan F, you must have original Medicare before January 1, 2020.
If you signed up for Medicare Part A or Part B before 2020, you can keep your Medicare Supplement Plan F, join Plan F, or switch to Plan F from another Medicare plan.
medicare f supplemental plan may be the best medicare supplemental plan for those who:
- visit doctors and hospitals frequently
- live in a state that allows excessive charges (although that doesn’t mean your doctor bills them)
- frequently travels outside the United States
- want to avoid unexpected hospital out-of-pocket costs
- look for low annual rate increases
- likes to travel outside of the US
- live in a state that allows additional charges
- cannot afford the medicare supplemental plan g premium
- seeks catastrophic coverage
- look for a relatively low monthly premium
- don’t worry about small copays
- not concerned about excessive charges
If you enjoy the benefits of Medicare Supplement Plan F but want to pay a lower monthly premium, Medigap High Deductible Plan F might be right for you. High Deductible Plan F offers the same benefits as Standard Plan F, but there is a $2,700 deductible in 2023. You must meet this deductible before your coverage fully kicks in.
This deductible makes the monthly premium significantly lower than the premium for the standard medicare supplemental plan f. To be eligible for Medicare Supplemental High Deductible Plan F, you must also be eligible for Medigap Plan F.
medicare supplemental plan g: the budget plan
medicare supplemental plan g allows you to budget your medical expenses being only responsible for the annual medicare part b deductible. After that, you receive 100% coverage of all Medicare-covered medical expenses.
In 2023, the medicare part b deductible is $226. so, outside of your monthly premium, your one out-of-pocket medical cost for the entire year is $226. Because of these low out-of-pocket costs, Medigap Plan G is one of the best Medicare Supplement plans in 2023.
Due to Medicare Supplement Plan F enrollment rules, Plan G is becoming the most popular Medigap option.
medicare supplemental plan g may be the best plan for those who:
medicare supplemental high deductible plan g is just what it sounds like. This plan covers the same benefits as the standard Medicare G Supplement plan but offers a lower monthly premium due to its higher deductible.
remember that medicare supplemental high deductible plan g comes with the same higher deductible as medicare supplemental high deductible plan f, which is $2700 in 2023.
medicare supplemental high deductible plan g is a more affordable plan option for those who:
if you signed up for original medicare before 2020, you are only eligible for the medigap f high deductible plan. Those who sign up for original medicare in 2020 or later are only eligible for the high deductible plan g.
medicare supplemental plan n: the pay-as-you-go plan
The medicare n supplement plan is the cheapest option on our list of the best medicare supplement plans. With this, however, comes more out-of-pocket costs. medicare supplemental plan n covers the full medicare part a deductible and the 20% part b coinsurance.
medigap plan n leaves you responsible for the medicare part b deductible and small copays when you visit the doctor or hospital. in addition, you are responsible for this plan’s excess charges if they apply in the state where you receive care. remember that these fees are rare, even in states that allow them.
With the medigap n plan, you’ll owe $20 copays at the doctor and $50 for an emergency room visit. however, you will not have copays if you visit one of your local urgent care centers.
The medicare n supplement plan is a fantastic option for those who don’t go to the doctor or hospital regularly but want emergency coverage.
The medicare n supplement plan may be the best option for those who:
although the medicare supplemental plan is not as comprehensive as other letter plans, it is one of the most popular medicare supplemental plans with our customers. Medigap Plan N is on the list of the best Medicare Supplement plans due to its lower premiums and affordability for relatively healthy people.
the most affordable medicare supplemental plans
There is no one-size-fits-all Medicare Supplement plan. Each person who enrolls in Medigap has different health needs and budgets.
It’s no secret that add-on plans come with the most affordable monthly premiums. Depending on your state, the high deductible Medicare Supplement plan for Plan G will cost between $40 and $80 per month.
however, when you look at the total spend with high deductible medicare supplemental plans, you may 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. therefore, if you have major surgery or require a hospital stay, you will pay most of the cost out of pocket.
In terms of overall cost, the most affordable Medicare Supplement plan for most people is the Medigap G plan. This plan has a mid-range monthly premium compared to other Medicare supplement plans. however, the out-of-pocket costs make it one of the lowest cost plans when you combine premium and out-of-pocket amounts. Other than your monthly premium, all you’re responsible for paying out-of-pocket with this plan is the Medicare Part B deductible.