best overall medicare supplemental plan before 2020: plan f
if you qualified for medicare before January. 1, 2020, plan f is the best medigap plan. the plans will cover all the items you would normally have to pay out of pocket, including deductibles and coinsurance.
plan f is a good choice if you want a comprehensive policy that gives you peace of mind about everyday expenses, like paying a copay for a doctor’s office visit. the monthly premium for plan f averages $231, making this plan even more expensive than plan g. Unfortunately, Plan F is not available to new Medicare enrollees who become eligible after January. 1, 2020. anyone who currently has a plan f will be able to keep their coverage.
best overall medicare supplemental plan for new members: plan g
medicare supplemental plan g is the best overall plan that provides the most coverage for seniors and medicare enrollees. Plan G will cover almost everything except the Part B deductible. This means that you would be responsible for paying the entire Medicare Part B deductible ($233 for 2022) before insurance benefits begin to pay for your health care.
plan g is the most popular medicare add-on for new members. however, fees can be expensive, averaging $190 per month. therefore, you should weigh the cost of this monthly premium against your possible medical expenses for the year.
best cheap medicare supplement plan: plan k
If you’re interested in the cheapest medigap policy that still provides some coverage in addition to original medicare, you might want to consider plan k.
plan k is significantly different from many other medigap policies in that it only provides 50% coverage for medicare part b coinsurance, blood, part a hospice, skilled nursing, and the medicare deductible. the part a many other medigap plans, like plan g, provide full reimbursement for this type of care.
This is crucial if you need health insurance coverage for skilled nursing. In this case, if you got plan K, only 50% of these costs would be covered.
on the other hand, your monthly premiums with plan k will be much cheaper. Policyholders can expect to pay around $77 per month, making it the best Medicare supplement plan for low-income seniors.
best alternative to medicare supplemental plan g: plan n
plan n is a good option for people who want coverage almost as good as plan g but at a cheaper price.
the only difference between the two plans is that plan n does not have coverage for medicare part b excess charges. This is an additional cost that your doctor or health care provider may charge you if they do not accept the Medicare-approved payment amount for your health care services. You can protect yourself from this cost by either getting Plan G or by double-checking that your medical providers accept the Medicare-approved amount for services.
If you’re willing to make this trade-off, you’ll pay about $152 per month for plan n, a savings of $38 compared to plan g.