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Comparing Supplement Plans
There are a variety of Medicare Supplement plans available and each has its pros and cons. Our goal is to guide you through the process of selecting the plan that works best for your health and financial needs. That being said, the two most popular plans today are G and N. Below, we'll explain why these plans are so highly recommended.
As you can see, plans G & N provide many benefits and fill most gaps in Medicare coverage. Here is an example that compares the monthly premiums of each Medigap plan.
Lowest Cost for each plan in Peoria, IL
Plan A $90.26
Plan B $118.83
Plan C not available to 65-year-old enrollees
Plan D $107.31
Plan F not available to 65-year-old enrollees
Plan G $96.49
Plan K $48.75
Plan L $61.33
Plan M $68.22
Plan N $74.67
While low in upfront cost, Plans K, L, & M do not pay the full Part A deductible ($1,600 per spell of illness in 2023)
Although the monthly premiums of plans G & N are higher than some of the alternatives, they provide far greater benefits that will save you money in the long term because they pay the full Part A deductible.
We recommend Plan N for several reasons:
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It provides abundant coverage that will save you in the long term.
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Plan N usually has lower yearly rate increases than Plan G.
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Excess charges are rarely billed: 97% of doctors do not charge in excess of the Medicare-approved amount (and the 3% that do are primarily from psychologists and podiatrists).
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Some brokers use the fear of excess charges to justify signing you up for Plan G. Brokers earn more commission when you're enrolled in Plan G. Our job is to save you as much as possible while providing maximum benefits.
I have Plan N for myself!
Medigap Plan N offers comprehensive coverage for Medicare Part A hospital coinsurance and copayments along with coverage for Part B coinsurance or copayments and only has a small copayment for some office and emergency room visits. Plan N has a track record of having lower renewal premiums than other plans. This plan may be a good choice for those who are willing to pay a modest copayment for certain services in exchange for a lower premium.
Medigap Plan G has the most coverage available today and is a good option for individuals who don't want to worry about excess Medicare charges and are okay with a higher monthly premium.
Medigap Plan F I have not recommended this plan in years. The reason is the cost between Plan F and Plan G is usually more than the Part B deductible. However, Plan F will no longer be available to new Medicare enrollees starting in 2020.