Medicare Supplement Plans & Coverage
Medicare Supplements plans help you cover costs with Medicare A & B. They are standardized and regulated by Medicare and must cover services that are covered by Medicare. Each plan is represented by a letter, which means the amount of coverage you get. The coverage for any particular letter plan is exactly the same at each insurance provider that offers it.
The chart below shows you the coverage for the two most popular Medicare Supplements; Plan G and Plan N.
Medicare Supplement Plan Descriptions
Medicare Supplement Plan G is currently the most popular plan available. Plan G gives you simplicity and great coverage with low out of pocket for medical expenses. Plan G Covers all gaps in Medicare except the annual Part B deductible. The annual Part B Deductible is $198 a year in 2020. So, if you have a Plan G policy, the Part B deductible is the only medical cost you are liable for. You have no copay’s or co-insurance after the deductible. Plan G is the best option for those who want the most coverage with Medicare.
Medicare Supplement Plan N is a great option for lower monthly premiums and savings vs. Plan G. Plan N is similar to Plan G but you will be liable for a couple more out of pocket costs. With Plan N, just like Plan G, you are responsible for the annual Part B deductible. Plan N has copays for doctors and emergency room, where Plan G does not. There is one more difference in coverage. Plan N does not cover Part B “Excess Charges” if they occur. These are costs when a doctor bills over Medicare’s fee. These costs do happen but are rare and usually minimal. Plan N is a good option for those who want good coverage but also keep their monthly premium as low as possible.