Medicare Supplement Plans Ratings for 2024 – Rates

Understanding Medicare Supplement Plans Ratings & Benefits

Let’s unpack the coverage and benefits you get from each Medigap plan. We’ll look at the cost of the plan, who it suits, and what you can expect from it.

Plans A, B, D

Plans A, B, & D are basic offerings. They suit seniors on a budget who want coverage for medical emergencies and hospital care.

Plan A offers basic benefits, and Plan B is similar, but you get coverage for the Part A deductible. Plan D is a mid-priced option with good coverage for Part A & B benefits.

These plans are affordable and good choices for seniors on a budget or with low income. All Medigap providers must offer Medigap Plan A.

However, they can choose to provide any of the plans. As a result, it’s hard to find many of the top-rated providers offering Plans B & D.

Plans F & G

Plans F & G are the most popular options in the Medigap range.

Plan F is the only policy offering coverage for the Part B deductible. However, you can only access it if you were eligible for Medicare before January 1, 2020.

The Medicare Access and CHIP Reauthorization Act of 2015, also known as “MACRA,” Brought an end to Medigap plans being able to offer coverage for the Part B deductible.

However, if you were eligible for Medicare before the cut-off date for Plan F in January 2020, you can still apply with carriers offering the plan.

Many of the top-rated providers offer Plan F if you qualify. Plan F provides “first dollar coverage,” meaning you have no out-of-pocket expenses for Original Medicare Parts A & B. All you have to pay is your monthly premium, and you’re covered.

While Plan F is a “fully comprehensive” Medigap plan, Plan G is the next best option. You get coverage for everything in Plan F except the Part B Deductible.

Plan G comes with a more affordable monthly premium than Plan F, sometimes up to $40 per month, which is less expensive than Plan F.

As a result, the savings you make on monthly premiums with Plan G over Plan F usually account for the cost of the Part B deductible.

Plans K, L, & M

Plans K, L, & M are good choices for seniors looking for better coverage than Plans A, B, & D but want affordable monthly premiums.

Plans K & L are “accost-sharing” policies. With Plan K, you get 50% coverage for most Part B expenses and 75% coverage for Part B expenses with Plan L.

Plans K & L come with out-of-pocket limits. Plan K has a limit of $6,940, and Plan L has a limit of 3,470. Plan M is a good choice for low-income seniors.

However, you only have coverage for 50% of the Part A deductible.

Plan N

Plan N is a great choice for seniors who don’t use many healthcare services during the year. Plan N might be for you if you’re fit, active, and eat well.

You get excellent coverage for medical emergencies, but you have to make copayments of $50 if you’re not admitted to the hospital when visiting the emergency room and a $20 copayment at the doctor.

Plan N also doesn’t cover excess charges. These charges incur when you visit a doctor, charging more than Medicare-approved rates (also known as “Medicare Assignment” rates).

However, you can avoid these charges if you see doctors charging Medicare-approved rates at their practice.

High-Deductible Plans F & G

Plans F & G are available from select insurers in a “high-deductible” plan. The high-deductible version gives you all the same benefits as the standard Plans F & G.

However, your Part A deductible increases from $1,600 to $2,700 annually.

In return for a higher deductible, you get much lower premiums. Depending on the insurer, you could save up to 75% to 80% on the premiums for the standard versions of these plans.

They’re a good choice for seniors who want comprehensive or near-comprehensive care but don’t incur many medical expenses during the year.