Best Medicare Supplement Plans Memphis

Compare affordable Medicare Plans

Russell Noga
by Russell Noga | Updated March 1st, 2024

Finding the right Medicare supplement plans in Memphis doesn’t have to be daunting. We’ve got you covered with a straightforward exploration of your Medigap options, insight into their costs, and a simple way to compare benefits. No sales pitches, just helpful information to empower your decision.


Key Takeaways

  • Medicare supplement plans in Memphis, known as Medigap, provide additional coverage to Original Medicare benefits, with the popularity of these plans highlighted by 34.6% enrollment among Medicare beneficiaries in Tennessee.
  • Various factors such as age, health history, and geographic location impact the cost of Medigap plans, and residents have a choice among ten standardized plans, with Plan G being popular post-2020. Comparing insurers based on financial stability, customer satisfaction, and past complaints is crucial in the selection process.
  • The optimal enrollment period for Medigap is during the Medigap Open Enrollment Period, starting the month one turns 65 and is enrolled in Part B, offering guaranteed issue rights. Alternatives to Medigap include Medicare Advantage (Part C) and Special Needs Plans (SNPs), which cater to specific healthcare needs or conditions.


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Understanding Medicare Supplements in Memphis


Understanding Medicare Supplements in Memphis


Medicare Supplements, or Medigap plans, are designed as a perfect companion to Original Medicare, providing extra coverage and helping beneficiaries offset costs like deductibles, copayments, and coinsurance. These supplemental plans, offered by private insurance companies, extend the hospital and medical coverage of Original Medicare’s Part A and Part B benefits, giving beneficiaries a comprehensive health coverage safety net.

The standardized nature of Medicare Supplement plans in Memphis, which guarantees consistent benefits across different insurance carriers, highlights their significance in the context of federal government regulations.


Importance of Medicare Supplement Plans in Memphis

In Memphis, Tennessee Medicare Supplement plans have gained substantial popularity, accounting for 34.6% of Medicare beneficiaries in Tennessee. The high enrollment rate stands as a testament to the community’s recognition of the value of additional coverage beyond Original Medicare. These plans address the gap in Original Medicare by covering costs like deductibles, coinsurance, and copayments for Medicare Part A and Part B.

Choosing a Medicare Supplement plan enables Memphis residents to shield themselves from the financial risks tied to unexpected medical costs, thereby enhancing their peace of mind.


Medigap Plan Options in Memphis

Memphis residents have the advantage of choosing from ten standardized Medigap plans, ensuring a wide range of coverage options. Plan F is one of the most comprehensive, covering all Medicare cost-shares, but it’s only available to those who were eligible for Medicare before January 1, 2020. In recent times, Plan G has gained popularity due to its high coverage, differing from Plan F only by not covering the Medicare Part B deductible.

On the other hand, Plan N offers a balance of affordability and coverage, making it a cost-effective choice for many in Memphis. The cost of these plans varies, with the premium for Plan F ranging from $111.55 to $370.75, while Plan N can be as affordable as $73 per month for a 65-year-old woman in Memphis. Given the extensive variety of options and prices, it becomes imperative to thoughtfully ponder your healthcare needs, budget, and anticipated medical needs while selecting a Medigap plan.


Comparing Medicare Supplement Insurance Plans in Memphis


Comparing Medicare Supplement Insurance Plans in Memphis


When it comes to finding the best Medicare Supplement plan for your needs, comparison is key. Before deciding, residents of Tennessee, including Memphis, should first assess their specific coverage needs. This assessment forms the first step in comparing different Medicare Supplement insurance plans, helping to narrow down the options and focus on the most suitable plans.


How to Compare Coverage

To effectively compare the coverage of different Medicare Supplement plans, one must review the coverage chart for each plan. This chart provides a comprehensive view of the specific benefits and any associated copays or out-of-pocket limits for each plan. The government’s standardized benefits comparison chart is an invaluable tool in understanding and comparing the benefits of each Medigap plan, providing a clear snapshot of the coverage offered.

Each Medigap plan offers a different scope of services, including benefits such as:

  • Hospital and hospice coinsurance
  • Skilled nursing facility coinsurance
  • Deductibles
  • Excess charges
  • Foreign travel benefits

These benefits help cover out-of-pocket expenses for policyholders.

Consequently, grasping your current and expected healthcare needs is pivotal when evaluating and contrasting the diverse coverage levels offered by each Medicare Supplement plan.


Cost Factors to Consider

The cost of Medicare Supplement plans in Memphis can be influenced by several factors, including your age, geographic location within the state, and personal health history, including smoking status. Insurance companies may employ one of three premium rating methods: community-rated, where premiums are the same regardless of age, issue-age-rated, where premiums are based on your age at purchase, and attained-age-rated, where premiums are based on your current age and may increase as you get older.

The cost of Medicare Supplement plans in Tennessee can vary widely, with monthly premium figures ranging from approximately $70 to $145 depending on the plan letter and individual demographics, like being a 65-year-old woman versus a 70-year-old man. This broad spectrum of premiums underscores the necessity of contrasting insurance carriers as each one determines its own rates. Aspects like tobacco usage and enrollment timing can influence premiums, underscoring the need for consumers to procure official quotes and consider any supplementary benefits or discounts on offer.


Evaluating Insurance Carriers

Evaluating insurance carriers is a critical step in choosing the right Medicare Supplement plan. The factors to consider when evaluating insurance carriers include:

  • Financial stability: Ratings from agencies like A.M. Best, Moody’s, and Standard & Poor’s can indicate the insurer’s ability to manage claims effectively.
  • Customer satisfaction: Reviews and ratings from current and past customers can provide insights into the insurer’s service and reliability.
  • Past complaints: Checking for any past complaints against the insurer can help identify any potential issues or concerns.

Considering these factors will help you make an informed decision when choosing an insurance carrier for your Medicare Supplement plan.

Direct interaction with insurance companies can provide valuable insights into their quality of customer care and service levels. Since the benefits of policies with the same letter are standardized across carriers, comparing them by price is crucial. However, the reputation of customer service should also factor into the decision.

The process of selecting an insurance carrier is not solely based on cost. It integrates financial stability and customer service, laying the foundation for making an informed decision on a Medicare Supplement plan.


Enrolling in a Medicare Supplement Plan in Memphis


Enrolling in a Medicare Supplement Plan in Memphis


Enrolling in a Medicare Supplement plan in Memphis requires being enrolled in both Medicare Part A and Part B. The best time to enroll is during the Medigap Open Enrollment Period, which begins the first month you are both 65 or older and enrolled in Medicare Part B. During this period, enrollees cannot be denied coverage or charged more due to pre-existing conditions.

The process of enrollment entails:

  1. Choosing a Medicare Supplement Plan Provider
  2. Obtaining an official quote
  3. Filling out an application
  4. Make certain that your policy becomes operative on your preferred start date.


Enrollment Periods

The Medigap Open Enrollment Period is a critical time frame for Medicare beneficiaries in Memphis. Here are the key details:

  • It begins on the first day of the month when an individual turns 65 or older and is enrolled in Medicare Part B.
  • It extends for six months.
  • During this period, an individual has a guaranteed issue right.

This right bars insurance company from refusing coverage or levying higher charges based on medical history, offering a degree of security and certainty for beneficiaries.


Eligibility Requirements

Eligibility for a Medicare Supplement plan in Memphis requires more than just reaching the age of 65. It’s mandatory to be enrolled in both Medicare Part A and Part B. These serve as the basic prerequisites for availing of the additional coverage offered by Medicare Supplement plans.


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Alternatives to Medicare Supplement Plans in Memphis

Alternatives to Medicare Supplement Plans in Memphis


While Medicare Supplement plans offer comprehensive coverage, there are alternatives to consider. Medicare Advantage plans and Special Needs Plans (SNPs) are available in Memphis as alternatives to Original Medicare through various private insurers.


Medicare Advantage Plans

Medicare Advantage plans, also known as Medicare Part C, are a bundled alternative to Original Medicare. These plans typically offer additional benefits such as dental, vision, and hearing coverage, which go beyond the provisions of Original Medicare. To limit expenses, Medicare Advantage plans may have lower out-of-pocket costs and include annual spending caps, with some plans having limits as high as $8,850 in 2024. Furthermore, most Medicare Advantage plans encompass prescription drug coverage, simplifying the need for separate Part D enrollment.

However, while they offer certain Medicare benefits, Medicare Advantage plans also have their limitations. Some of these limitations include:

  • Lower premiums, which can be attractive to Medicare beneficiaries
  • Limited choice of healthcare providers, as some plans may restrict members to providers within the plan’s network
  • Travel restrictions, requiring members to reside and receive non-emergency medical care within the plan’s service area

It’s important to consider these limitations when deciding whether a Medicare Advantage plan is right for you.

Additionally, prior authorization for specific tests or procedures might lead to delays in receiving necessary medical care. Considering these points, seeking advice from a health insurance broker can guide seniors in comprehending the advantages and restrictions of Medicare Part C, and deciding if its network-centric structure matches their healthcare needs.


Special Needs Plans (SNPs)

Special Needs Plans (SNPs) are another alternative to Medicare Supplement plans. These plans are designed for individuals with specific healthcare needs or chronic health conditions. To be eligible for an SNP in Memphis, an individual must have Medicare Part A and Part B, live in the plan’s service area, and meet the specific criteria of the SNP.

There are three types of SNPs available in Memphis: Dual-eligible Special Needs Plans (D-SNPs), Institutional Special Needs Plans (I-SNPs), and Chronic Condition Special Needs Plans (C-SNPs). Residents with qualifying chronic conditions can join a C-SNP anytime, and those moving into a nursing home or requiring skilled nursing care at home can enroll in an I-SNP or switch plans at any time.

SNPs tailor their benefits, provider choices, and drug formularies to meet the medical needs of enrollees, and include care coordination services, such as a care coordinator. SNPs often offer extra services like additional hospital days, specifically tailored to the needs of special groups. The average premium for a Special Needs Plan in Memphis is approximately $35.87 monthly, with an estimated average drug plan deductible of $480.88 annually.


Local Resources for Medicare Supplement Plan Assistance


Local Resources for Medicare Supplement Plan Assistance


Navigating the complex terrain of Medicare Supplement plans can often benefit from expert guidance. In Memphis, several local resources, including the State Health Insurance Assistance Program (SHIP) and licensed insurance agents, are readily available to facilitate this endeavor.


State Health Insurance Assistance Program (SHIP)

The Tennessee State Health Insurance Assistance Program (TN SHIP) provides free and unbiased Medicare counseling to beneficiaries in Memphis and the surrounding areas, helping them understand and select Medicare Supplement plans. Administered locally for Shelby, Fayette, Lauderdale, and Tipton counties, including Memphis, by the Aging Commission of the Mid-South, one of the nine regional SHIPs in Tennessee, this program ensures that the guidance provided is impartial and reliable.

SHIP provides the following services:

  • Personalized counseling and educational outreach through staff and volunteers, including community presentations and health fairs
  • Assistance in applying for Medicare Savings Plans, Extra Help, and Medicaid services, crucial programs for those who qualify to help cover Medicare premiums and copays
  • Provision of a ‘Medigap rate comparison shopping guide’ for residents of Memphis to navigate Medigap policies.


Licensed Insurance Agents

Licensed insurance agents can also provide valuable assistance when choosing a Medicare Supplement plan. These professionals must possess a Tennessee health insurance license, verifying their specialized knowledge about Medicare Supplement plans. They possess the expertise to identify the most appropriate Medicare Supplement plan, choose the correct insurance company, and assist beneficiaries throughout the enrollment process.

Insurance agents can tailor their coverage recommendations based on factors such as location, chosen Medicare plan, and the beneficiary’s specific health needs to manage out-of-pocket costs effectively. Independent insurance brokers, in contrast to captive agents, offer a broader spectrum of Medicare Supplement options, enabling more personalized advice based on individual requirements. Hence, building trust with a Medicare broker in Memphis becomes crucial for beneficiaries to experience confidence and security in their healthcare coverage decisions.



Navigating the world of Medicare Supplement plans in Memphis doesn’t have to be daunting. By understanding the importance of these plans, assessing your individual healthcare needs, comparing coverage and costs across different plans and carriers, and utilizing local resources, you can make an informed decision about your healthcare coverage. Remember, the best Medicare Supplement plan is not one-size-fits-all but one that fits you perfectly.

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Frequently Asked Questions

What is the average price of a Medicare supplemental plan?

The average monthly cost for a Medicare Supplement plan is $139, but individual plan costs can vary. You can refer to a Medicare Supplement Cost Comparison Chart for more details.


What are the disadvantages of a Medicare Supplement plan?

There are several disadvantages to a Medicare Supplement plan, including limitations on coverage and higher premiums. It’s important to carefully weigh the pros and cons before enrolling in a plan.


What is the best Medicare Supplement Plan in Memphis?

The best Medicare Supplement Plan in Memphis depends on individual healthcare needs, budget, and future medical expectations, so it’s important to compare plans and consult with licensed insurance agents or the State Health Insurance Assistance Program (SHIP) for an informed decision.


When can I enroll in a Medicare Supplement Plan in Memphis?

You can enroll in a Medicare Supplement Plan in Memphis during the Medigap Open Enrollment Period, which starts the first month you are 65 or older and enrolled in Medicare Part B. Any other time may require medical underwriting.


Are there alternatives to Medicare Supplement plans in Memphis?

Yes, alternatives to Medicare Supplement plans in Memphis include Medicare Advantage plans and Special Needs Plans (SNPs. These options provide additional coverage beyond what Original Medicare offers.

Speak to the Professionals about Medigap Plans and Original Medicare

If you find understanding the benefits involved with Original Medicare and Medigap Plans challenging, you’re not alone. Whether it’s a Medigap plan, or you want to know more about the best Medicare Supplement Plans in Memphis, we can help. Call our team at 1-888-891-0229 for a free consultation or complete the contact form on this site, and an expert will call you back at a convenient time.

We have decades of experience advising our clients on the complexities of Medicare and Medigap plans, the benefits, cost and deductibles. We’ll ensure you get the best rate in your state and advice you can trust.

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