5 Best Medicare Supplement Plans for 2024
Among the ten available Medicare Supplement plans, Medigap Plan G stands as the best choice for 2024, closely followed by Medigap Plan N. This popularity reflects the preference of many beneficiaries seeking comprehensive coverage and peace of mind.
When you compare the best Medicare Supplement plans, you will see that each plan offers a unique way to help Medicare beneficiaries pay for medical expenses that Original Medicare (Medicare Part A and Medicare Part B) doesn’t cover.
#1. Medicare Supplement Plan G: Most Comprehensive
Medigap Plan G is one of the top Medicare Supplement plans in 2024. We like Medicare Plan G because it offers the second-highest benefits but a lower monthly premium.
Medicare Supplement rates for Plan G range between $240 and $480 less each year compared to Plan F, the market’s most comprehensive Supplement insurance plan. In addition, while Plan F has eligibility restrictions based on the date you could purchase Medicare, Plan G doesn’t.
Once a beneficiary meets the Plan G deductible for each calendar year, the plan covers benefits at 100 percent.
Medigap Plan G features:
- Coverage: Medicare Supplement Plan G offers comprehensive coverage for out-of-pocket costs associated with Medicare Part A and Part B. It covers all but one of the Medicare-covered benefits that Original Medicare does not pay for in full.
- Network freedom: Plan G offers the flexibility to choose any healthcare provider or specialist who accepts Medicare patients. With Plan G, there are no network restrictions, allowing you to receive care from any doctor or hospital that accepts Medicare, giving you the freedom to access the healthcare services you need.
- Standardized: The benefits offered by Plan G are standardized by law, meaning they are the same no matter which insurance company you choose.
- Part B Excess Charges: Plan G is one of the only Medigap plans that cover Part B excess charges, which are additional charges that some doctors and healthcare providers are allowed to charge over and above the approved Medicare amount.
- Foreign Travel Emergency: Plan G also includes coverage for foreign travel emergency care, a benefit not typically covered by Original Medicare.
Benefits not included in Medigap Plan G or high deductible Plan G:
- Part B deductible
#2. Medicare Supplement Plan N: Best Value
Medigap Plan N ranks second among the top Medicare Supplement plans for 2024. Plan N has lower premiums because the copays required for some doctor’s office visits ($20) and emergency room ($50) help minimize increases in Medigap plan rates.
Benefits not covered under Plan N:
- Part B deductible
- Medicare Part B excess charges. These are charges above what the federal government covers under Part B if the provider has not agreed to accept what Medicare pays.
- Copays
#3. Medicare Supplement Plan F: Best “Full” Coverage Option
Medicare Supplement Insurance Plan F has historically been the highest-selling Medicare Supplement Plan because it covers many benefits. However, due to federal Medicare guidelines, Plan F is only available to those who became eligible for Medicare on or before Dec. 31, 2019.
Medicare Supplement Insurance Plan F is what’s called first-dollar coverage. First-dollar coverage means that the Medicare Supplement plan pays everything with no health care cost to the enrollee. For those on Plan F, this includes the Part B deductible.
Besides those eligible for Plans C and F, the federal government now requires all beneficiaries to pay the Medicare Part B deductible.
Policyholders with Medicare Supplement Plan F or high-deductible Plan F can keep their policy. Both Medigap plans will still be available for beneficiaries who qualified for Medicare before Jan. 1, 2020
#4. Medicare Supplement Plan C
Medicare Plan C is a reasonably comprehensive Medicare Supplement plan. Because it covers everything except for Part B excess charges, it’s a smart Medigap option in the states that don’t allow excess charges:
- Connecticut
- Massachusetts
- Minnesota
- New York
- Ohio
- Pennsylvania
- Rhode Island
- Vermont
Like Medicare Supplement insurance Plan F, Medigap Plan Plan C is a first-dollar Medicare Supplement plan only available to those eligible for Medicare on or before Dec. 31, 2019.
Benefits not covered under Plan C:
- Part B excess charges
#5. Medicare Supplement Plan D
Medicare Supplement Plan D rounds out our top Medicare Supplement plans. For beneficiaries who became eligible for Medicare in 2020, Medicare Plan D is a suitable replacement for Medigap Plan C because it covers the same benefits.
Benefits not covered under Plan D:
- Part B deductible
- Medicare Part B excess charges
Medicare Supplement Features:
Remember, you must compare plans and insurance companies to determine the best Medicare Supplement plan and rates. Here are other things to keep in mind about Medicare Supplement plans:
- They are automatically renewable if you pay your Medicare Part B premium.
- The best time to apply is for the best price during the open enrollment period. This automatically starts the first month you have Medicare Part B and are 65 or older.
- Plan availability varies between service areas. For example, Medigap policies are standardized differently in Massachusetts, Minnesota, and Wisconsin.
- You will need to purchase a separate policy for a prescription drug plan.
- If you have a Medigap plan, you cannot have a Medicare Advantage plan.
The best Medicare Supplement insurance companies have several features in common:
- History of excellent customer service
- Solid financial footing
- Some companies offer perks like Silver Sneakers
- Quick turnaround in claims processing
Policy Guide connects with an extensive network of health insurance providers, but we prefer to work with the best-rated carriers.
That’s why we favor the following health insurance companies:
Next Steps
If you’d like to help comparing each Medigap company, don’t hesitate to call and talk with an agent about plan options.
Our insurance agents will help you evaluate your healthcare needs, compare policies, and find your area’s best Medicare health plan rates. We can also forecast future monthly premiums to protect your financial stability as you age.
Article Resources:
- Types of Medigap Plans
- How Much Do Medigap Plans Cost?
- Aetna Medicare Supplement Plans
- Cigna Medicare Supplement Plans
- Florida Blue Medicare Supplement Plans
- Mutual of Omaha Medicare Supplement Plans
- When Can I Apply for a Medicare Supplement Plan?
- How Do I Enroll in a Medigap Plan?
- When Can I Change Medigap Plans?
- Can I Be Denied Medigap Coverage?
- CMS Medicare Services
