Medicare Supplement Plans, also known as Medigap plans, are health insurance policies offered by private insurers to help cover some of the costs that Original Medicare does not pay for. There are several standardized Medigap plans available, with the four most common ones being Plans G, N, F, and C. Each plan offers different levels of coverage and benefits, making it important for individuals to carefully consider their healthcare needs when selecting a plan.

Plan G: 

This plan offers comprehensive coverage, including coverage for most out-of-pocket costs such as Medicare Part A deductible, Part A coinsurance, Part B coinsurance or copayment, and more. It does not cover the Medicare Part B deductible.

Medicare Plan G Highlights:

• Coverage for Medicare Part A coinsurance and hospital costs
• Coverage for Medicare Part B coinsurance or copayments
• Coverage for the first three pints of blood for a medical procedure
• Coverage for hospice care coinsurance or copayments
• Coverage for skilled nursing facility care coinsurance
• Coverage for Medicare Part A deductible
• Coverage for Medicare Part B excess charges
• Coverage for foreign travel emergency care

Medigap Plan G offers comprehensive coverage for various Medicare-related expenses, making it a popular choice among Medicare beneficiaries.

Who is it for:

Medicare supplement Plan G is ideal for individuals who want comprehensive coverage for out-of-pocket costs associated with Medicare. This plan covers expenses such as Medicare Part A deductible, Part A coinsurance, and copayments, Part B coinsurance or copayments, and more. Plan G is a suitable option for those who prefer coverage for most Medicare cost-sharing expenses and the flexibility to see any doctor or specialist who accepts Medicare.

Plan N: 

Plan N provides coverage for Medicare Part A coinsurance and hospital costs, skilled nursing facility care coinsurance, and foreign travel emergency costs. This plan requires a copayment for some office visits and emergency room visits.

Medicare Supplement Plan N Highlights:

• Medicare Supplement Plan N is one of the 10 federally standardized options designed to fill the gaps in original Medicare coverage.
• Plan N is popular among Medicare beneficiaries due to its ability to cover many of Original Medicare’s out-of-pocket costs without the higher premium of the comprehensive Plan F.
• It provides coverage for various expenses, including the Medicare Part A deductible, hospital costs, skilled nursing facility care coinsurance, and foreign travel emergency care.
• Plan N also covers prescription drug costs, which is not typically provided by a Medicare Advantage plan.
• The monthly premium for Medicare Supplement Plan N varies by ZIP code, as the cost to insurance companies providing Plan N is based on the number of claims made within each ZIP code.

Who is it for? 

Medicare supplement Plan N is suitable for individuals seeking comprehensive coverage at a more affordable price. It covers expenses such as Medicare Part A coinsurance and hospital costs, skilled nursing facility care coinsurance, and foreign travel emergency costs. However, Plan N requires copayments for some office visits and emergency room visits. This plan may be a good option for individuals willing to pay copayments for services in exchange for lower premiums compared to other Medicare supplement plans. It can also benefit those in good health who do not anticipate frequent visits to healthcare providers.

Plan F: 

Plan F was known for its comprehensive coverage, including covering the Medicare Part B deductible. However, Plan F is no longer available for new Medicare beneficiaries who became eligible after January 1, 2020.

Medicare Supplement Plan F Highlights:

• Medicare supplement Plan F offers the most comprehensive coverage of all the standardized Medigap plans.
• It covers all Medicare Part A and Part B deductibles, coinsurance, and copayments, leaving virtually no out-of-pocket costs for the policyholder.
• Plan F also covers Part B excess charges, which are charges from healthcare providers that exceed the Medicare-approved amount.
• With Plan F, policyholders have the flexibility to see any doctor or specialist that accepts Medicare.
• It provides coverage for skilled nursing facility care coinsurance, hospice care coinsurance or copayments, and the first three pints of blood for a medical procedure.
• Plan F can provide peace of mind for those who want predictable healthcare costs and minimal paperwork.

Plan C: 

Similar to Plan F, Plan C offered extensive coverage for most out-of-pocket costs. However, like Plan F, Plan C is not available for new Medicare beneficiaries who became eligible after January 1, 2020.

Medicare Supplement Plan C Highlights:

• Medicare supplement Plan C provides comprehensive coverage for Medicare Part A and Part B coinsurance, copayments, and deductibles.
• It also covers the 20% coinsurance for Medicare Part B, as well as the Part A hospice care coinsurance or copayment.
• Plan C includes coverage for the first three pints of blood needed for a medical procedure and skilled nursing facility care coinsurance.
• Like other Medicare supplement plans, Plan C offers the flexibility to see any doctor or specialist that accepts Medicare.
• It does not cover the Medicare Part B excess charges, which are additional charges that some healthcare providers may charge beyond the Medicare-approved amount.
• With Plan C, policyholders can have more predictability in their healthcare costs and reduced out-of-pocket expenses.

These four common Medigap plans are ideal for Medicare beneficiaries who want to limit their out-of-pocket costs and have more predictability in their healthcare expenses. Individuals who frequently visit healthcare providers, require specialized medical services, or want comprehensive coverage may find these Medigap plans to be beneficial in providing additional financial protection and coverage beyond what Original Medicare offers.