What is Medicare Supplement Insurance?
Medicare Supplement policies (also known as Medigap policies) are standardized and must follow federal and state laws designed to protect you. Insurance companies can only sell you a "standardized" policy identified in most states by letters.
1 Plans F and G offer high-deductible plans that each have an annual deductible of $2,700 in 2023. Once the annual deductible is met, the plan pays 100% of covered services for the rest of the year. The high-deductible Plan G does not cover the Medicare Part B deductible. However, high deductible plans F and G count your payment of the Medicare Part B deductible toward meeting the plan deductible.
2 Plan K and L pay 100% of covered services for the rest of the calendar year once you meet the out-of-pocket yearly limit.
3 Plan N pays 100% of the Part B coinsurance, except for a copayment of up to $20 for some office visits and up to a $50 copayment for emergency room visits that do not result in an inpatient admission.
Compare Medicare Supplement plans side by side
All Medicare Supplement policies offer the same basic benefits but some offer additional benefits so you can choose which meets your needs. As you can see in the comparison chart below, there are many options from which to choose. As licensed insurance agents, we can help you understand the differences between the plans so that you can decide on the right plan for you.
Keep in mind, that the Medicare Supplement policy covers co-insurance after you have paid the deductible (unless the Medicare Supplement policy also pays the deductible). Plans C and F are only available to Medicare beneficiaries that turned 65 on or before January 1, 2020.
(✓= 100% of benefit is paid)
Source: www.medicare.gov
Medicare