The Best Medigap Plan on the Market

Senior Woman Celebrating Birthday Outdoors after reviewing her Medigap Choices.

You want the best healthcare at the best price. You’ve got Original Medicare, but you know that’s not enough. What are your other options?

Many older adults choose to enroll in a Medicare supplement plan, also known as  Medigap plan. These plans pick up paying where Original Medicare (Parts A and B) leave off. It pays for things like copayments, coinsurance, and deductibles.

It’s important to know what Medigap plan is best for you. Medigap plans vary in price, benefits, and restrictions. There are ten Medigap plans available that cover different things like hospital stays or doctor visits.

But which Medigap plan is the best one on the market?

At the end of this article, you’ll be able to make an informed decision about which Medigap plan is best for your needs. We’ll go over the ten Medigap plans and talk about their similarities, differences, and limitations.

Standardized Plans

When shopping for a Medigap plan, understand that Medigap plans are standardized by the federal government. That means that no matter where you purchase a Medigap plan, that plan is the same as with any other carrier in any other state.

The only difference you will find between insurance carriers is the amount of the premium.

If you are shopping for Plan N, you may as well not overpay for it! However, also keep in mind that rates will increase. If you’re working with an agency to purchase a plan, they’ll be able to check the history of rate increase with the carrier.

Medigap Choices

Each insurance carrier can decide which Medigap policies it wants to offer. State laws may impact which policies they offer.

If an insurance company sells Medigap policies, they do not have to offer every one of the ten Medigap plans. However, they must always offer Medigap Plan A, C, and F.

Medigap plans in Massachusetts, Wisconsin, and Minnesota are standardized in different ways. If you reside in one of these states, check your state’s specific policy.

Below you will find each of the ten plans listed and which benefits they offer. Let’s dive in!

Medigap Plan A

  • Part A coinsurance and up to an additional 365 days of hospital costs after Medicare benefits are exhausted
  • Part B coinsurance/copayment
  • Blood (3 pints)
  • Part A hospice coinsurance/copayment
  • No out-of-pocket limit

Medigap Plan B

  • Part A coinsurance and up to an additional 365 days of hospital costs after Medicare benefits are exhausted
  • Part B coinsurance/copayment
  • Blood (3 pints)
  • Part A hospice coinsurance/copayment
  • Part A deductible
  • No out-of-pocket limit

Medigap Plan C

  • Part A coinsurance and up to an additional 365 days of hospital costs after Medicare benefits are exhausted
  • Part B coinsurance/copayment
  • Blood (3 pints)
  • Part A hospice coinsurance/copayment
  • Skilled nursing facility care coinsurance
  • Part A deductible
  • Part B deductible
  • 80% of foreign travel exchange
  • No out-of-pocket limit

Medigap Plan D

  • Part A coinsurance and up to an additional 365 days of hospital costs after Medicare benefits are exhausted
  • Part B coinsurance/copayment
  • Blood (3 pints)
  • Part A hospice coinsurance/copayment
  • Skilled nursing facility care coinsurance
  • Part A deductible
  • 80% of foreign travel exchange
  • No out-of-pocket limit

Medigap Plan F

  • Part A coinsurance and up to an additional 365 days of hospital costs after Medicare benefits are exhausted
  • Part B coinsurance/copayment
  • Blood (3 pints)
  • Part A hospice coinsurance/copayment
  • Skilled nursing facility care coinsurance
  • Part A deductible
  • Part B deductible
  • Part B excess charge
  • 80% of foreign travel exchange
  • No out-of-pocket limit

Medigap Plan G

  • Part A coinsurance and up to an additional 365 days of hospital costs after Medicare benefits are exhausted
  • Part B coinsurance/copayment
  • Blood (3 pints)
  • Part A hospice coinsurance/copayment
  • Skilled nursing facility care coinsurance
  • Part A deductible
  • Part B excess charge
  • 80% of foreign travel exchange
  • No out-of-pocket limit

Medigap Plan K

  • Part A coinsurance and up to an additional 365 days of hospital costs after Medicare benefits are exhausted
  • 50% of the Part B coinsurance/copayment
  • 50% of the first 3 pints of blood
  • 50% of the Part A hospice coinsurance/copayment
  • 50% of the skilled nursing facility care coinsurance
  • 50% of the Part A deductible
  • $6220 out-of-pocket limit (in 2021), then Medigap pays 100%

Medigap Plan L

  • Part A coinsurance and up to an additional 365 days of hospital costs after Medicare benefits are exhausted
  • 75% of the Part B coinsurance/copayment
  • 75% of the first 3 pints of blood
  • 75% of the Part A hospice coinsurance/copayment
  • 75% of the skilled nursing facility care coinsurance
  • 75% of the Part A deductible
  • $3110 out-of-pocket limit (in 2021), then Medigap pays 100%

Medigap Plan M

  • Part A coinsurance and up to an additional 365 days of hospital costs after Medicare benefits are exhausted
  • Part B coinsurance/copayment
  • Blood (3 pints)
  • Part A hospice coinsurance/copayment
  • Skilled nursing facility care coinsurance
  • 50% of the Part A deductible
  • 80% of foreign travel exchange
  • No out-of-pocket limit

Medigap Plan N

  • Part A coinsurance and up to an additional 365 days of hospital costs after Medicare benefits are exhausted
  • Part B coinsurance/copayment, except for a $20 copayment for some office visits and a $50 copayment for emergency services unrelated to inpatient admission
  • Blood (3 pints)
  • Part A hospice coinsurance/copayment
  • Skilled nursing facility care coinsurance
  • Part A deductible
  • 80% of foreign travel exchange
  • No out-of-pocket limit

As of 2020, Medigap plans sold to members who turned 65 after January 1, 2020, are no longer allowed to cover the Medicare Part B deductible. This means that Medigap Plans C and F are unavailable if you turn 65 after January 1, 2020.

However, if you were already enrolled in one of these plans, your benefits will remain the same. You are also eligible to purchase one of these if you enroll for the first time, as long as you turn 65 prior to 2020.

Some states also offer a high-deductible version of Plans F and G. If you have one of these high-deductible plans, you must pay the deductible prior to your policy paying for any service. (The deductible in 2021 is $2370.)

And the winner the best senior from the Market running through the finish line
The best Medigap plan is the one that fits your needs and budget.

And the winner is…

As with all things Medicare-related, that depends!

The best Medigap plan is the one that fits your needs and budget. That being said, Plan G will offer you the closest option to full-coverage healthcare.

Call 863-603-3701 or request information digitally!

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