Medicare Supplement Insurance plans, also known as Medigap plans, are designed to fill the “gaps” left behind by Original Medicare. These gaps include out-of-pocket costs like deductibles, copayments, and coinsurance. There are 10 Medigap plans available, lettered A through N, each offering different levels of coverage. The three most common and comprehensive plans are F, G, and N, which we will compare in this post.
Understanding Medicare Supplement Plans
Medigap plans are offered by private insurance companies licensed by Medicare and must follow standardized coverage requirements. This means that regardless of which insurance company you purchase from, the benefits of a plan (e.g., Plan F) will be the same. The only difference between companies is the price of the premium.
Additionally, Medigap plans do not have provider networks. They are accepted anywhere in the United States that accepts Original Medicare, providing flexibility for enrollees.
Comparing Plans F, G, and N
We’ve broken down the coverage for Plans F, G, and N to help you make an informed decision about your healthcare coverage.
Plan F: The Most Comprehensive Coverage
Plan F is the most comprehensive Medigap plan available. However, it is only available to individuals who were eligible for Medicare before January 1, 2020. Plan F covers:
- Original Medicare Part A deductible
- Part B deductible
- Part B excess charges
- Part A coinsurance and hospital costs (up to an additional 365 lifetime reserve hospital days)
- Part B coinsurance or copayments
- The first three pints of blood for approved medical procedures
- Skilled nursing facility coinsurance
- 80% of foreign travel emergency costs (up to plan limits)
If you qualify for Plan F, it offers robust coverage and minimizes out-of-pocket expenses.
Plan G: Comprehensive Coverage with a Lower Premium Option
Plan G is one of the most popular Medigap plans because it offers nearly identical coverage to Plan F. The key difference is that Plan G does not cover the Part B deductible, which is only $240 in 2024.
For many, it makes financial sense to choose Plan G if the monthly premium is significantly lower than Plan F, as the one-time Part B deductible can offset the savings.
There is also a high-deductible Plan G, which comes with a deductible of $2,800, offering much lower monthly premiums while still providing comprehensive protection after the deductible is met.
Plan N: Affordable Coverage with Minimal Copays
Plan N provides comprehensive coverage while keeping premiums lower by requiring small copays. It covers all out-of-pocket costs associated with Original Medicare except:
- Part B deductible
- Part B excess charges
Plan N also includes 80% coverage for foreign travel emergencies (up to plan limits). However, enrollees are responsible for a $20 copay for doctor visits and a $50 copay for emergency room visits. This makes Plan N a cost-effective choice for those who don’t mind modest copays.
Choosing the Right Medicare Supplement Plan
Choosing the right Medigap plan depends on your healthcare needs, budget, and eligibility. Plan F provides the most comprehensive coverage for those who qualify, while Plan G offers similar benefits with lower premiums. Plan N is an excellent option for those looking to save on premiums and are comfortable with small copays.
Ready to Discuss Your Medicare Supplement Options?
If you’d like to explore your Medicare Supplement options or determine which plan is right for you, contact United Benefits today. Our specialists are here to guide you through the decision-making process and ensure you find a plan that fits your needs and budget.