Medicare Supplement Costs [The Definitive Guide 2021]
Well, if you are looking for Medicare Supplement Insurance online, you probably realize how difficult it is to find out how much Medicare Supplement Insurance costs. That is because there are so many different companies out there that just want to capture your information online, not showing you the actual cost of plans, and either […]

By: Eric, Licensed Life & Health Insurance Agent

November 23, 2021,

8 minutes read

Well, if you are looking for Medicare Supplement Insurance online, you probably realize how difficult it is to find out how much Medicare Supplement Insurance costs. That is because there are so many different companies out there that just want to capture your information online, not showing you the actual cost of plans, and either sell your information or their team of marketing agents keep calling you day and night. So, read more if you want to know the easiest way to find out how much Medicare Supplement costs.  But first, what is Medicare supplement insurance?

 

What is Medicare supplement insurance?

 

Medicare Supplement Insurance also known as ‘Medigap’ is a kind of insurance plan that helps in filling the gap in original Medicare, and is normally sold by private insurance companies. Original Medicare covers many medical expenses but not all. A medical supplement insurance plan helps to pay some of the remaining health care costs such as copayments, coinsurance, and deductibles. That is why it is considered one of the most beneficial supplement insurance plans along with the original Medicare.

 

medicare supplement costs

Things you should know

 

Coverage:

Medicare policy only supplements the original benefits. It does not replace additional supplemental benefits.

Payment

The Medicare supplement payment is additional as Part B’s premium. There will be an additional cost for it.

Polices

Medicare supplement only covers one person, which means it is not a family or spouse policy.

Renewal

The insurance company cannot cancel or suspend your policy. If something happens in a person’s life or a health challenge occurs, the company doesn’t have the right to cancel the plan.  

Requirements

You must first be enrolled in Medicare parts A and B before you can get a Medicare supplemental policy.

Acquisition

You can buy only one Medicare Supplement Insurance policy if you have a Medicare advantage plan.

 

If you are wondering if there are better options available under Medicare supplement policy or worried that you haven’t completely understood your current Medicare plan, and just being curious to know what other benefits you might get without an extra Medicare supplement cost, then do not hesitate and go ahead to consult a licensed agent like we have at Policy Solver. 

 

Types of Plans

In most states there are about 10 different types of policies under Medicare supplement insurance. They are titled A, B, C, D, F, G, K, L, M, and N. Each one of them has a different set of benefits. As stated by AARP. ORG you can get detailed Medicare supplement costs by entering your Zip code at Medicare.Gov. Below we will look at an example of rates in New York. Let’s have a look at the most popular plans under Medicare supplement insurance 2021. These are Plan G, Plan F, and Plan N.

 

Medicare Supplement Plan G

This is considered the most popular plan because it is the most comprehensive plan available for people turning 65 or those who are new to Medicare in the following year. Medicare plan G covers everything that an original Medicare doesn’t. The only thing left is the Part B deductible. Additional Medicare supplement Plan G has no co-pays and no coinsurance. It covers everything, the only thing you pay out of your pocket is Part B deductible.

medicare supplement costs

Monthly cost

Premiums range from $268-$597 depending on your age, sex, health status, and when you buy. Doesn’t include the $148.50 Standard Part B premium.

Copays/coinsurance:

$0 is generally your cost for approved Part B services.

Deductibles

          $0 Hospital (Part A) deductible

          $203 Medical (Part B) deductible

Plan benefits

          A skilled nursing facility is available

          Part A deductible is available

          Part B deductible is not available

          Part B excess charges are available

          Foreign travel emergency

 

Medicare Supplement Plan F

Plan F isn’t available if you turn 65 on or after January 1, 2020.

if you turn 65 on or after January 1, 2020. This is the most comprehensive plan available after Plan G if you are eligible. There are no deductibles, no co-pays, and no coinsurance. It covers each and everything that Medicare doesn’t facilitate. So after Medicare pays it to share, Plan F covers 100% of everything.

 

Monthly cost:

Premiums range from $305-$649 depending on your age, sex, health status, and when you buy.

Doesn’t include the $148.50 Standard Part B premium.

Copays/coinsurance:

$0 generally your cost for approved Part B services

Deductibles:

          $0 Hospital (Part A) deductible

          $0 Medical (Part B) deductible

Plan benefits:

          A skilled nursing facility is available

          Part A deductible is available

          Part B deductible is available

          Part B excess charges are available

          Foreign travel emergency

 

Medicare Supplement Plan N

 

The third most popular Medicare supplement plan is N. The reason for its popularity is its office visit co-pays from 0 – $20 every time you see a doctor, and a $50 co-pay at the emergency room. The co-pays are waived if you are admitted to the hospital. In addition to co-pays, plan N does have the same deductible as Plan G.

 

Monthly cost

Premiums range from $190-$391 depending on your age, sex, health status, and when you buy.

Doesn’t include $148.50 Standard Part B premium

Copays/coinsurance

$0 generally your cost for approved Part B services with some $20 and $50 copays

Deductibles

          $0 Hospital (Part A) deductible

          $203 Medical (Part B) deductible

Plan benefits

          A skilled nursing facility is available

          Part A deductible is available

          Part B deductible is not available

          Part B excess charges are not available

          Foreign travel emergency

There are 10 – 40 private companies in every state around the country where you can get and compare Medicare supplement costs.  A licensed insurance broker can help you pick the right plan. 

 

Who is eligible for Medicare supplement insurance?

 

Medicare supplement plan is supposed to work together with the original Medicare plan including part A and part B. To get a Medicare supplement plan you need to enroll in the original Medicare policy first. Although there are a few situations where eligibility for a supplement plan is required.

          Aged 65 and older

      Diagnosed with end-stage renal disease (ESRD – permanent kidney failure requiring dialysis or transplant)

          Receiving disability benefits from the Social Security Administration or the Railroad Retirement Board. Generally, you’re eligible for Medicare after receiving disability benefits for 24 months in a row.

          Diagnosed with Lou Gehrig’s disease (ALS).

To be eligible for a Medical supplement plan you must maintain Part A and Part B and you must also live in the policy service area at the time of applying enrolment.

medicare supplement costs

What are Medicare supplement costs?

The average monthly premium of a Medicare supplement plan is around $150 – $200 depending on the state you are living in and the plan you choose.

 

Cost under Plan G

Medical supplement Plan G took the place of the most comprehensive plan available just like plan F where it offers 100% coverage. However, you must first pay the Medicare Part B deductible out of pocket. Now, before the Medical supplement plan starts paying for your bills and even before it kicks in you have to meet this annual deductible. Currently, the deductible is around $200 which goes up slightly each year. The rule is simple, you write the check of whatever the deductible amount according to your location after that for the rest of the year you get 100% coverage.

 

Cost under Plan N

The other very popular plan that most insurance companies write on is Plan N. It offers great coverage but lower premiums than plan G. With this plan you also pay a Part B deductible, however, after that, you might have a co-pay of $20. It can be no co-pay or a little one. But it will never be more than $20.

Factors that involved in determining the Premium cost of Medicare Supplement

 

Zip Code

Clearly, there is no single quote suited for all. It all comes from zip code, say that you are living in Florida, there is a huge premium difference for those living in Georgia.

 

Smoking Habits

Some states in the US allow the companies to charge extra to those having tobacco and smoking habits.

 

Discounted Premium Rates

 

Medicare supplement policy provides companies different discounts that greatly affect premium rates. Some companies offer household discounts whereas others may offer spousal discounts.

A household discount is obtainable when you are living with someone even aged 50 – 60. A spousal discount becomes valid when you and your spouse buy the same supplement plan from the same company. According to an expert, a spousal discount can be way off up to 7% on your monthly premium but you will have to figure out which companies in your area are offering these discounts.

 

Benefits of Medicare supplement insurance

 

In general, Medicare supplement makes out-of-pocket costs more manageable and easy on your budget.

 

Cost Sharing Perspective

 

Many people like Medicare supplement insurance plans because they know they don’t have to worry about what is owed every time they see a doctor or make a visit to the hospital. You can see any doctor in the country even if it is not located in your local area.

 

Nontraditional benefits

 

A current analysis by Commonwealth Funds examines that Medicare supplement plans are covering services like dental, vision, and hearing which are typically not covered in original Medicare. But upon research, there are only7% of private companies are offering such coverage and that is due to competing with others in the market.

 

Ease of Switch and Selection

 

Unlike Medicare Advantage Plans, Medicare supplement allows you to choose a plan type when you need it the most and after seeing offered benefits. You can always reach out to a policy advisor to know what benefits are recently open in your state and how to avail them without overpaying.

Where can I find out more and get advice on Medicare supplement costs?

 

Policy solver’s services

Today, you can find multiple Medicare Supplement insurance consultants on the internet. However, choosing the right advisor is another difficult task. Policy solver has knowledgeable, licensed agents, and is here to help you navigate through your Medicare Supplement insurance journey. We are a team of professional insurance policy brokers and we can save you time and money while finding the right policy for your specific needs.

Our experienced advisors will ask you a few questions to understand your unique situation and will come up with a comprehensive analysis of different insurance plans so they will be able to recommend the best policy at the best price for you.

So, what are you looking for? Call us or fill out a contact form, and we will get back to you soon!’

 

Conclusion

Medicare supplement costs and plans can be hard for anyone that does not know which company is offering what rates, benefits, and discounts.

Among all the above plans, plan N is one of the most useful plans in terms of the best Medicare Supplement costs. It depends on where you live in the country and thus the premiums can be substantially lower than Plan F and G. It is always a good idea to look for plan N if the co-pays and other out of pockets don’t bother you. All the major stuff is covered in plan N.

How much Medicare supplement costs each month also depends on your zip code, gender, age, and smoking habits. The ideal way to get an accurate quote rate is by speaking to a policy agent. They will give a brief info on account of required services and suggest you the plan that suits you best. Instead of wasting your time on the internet and money on ambiguous plans, contact a policy solver to get the job done for you.

For a complete, unbiased, and free Medicare supplement costs inquiry always refer to an expert one like Policy Solver.com.

 

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