Medicare Supplement plans, also known as Medigap insurance, are an extra coverage option to add to your Original Medicare plan. Each supplement plan covers various Medicare costs, so it’s important that you compare the coverage of each plan to determine which one you should enroll in.
Three of the most popular plans include Plans F, G, and N, all because of the extensive coverage they provide.
Medicare Supplement Plan F
Medicare Supplement Plan F is one of the most popular Medigap plans. Under Medigap Plan F, you will get coverage for your Part B premiums, which you cannot get from any other plan, besides Supplement Plan C. However, one thing to note about Plan F (and Plan C) is if you were not eligible for Original Medicare before January 2020, you cannot enroll in these plans.
Medicare Supplement Plan F covers 100% of these costs:
- Part A Coinsurance & Hospital Costs
- Part B Coinsurance or Copayment
- First 3 Pints of Blood for Transfusions
- Part A Hospital Care Coinsurance or Copayment
- Skilled Nursing Care Facility Coinsurance
- Part A Deductible
- Part B Deductible
- Part B Excess Charges
Plan F also covers 80% of foreign travel emergency care expenses, and has a high-deductible version that has a lower premium than the regular Plan F.
Medicare Supplement Plan G
Unlike Medigap Plan F, Plan G does not cover the deductible for Part B, but besides this difference, Plan G is nearly identical to Plan F in regards to coverage:
- Part A Coinsurance & Hospital Costs
- Part B Coinsurance or Copayment
- First 3 Pints of Blood for Transfusions
- Part A Hospital Care Coinsurance or Copayment
- Skilled Nursing Care Facility Coinsurance
- Part A Deductible
- Part B Excess Charges
- 80% Foreign Travel Emergency Care
Unlike Plan F, Plan G is still available for new Medicare enrollees. This means as long as you are enrolled in Original Medicare, you can qualify for Supplement Plan G. Plan G also has a high-deductible option, has a lower premium than the regular Plan G, but will provide the same coverage once the deductible is met.
Medicare Supplement Plan N
Plan N is the third most comprehensive plan of all the supplement plans. It covers basically the same things as Plans F and G, but minus the Part B excess charges and deductibles. It also does not have a high-deductible option.
Which Is Best?
There’s really no “best” Medigap plan, there’s only what is best FOR YOU. It depends on your needs and budget.
In terms of coverage, Plan F covers many out-of-pocket expenses from Original Medicare. However, new Medicare enrollees are not allowed to purchase the plan, thereby limiting its availability. Compared to Plan G and Plan N, Plan F may also be more expensive. If you have high out-of-pocket expenses but don’t want to pay as high in premiums as you would for Plan F, then Plan G or Plan N may be the best option for you.
If you’d like to pay even lower premiums but don’t mind paying a higher deductible, then High-Deductible Plan G or High-Deductible Plan F (if you qualify), are definitely factors to consider.
Learn More from the Experts
To learn more about the Medicare Supplement plans offered in the Reno, NV, area, give Eldridge Agency a call today at (775) 328-1197.
