Medicare Supplement: Which letter plan is right for you?

With 10 standardized plans to choose from, comparing Medicare Supplement plans can help you decide which is right for you

It’s no secret that senior health insurance can be a tricky topic to understand. But it’s easier when it’s broken into steps. Step 1 is deciding whether you’re going to sign up for Original Medicare or purchase a private Medicare Advantage plan. Step 2 is researching what are the best supplemental health insurance options for retirees and choosing which ones are right for you.

What is supplemental health insurance for Medicare?

Medicare doesn’t cover all health expenses. It leaves some gaps, and a variety of supplement health insurance products fill different needs. Products can include Hospital Indemnity, First Diagnosis Cancer, and Dental insurance, but let’s start with Medicare Supplement.

What is Medicare Supplement?

Medicare Supplement insurance — also called Medigap because it helps fill in the gaps of Medicare coverage — helps you cover potentially expensive out-of-pocket costs, like coinsurance, copayments, and deductibles.

Medicare Supplement insurance isn’t owned or operated by the U.S. government, but it's private insurance that must follow rules set by the government. Medicare Supplement plans differ from one another in what costs they help cover, how they are paid for, and who can purchase them. With 10 standardized Medicare Supplement plans available, you’ll need to decide which is best for you.

Answers to the top 8 Medicare Supplement questions

What does Medicare Supplement cover?

Plan A

This is the most basic Medicare Supplement plan. It covers Medicare Part A coinsurance and hospital costs, the first three pints of blood, and Part A hospice care coinsurance or copayment. It also covers 20% of the Part B costs that Medicare doesn’t cover. However, people with this plan are required to pay their Medicare Part A and Part B deductible.

Plan B

Plan B is very similar to Plan A. It also covers all the same things that Plan A covers, plus the Medicare Part A deductible. People with this plan are still required to pay their Medicare Part B deductible. 

Plan C

Medicare Supplement Plan C covers the Medicare Part A coinsurance and hospital costs, Part B coinsurance or copayment, the first three pints of blood, Part A hospice care coinsurance or copayment, skilled nursing facility care coinsurance, Part A and Part B deductibles, and 80% of foreign travel exchange up to plan limits. It is only available to individuals who turned 65 prior to Jan. 1, 2020, because of MACRA.

Plan D

Plan D is very similar to Plan C. It covers all the same costs that Plan C covers, except people who purchase this plan are responsible for their Medicare Part B deductible.

Plan F

Plan F covers all out-of-pocket costs and coinsurances that Medicare doesn’t, but it is only available to individuals who turned 65 prior to Jan. 1, 2020, because of MACRA. Plan F also has a high-deductible version. It includes all the same coverage as the original Plan F, but it has a higher deductible to lower the monthly premium costs.

Plan G

This plan covers nearly the same costs as Plan F, except the insured is responsible for paying their Medicare Part B deductible up front. Like Plan F, Plan G has a high-deductible version that includes all the same coverage as the original Plan G, but it has a higher deductible to lower the monthly premium costs.

Plan K

Plan K covers 50% of most benefits, including Medicare Part B coinsurance or copayment, the first three pints of blood, Medicare Part A hospice care coinsurance or copayment, skilled nursing facility care coinsurance, and the Medicare Part A deductible, coinsurance, and hospital costs. People who purchase this plan are responsible for the Medicare Part B deductible. Plan K has an out-of-pocket limit of $6,620 in 2022, which means the Medicare Supplement plan will pay for 100% of covered services for the rest of the calendar year after you meet that limit and the yearly Part B deductible.

Plan L

Like Plan K, Plan L doesn’t cover benefits entirely. It covers 75% of Medicare Part B coinsurance or copayment, the first three pints of blood, Part A hospice care coinsurance or copayment, skilled nursing facility care coinsurance, and the Medicare Part A deductible. Like Plan K, it covers the Medicare Part A coinsurance and hospital costs in entirety, and people who purchase this plan are responsible for the Part B deductible. Plan L will have an out-of-pocket limit of $3,310 in 2022, which means the Medicare Supplement plan will pay for 100% of covered services for the rest of the calendar year after you meet that limit and the yearly Part B deductible.

Plan M

Plan M helps cover Medicare Part A coinsurance and hospital costs, Part B coinsurance or copayment, the first three pints of blood, Part A hospice care coinsurance or copayment, skilled nursing facility care coinsurance, and 50% of the Medicare Part A deductible. It also covers 80% of foreign travel exchange up to plan limits.

Plan N

Plan N is sometimes called the copay plan. It pays 100% of the Part B coinsurance, except for a copayment of up to $20 for some office visits and up to $50 for emergency room visits that do not result in an inpatient admission. It also covers Medicare Part A coinsurance and hospital coverage, the first three pints of blood, Medicare Part A hospice care coinsurance, skilled nursing facility coinsurance, the Medicare Part A deductible, and 80% of foreign travel emergency up to the plan limits.

Discover the difference between Medicare Advantage and Medicare Supplement plans

Medico’s plans

Medico offers Medicare Supplement Plan A, Plan F, High-deductible F, Plan G, High-deductible G, and Plan N. Melissa Gwennap, Medico’s regional sales distribution manager, explains what makes someone a good fit for Medico’s products.
 
Plan A might work well for you if you:

  • Don’t expect to have serious health issues
  • Are willing to risk any extra costs associated with rising health issues

Plan F might work well for you if you:

  • Turned 65 years old before Jan. 1, 2020
  • Want full coverage with your Medicare Supplement plan

High-deductible F might work well for you if you:

  • Turned 65 years old before Jan. 1, 2020
  • Want full coverage with your Medicare Supplement plan
  • Want to lower the costs of monthly premiums by paying a higher deductible
  • Recently came from an employer plan that had a high deductible

Plan G might work well for you if you:

  • Are interested in paying a lower premium for nearly full coverage
  • Need medical care without worrying about in-network providers

High-deductible G might work well for you if you:

  • Are interested in paying a lower premium for nearly full coverage
  • Want to lower the costs of monthly premiums by paying a higher deductible
  • Recently came from an employer plan that had a high deductible

Plan N might work well for you if you:

  • Are a recent retiree who is used to an employer plan or PPO
  • Are interested in Medicare Advantage but like the comfort of not needing to use a network
  • Want to only worry about copays

Next steps

For more information on our products and what is available in your state:

Plans insured by Medico Insurance Company, Medico Corp Life Insurance Company, and Medico Life and Health Insurance Company. 

Medico Insurance Company, Medico Corp Life Insurance Company, and Medico Life and Health Insurance Company are not connected with or endorsed by the United States government or the federal Medicare program. 

This is a solicitation of insurance, and a licensed producer may contact you.


Medico Insurance Company, Medico Corp Life Insurance Company, and Medico Life and Health Insurance Company are not financially responsible for each other’s products.

Medico Insurance Company, Medico Corp Life Insurance Company, and Medico Life and Health Insurance Company are domiciled in Iowa.

IMPORTANT NOTICE: In AR, CO, GA, IL, IN, KS, KY, LA, MO, MS, NC, OK, PA, TN, TX, VA, and WI, coverage is available to qualified Medicare beneficiaries under the age of 65. 

In Wisconsin, different plan options are available.

This article is intended to provide a general description. Policy provisions and benefits may vary from state to state. An Outline of Coverage is available upon request. The policy has exclusions and terms under which the policy may be continued in force or discontinued. For costs and further details of coverage, see your producer or write to the Company. If there is a discrepancy between the brochure and the policy, the policy language prevails. Policies do not pay benefits for: 1. Any expense incurred for outpatient prescription drugs, other than drugs covered by Medicare Parts A and B; 2. Non-Medicare eligible expenses, including, but not limited to, routine exams, take-home drugs and eye refractions; 3. Services for which you are not liable or for which no charge normally is made in the absence of insurance; 4. Loss that occurs while this policy is not in force; 5. Any expense incurred that duplicates any benefit paid by Medicare. 

In Ohio the agent or broker, and the insurance company have no connection or affiliation with and are not in any way sponsored by the federal or state government, the Social Security Administration, the Centers for Medicare and Medicaid services, or the Department of Health and Human Services. If you decide to purchase a Medicare Supplement insurance plan, you have the option of paying the premium directly to the insurance company. An outline of coverage is available upon request. The agent/broker is making the sales on behalf of Medico Insurance Company. You may verify the agent/broker and Medico Insurance Company by contacting: The Ohio Department of Insurance, 50 W Town Street Third Floor, Suite 300, Columbus, OH 43215. Consumer Hotline: 1-800-686-1526 or TTD Number: 614-664-3745. Contact the plan: Medico Insurance Company, P.O. Box 10386, Des Moines, Iowa 50306, 800-228-6080.

Policy forms: MMS2021; MSM70; MMS2021A(TN); MMS2021F(TN); MMS2021HF(TN); MMS2021G(TN); MMS2021HG(TN); MMS2021N(TN)
 
This content may contain links to third party websites, but Medico is neither responsible nor liable for their content, accuracy, or security. Review this website’s Terms and Conditions to learn more.

Photo credit: iStock
MDS-001

08-23-22

Plans insured by Medico Insurance Company,
Medico Corp Life Insurance Company,and
Medico Life and Health Insurance Company​

 

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