List of Medicare Supplement Plans

Compare affordable Medicare Plans

There are currently 12 Medicare supplement plans available from a variety of companies, and they all have different benefits and costs.

The list of Medicare supplement Plans that are most popular are:

  • Medicare Plan G
  • Medicare Plan N
  • High-deductible Plan G
  • Medicare Plan F
  • High-deductible Plan F

Medicare Supplement Plans Comparison Chart

Perhaps you’ve begun this search already, and you’ve come across the Medicare Supplement Plans comparison chart shown below.

Let’s cover the chart for a moment and I’ll explain how to read it as it can be a tad confusing.

Then we’ll dive into those most popular plans.

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This is going to be very helpful to you if you’re new to Medicare.

Now, on the left-hand side of the chart you’ve got a list of benefits that the various plans will be covering,  and at the top is a list of Medicare supplement plans A through N.

You will see that there are a few letters missing. The reason is Medicare eliminated a few letters over the years. Plans I and J are gone, and they added M and N in as well.

So each of these checkmarks simply means that this particular plan letter covers the benefit in the column on the right.

As you can see, Plan A has a lot of white squares in there that it doesn’t cover. Very few people enroll in Plan A, except if you’re under 65 and you did qualify for Medicare, sometimes certain states only offer that Plan.

Medicare supplement plans

Medigap Plans that You'll Never Enroll in

That happens a lot, particularly in states like Texas. Plan B is not much different, having very basic coverage.

These are plans that most people would never enroll in.

Many of these plans you see such as  B and D, have less coverage but are almost the same price or sometimes more expensive than Plan N, which has more coverage.

This is exactly why we don’t write a lot of people on those plans at all.

If you view the column for both Medicare C and F, you’ll see that they have a lot more coverage.

Medicare Plan F - A Risky Gamble

However, these plans were actually eliminated on January 1 of 2020.

If you enrolled in Medicare on that day or later, you may not enroll in a C or F. Anybody who had either of those plans, or was enrolled in Medicare prior to that date, can keep their Plan.

I don’t recommend either of these, especially Plan F and I haven’t even before they removed it.

This is because Plan G is a lot better value for almost the same coverage.

medicare supplement plan f

Medicare Supplement Plan G - A Better Choice

Medicare Plan G is now the most popular plan available and for good reason. It’s got outstanding coverage for relatively low premiums, and now that Plan F is the most comprehensive Medigap plan offered by Medicare.

Let’s take a look at the column of Plan G versus F. You’ll see there’s just one white square under G that F doesn’t have.

Now follow that over to the left to see what’s missing.

medicare part g

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Plan G comparison chart

Medicare Part B Deductible

As you can see it’s the Part B deductible. This means on Plan G you’re responsible for paying that. If you have Medicare Plan F the plan pays that for you.

In the year 2021, the deductible amount is $203.

The problem is the cost of Plan F. I can guarantee on Plan F you’re paying far more than $198 for the plan to pay the deductible for you.

So let’s say on Plan F for example, your premiums are $400 extra over what a Plan G would cost. And Plan F pays the deductible for you.

That’s the only difference.

So you pay $400 extra, for them to give you a $198 benefit.

That means $200 is going out of your pocket and right into the insurance company’s pocket.

If you had Plan G you would pay the $198 deductible yourself, and keep the $200. All for 5 minutes’ worth of work writing them a check or paying it online.

Another thing to consider with Plan F is that it also has higher rate increases than Plan G each year.

It’s a closed block business, which means they’re not offering it to new beneficiaries on Medicare. This means no new premiums coming in.

The older people get, historically and statistically the more claims they have. So more claims are being paid out of the group with no new premiums coming in.

That equals higher rate increases.

I won’t go too deep into the actuarial math of it all. But trust me on this, financially speaking Plan G is a much better option.

You might want to keep Plan F if you never want to see a medical bill, and you don’t care what it costs. And if so I completely understand, that’s a nice luxury to have.

However, for most people, every dollar counts these days.

Let’s face it, 2020 is a crazy year for everyone. And if you want to hang on to every dollar you can I highly suggest Plan G or even Plan N.

Medicare Supplement Plans

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Medicare Supplement Plan N

Now, we’ll talk briefly about Plan N in our list of Medicare Supplement Plans. Plan N is the fastest rising in popularity, by far.

Plan G is the most popular right now, but Plan N is a close second.

Plan N is almost identical to Plan G, but you see a couple more white squares on the chart above.

Well, the Part B deductible is one of them and you pay this deductible yourself with Plan N.

 

Medicare Plan N Premiums

Plan N has much lower premiums than Plan G. Why is that?

Well, there are a couple of other reasons.

Plan N has some additional out-of-pocket expenses that could happen that Plan G doesn’t. So in exchange for a lower premium, you are taking on some possible additional costs.

Those are things like:

  • Co-pay per doctor’s visit
  • Co-pay for Emergency room visit (if not admitted)
  • Part B excess charges

 

Plan N co-pays

After you meet the Part B deductible on Plan N you could have a small co-pay per doctor’s visit each time you visit the doctor.

Now, it will never be more than $20. That is the max the co-pay can be.

Often the co-pay could be less than $20, or no co-pay at all.  It just depends on how they code the visit.

Medicare Plan N

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Medicare Part B excess charges

Also with Plan N, it does not cover Part B excess charges.

What are those?

What that means is if the doctor you visit does not take the assigned rates from Medicare, doctors may charge up to 15% extra of the Medicare-approved expense.

A doctor can choose for the entire practice if they want to accept the assignment or not. It is not on a case-by-case basis.

Now, Plan N doesn’t cover the excess charges, however, most doctors in this country accept the assigned rates.

An easy thing to do is just call your doctor and ask them if they do.

Chances are they’ll say, “Sure, we take the assignment,” because doctors actually get hit with a penalty if they don’t.

So while Plan N doesn’t cover Part B Excess Charges, if your doctor doesn’t ever charge them it’s a non-issue.

Now, you might be saying, “Russell, what if I see a doctor that does charge them?”

Well, you will be billed a very small percentage depending on the actual charge, and chances are it would be very low.

I will say this, in 11 years I’ve never had a client ever tell me they got an excess charge.

I’ve got my own mom on Plan N, and she absolutely loves it and she’s never seen an excess charge, but of course, they could happen.

Best Medicare Supplement Plans for 2021

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Emergency Room co-pay

There is one other thing for Plan N that’s not listed on this chart that could come up.

If you visit the emergency room and you have Plan N, there’s a $50 co-pay if you’re not admitted to the hospital.

Why do they do this?

Well, a lot of people go to the emergency room for things that are not emergencies.

Actually, it happens all the time. This is to keep prevent people from doing that.

So although Plan N does have some extra expenses you could get, the premiums are lower than Plan G. Sometimes as much as $30 per month.

For those who are healthy and don’t go to the doctor a lot, but know they need great coverage Plan N is the way to go.

I’ve got clients who rarely visit the doctor and are very healthy. Or they go once a year, get their checkup, and they’re done.

They absolutely love Plan N because they know they’ve got fantastic Medical coverage if they get a major medical condition.

Plan G Medicare

Medicare Plan N vs Plan G

If you’re still not sure which plan is best for you, let us help!

We’ll match up the best coverage with your current situation. Then we’ll shop all the top companies for these plans to make sure you don’t overpay on your premium.

The easiest way to get rates and find out, just to give us a quick call 1-888-891-0229.

We look forward to talking with you soon!

Medicare supplement plans