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How to Compare Medigap Policies

Senior couple relaxing on couch as they compare Medigap policies.
Three Medigap policies are the most popular with beneficiaries.

Comparing Medigap policies is a smart thing for every Medicare beneficiary to do. Medigap plans are relatively easy to understand, so a quick comparison does not take much time and could save you hundreds of dollars each year in monthly premiums. There are three Medigap policies that are the most popular with beneficiaries, but it’s also good to know what your other Medigap options are.

We’ll start by reviewing a few facts about Medigap plans and then review what each plan has to offer.

Standardized Plans

Medigap plans are standardized. This means that the coverage never changes from one year to another, nor does it change from one insurance company to another. Standardization makes comparing Medigap plans a simple process.

The Most Popular Medigap Policies: F, G, and N

Medigap Plans F, G, and N are by far the most popular plans on the market. They are the most popular because they offer the best benefits. In fact, enrolling in one of these three plans makes your out-of-pocket medical expenses next to nothing.

Medigap Plan F

Plan F has the most coverage of any Medigap policy. However, it is only available to beneficiaries who turned 65 prior to January 1, 2020. There were changes made to the program that do not allow any Medigap plans to pay for the Part B deductible, which Plan F does. Anyone who was already enrolled in Plan F or who turned 65 prior to 2020 is still allowed to have one of these plans.

Coverage in a Plan F policy includes:

  • Part A deductible
  • Part A coinsurance and up to an additional 365 days of hospital costs after Medicare benefits are exhausted
  • Part A hospice coinsurance/copayment
  • Part B deductible
  • Part B excess charges
  • Part B coinsurance/copayment
  • Blood (3 pints)
  • Skilled nursing facility coinsurance
  • 80% of foreign travel emergency expenses

Medigap Plan G

Plan G offers the most benefits for individuals who are not eligible for Plan F. The only difference is that Plan G will not pay the Part B deductible.

Coverage in a Plan G policy includes:

  • Part A deductible
  • Part A coinsurance and up to an additional 365 days of hospital costs after Medicare benefits are exhausted
  • Part A hospice coinsurance/copayment
  • Part B excess charges
  • Part B coinsurance/copayment
  • Blood (3 pints)
  • Skilled nursing facility coinsurance
  • 80% of foreign travel emergency expenses

 

Seniors having coffee and discussing Medigap policy options
Medigap Plans F, G, and N are by far the most popular plans on the market.

Medigap Plan N

The third most popular Medigap plan is Plan N. Like Plan G, it does not pay the Part B deductible. It does require a copayment for office visits and a copayment for emergency services (unless you get admitted to the hospital). It also does not pay for the Part B excess charges.

Coverage in a Plan N policy includes:

  • Part A deductible
  • Part A coinsurance and up to an additional 365 days of hospital costs after Medicare benefits are exhausted
  • Part A hospice coinsurance/copayment
  • Part B coinsurance/copayment, except for a $20 copayment for some office visits and a $50 copayment for emergency services unrelated to inpatient admission
  • Blood (3 pints)
  • Skilled nursing facility care coinsurance
  • 80% of foreign travel emergency expenses
  • No out-of-pocket limit

Cost Comparison of Medigap Plans F, G, and N

With more benefits come higher premiums. Medigap Plans F, G, and N are the most expensive on the market since they offer such comprehensive coverage. Of the three, Plan F typically has the highest premiums, and Plan N, the lowest.

If you are eligible to enroll in Plan F, or if you are currently enrolled in Plan F, you may want to consider Plans G. Plan F is going to have a substantially higher premium than Plan G and the only difference is the $233 deductible. Spread out over 12 months, that deductible amounts to less than $20. Moving to a Plan G will probably save you more than that per month in premiums, making Plan G the smarter choice.

Plan N could be a great option for individuals who do not visit the doctor frequently or who need a lower monthly premium. The most notable difference between Plans G and N are the copays associated with Plan N. If you only visit the doctor a couple of times a year, the $20 copays may not amount to much, and you could save more on your monthly premiums.

Get Help Comparing Medigap Policies

By now, you probably have a good idea of which Medigap policy sounds the most appealing to you. When you are ready to begin your enrollment, our agents are here to help. We can answer any additional questions you have about the Medigap options or any other part of Medicare. Once you’ve chosen a plan, we’ll compare carrier rates to ensure you get a competitive premium. Call our office today to schedule a consultation with one of our licensed Medicare advisors.

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