What is the Best Medicare Supplement Plan for 2024?

Medicare can cover many of your health care expenses, but it doesn’t cover everything.

Medicare Supplement plans, also known as Medigap policies, are designed to pick up where Medicare leaves off; in other words, they cover the expenses that government-backed medical insurance program doesn’t and can save you a big chunk of change.

There are 10 different Medigap policies, and each one covers different expenses. If you’re a Medicare beneficiary or you plan on enrolling in the program within the next year, you’re probably wondering about Medicare Supplement plans for 2024.

Since nothing is more important than your health, planning ahead is always a smart idea. For help choosing the best Medicare Supplement plan for your specific needs, keep reading.

Medicare Supplement Insurance is additional insurance that can assist you with covering health care expenses that Original Medicare – Part A and Part B – don’t cover, such as:

• copays,
• deductibles,
• and coinsurance.

There are a total of 10 different standardized plans, which are named for letters, and these policies are sold by private health insurance companies.

While each lettered plan covers different out-of-pocket expenses (Plan F covers different expenses than Plan G, for example) because Medigap policies are standardized, all lettered plans must provide the same coverage, no matter which insurance company sells them, or where they’re purchased; for instance, while specific insurance companies might offer additional benefits, all Medigap Plan N must provide the same foundational benefits.

It’s important to note that you do have to pay additional premiums on a monthly basis, on top of the premiums for Part B and Part D (if you choose to enroll in Part D).

Despite the additional premium, Medicare Supplement Insurance can help you save a significant amount of money overall, as the supplemental insurance will cover a lot of the expenses that Original Medicare doesn’t cover, and those expenses can really add up over time.

How Medigap Insurance Works

Medicare will pay for the approved amount of medical expenses. Your supplemental insurance plan will then step in and pay for the expense that it covers, as long as you remain current with your policy’s premiums.

In order to purchase a Medigap policy, you must be enrolled in Original Medicare (Part A and Part B). That’s it! The way that Medicare Supplement Insurance works really is that simple!

Medicare Supplement Plans 2024

As mentioned, there are a total of 10 different Medigap policies; however, out of these policies, there are three plans, in particular, that stand out and that we think are the best options for 2024: Plan F, Plan G, and Plan N.

Medicare Supplement Plan F

Plan F is the most comprehensive Medigap policy, meaning that of all the different options, Plan F covers the most out-of-pocket expenses. There is a catch, however: New enrollees can’t purchase this plan, as those who became eligible for Medicare after January 1, 2020 can no longer enroll in this Medicap policy. If you were enrolled in Medicare and were already covered by Plan F prior to that date, you can hold onto your plan.

Additionally, if you were eligible for Medicare before the start of 2020 but you hadn’t enrolled yet, you may be able to purchase the plan.

What Plan F Covers

•         Part A deductible
•         Part A coinsurance and hospital expenses (up to an extra 365 days after your Medicare benefits have been used)
•         Part A coinsurance or copayment for hospice care
•         Part B deductible
•         Part B excess charges
•         Coinsurance for skilled nursing facility care
•         Blood transfusions (first 3 pints)
•         Emergency medical care that you receive within the first 60 days of traveling abroad

What Plan F Doesn’t Cover

•         Long-term care
•         Prescription drugs
•         Vision care, including corrective lenses
•         Dental care
•         Private-duty nursing care

Plan G is the most comprehensive supplement policy for new Medicare enrollees. In other words, if you became eligible for Medicare after January 1, 2020 and are not eligible for Plan F, Plan G is a great alternative because of all the plans that you are eligible for, Plan G will cover the most out-of-pocket expenses that Original Medicare doesn’t pay for.

The Part B deductible is the only thing that Plan G doesn’t cover that Plan F does.

What Plan G Covers

• Part A deductible
• Part A coinsurance and hospital expenses (up to an extra 365 days after your Medicare benefits have been used)
• Part A coinsurance or copayment for hospice care
• Part B excess charges
• Coinsurance for skilled nursing facility care
• Blood transfusions (first 3 pints)
• Emergency medical care that you receive within the first 60 days of traveling abroad

What Plan G Doesn’t Cover

• Part B deductible
• Long-term care
• Prescription drugs
• Vision care, including corrective lenses
• Dental care
• Private-duty nursing care

Medicare Supplement Plan N

Plan N doesn’t cover as much as Plan F or Plan G, as you will have to pay for some copays, as well as a small yearly deductible; however, the premiums for Plan G are lower than the premiums for Plan F and Plan G.

What Plan N Covers

• Part A deductible
• Part A coinsurance and hospital expenses (up to an extra 365 days after your Medicare benefits have been used)
• Part A coinsurance or copayment for hospice care
• Part B coinsurance; you’ll need to pay a copayment of up to $20 for doctor appointments and up to $50 for ER visits (the ER copay is waived if you’re admitted)
• Coinsurance for skilled nursing facility care
• Blood transfusions (first 3 pints)
• Emergency medical care that you receive within the first 60 days of traveling abroad

What Plan N Doesn’t Cover

• Part B deductible
• Long-term care
• Prescription drugs
• Vision care, including corrective lenses
• Dental care
• Private-duty nursing