Medicare Supplement Plans in 2023

Medicare supplement plans are separate insurance policies offered by private insurance companies.

These plans were designed to some or all of the gaps that Medicare does not cover.

They are also called Medigap plans. Currently, there are 10 different plans available lettered A-N and they are standardized by the government.

This means that regardless of which insurance carrier is offering the plan, they must all contain the same benefits within each plan letter.

For example, a Mutual of Omaha Medicare Supplement Plan G has identical benefits to an Aetna Medicare Supplement Plan G.

Although the benefits are the same, the premiums that each carrier charges are not. In fact, there can be substantial differences in the monthly rates for the exact same coverage. It’s important to note that Medicare Supplement plans and Medicare Advantage plans (Medicare Part C) are two very different products.

Medicare Supplement Plans in 2024

There will be no new Medicare Supplement Plans added for 2024, and the benefits of each plan will not be changing. The most important changes to consider when it comes to Medicare Supplement insurance in 2024 are:

• The new Medicare Part B premium for 2024
• The new Medicare Part B deductible amount in 2024
• The Medicare Cost of living adjustment (COLA)
• Reviewing changes to Medicare Part D drug plans

Medicare Supplement Plan G

Medicare Plan G is definitely the most popular plan and for good reason. As mentioned above the difference between Plan F and G is just who pays the annual Part B deductible.

On Plan G you pay this yourself. Once this is met Plan G will pay 100% of the gaps or expenses that Medicare Part A and B do not cover.

Plan G has also historically had a lower rate increase than Plan F, making it one of the very best choices for people on Medicare.

Remember, with Plan G you just have one expense which is the Part B deductible. The annual Medicare Part B deductible for 2023 is $226.

You pay this once per calendar year. After that 100 percent coverage!

Use our quote engine on the right to check the difference in premiums for both Plan F and G by entering your zip code at the top of the page.

Medicare Supplement Plan N  

Plan N is quickly becoming one of the most popular plans as well due to its low premiums.

People who are healthy but want a Medicare supplement plan should absolutely consider Plan N as the coverage is outstanding.

It has premiums lower than both Plans F and G, with just a few more out-of-pocket expenses.

With Plan N:

• You still pay the annual Part B deductible just like Plan G
• After the deductible is met, you might have a small co-pay for each doctor’s visit (Never more than $20 though)
• If you visit the ER on Plan G and you’re not admitted to the hospital there is a $50 copay
• There is a very small chance you might be billed Part B excess charges, however, most doctors do not charge these

Again due to the low premiums of Plan N, you will definitely want to check the rates to see if this is a good option for you.

Or you can call us any time at 888-891-0229 and we’ll explain everything over the phone.