Medicare Supplement Plans are a popular go-to for Medicare beneficiaries because they help save a lot of money on out-of-pocket costs. Since we are in the middle of the Medicare Annual Enrollment Period (AEP), you might be looking into a Medicare Supplement Plan for just that reason, and you might be wondering what your best options are. There are 10 different Medicare Supplement Plans to choose from, but there are a few top favorites that you need to know about.
A Medicare Supplement Plan covers all of the gaps in Medicare. Medicare only covers 80% of your medical costs, leaving you to cover the remaining 20% out-of-pocket. Medicare supplement plans will cover things like deductibles, copays, and coinsurance.
The coverage and plan letters for Medicare Supplement Plans in 2023 are not changing, but premium prices will change. If you are new to Medicare, or changing Medicare Supplement Plans to save money, you will most likely want to enroll in one of the top-rated, most popular plans in 2023:
- Medicare Supplement Plan G– Medicare Plan G is the most popular Medicare Supplement Plan because of the coverage that it offers for both Parts A and B. With Medicare Plan G, you will only have to pay for one thing out-of-pocket: your annual Medicare Part B deductible. Once you meet your deductible, Medicare Part B will kick in and pay 80% of the rest of any Medicare-approved expenses; Medicare Plan G will cover the remaining 20% coinsurance, with no limit for the calendar year.
- High Deductible Plan G– You also have the option of a high-deductible Medicare Supplement Plan G. These plans are the same as Plan G, except you will have a larger deductible to meet, with a smaller monthly premium than original Plan G.
- Medicare Supplement Plan N– With Medicare Plan N, you will have to meet your annual Medicare Part B deductible, just like you would with Plan G. The difference is that with Plan N, you may have to pay a small co-pay for each doctor visit if you return to the doctor throughout the year. The co-payment is normally not more than $20 per visit. If you go to the emergency room and are not admitted to the hospital, you will have a $50 copay. In addition, Medicare Part B excess charges are not covered in Plan N.
Need More Information?
If you are interested in getting a plan from a top-rated Medicare Supplement insurance company, EZ can help. We work with all of these companies, and we will provide you with a highly trained licensed agent who will compare all available Medicare Supplement Plans to find the best one for you. You deserve the best, so we’ll make sure you get the best. To get free Medicare Supplement Plan quotes, enter your zip code in the bar above, or if you prefer to speak to an agent directly, call 888-753-7207. Our agents are ready to help!
Co-written by Minerva Landon