Medicare Supplement Plans & Coverage
Medicare Supplement 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 A & B. 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 supplemental coverage available, giving you simplicity and very low out of pocket liability for medical expenses. Plan G Covers all costs with Medicare except the annual Part B deductible. The annual Part B Deductible is $203 a year in 2021. So, if you have a Plan G policy, the annual 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 and don’t mind paying a little bit higher monthly premium.
Medicare Supplement Plan N is very similar to Plan G and is known as the value Medicare Supplement. It provides good coverage at a lower monthly premium than Plan G. With Plan N, just like Plan G, you are responsible for the annual Part B deductible ($203 a year in 2021). After you meet your annual deductible, Plan N has copays for doctors and the emergency room, whereas 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 the fee Medicare pays them for their services. Part B Excess Charges are typically rare and when they do, they are minimal. Plan N is a good option for those who want good coverage but also keep their monthly premium as low as possible.