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2024 Medicare Supplement Insurance Plans

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Medicare Supplement
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Comparing Medicare Supplement Policies

Medicare Insurance CostsOur independent agency offers Medicare Supplement insurance plans direct – and at no additional cost. We work with highly rated carriers who offer reliable customer service and hassle-free claim payments.

Our quotes, information, and advice are accurate and unbiased. We will help you shop for the lowest rates in your area with the most dependable Medigap companies offering coverage.

Medicare supplement insurance plans are only offered by private insurance companies. Prices are controlled by law. Your rates will be the same no matter your source. Using a brokerage like ours lets you compare all companies at once. We also provide important education about discounts, renewal history, rate stability, and customer service.

2024 Medicare Supplement Insurance Benefits & Gaps

Supplement Plan:    A        B        C         D         F         G         K         L         M         N*    
Part A Hospital Coinsurance✔✔✔✔✔✔✔✔✔✔
Lifetime Reserve✔✔✔✔✔✔✔✔✔✔
365 Hospital Days✔✔✔✔✔✔✔✔✔✔
Parts A and B Blood✔✔✔✔✔✔50%75%✔✔
Part B Coinsurance✔✔✔✔✔✔50%75%✔✔
Hospice Coverage✔✔✔✔✔✔50%75%✔✔
Skilled Nursing✔✔✔✔50%75%✔✔
Part A Deductible
Part B Deductible
Part B Excess✔✔
Foreign Travel Emergency✔✔✔✔✔✔
Preventive Care✔✔✔✔✔✔✔✔✔✔
2024 Out of Pocket$0$240$7,060$3,530

Key: A ✔ means the benefit on the left is covered by the corresponding supplement up top. For example, Plan F checks all boxes and fills in all gaps in Medicare Parts A & B.

*Plan N has a $20 copay for office visits and $50 copay for ER visits.

Most Popular Medicare Supplements: Plans F, G & N

Medicare Supplement Insurance Plans & QuotesIn our experience, the most commonly purchased Medicare supplement insurance policies are Plans F, G and N.

These three are popular because they cover most gaps and are widely available. Competition helps keep premiums low for new enrollees and those who are shopping for better rates.

Plans G & F are the most comprehensive policies. They check the most important boxes as you can see in the chart above. While popular, they do not necessarily offer the best value. More on that below. Traditional Plan F covers all deductibles, copays, and coinsurance not covered by Medicare. As you might guess, it has the highest monthly premiums.

So long as your healthcare expenses are approved by Medicare (and most are), Plan F will fill in all of the remaining gaps. You will have nothing more to pay. It does not matter how big the bill, Plan F picks up where Medicare leaves off. There are no calendar year or lifetime maximums – your policy will never stop paying – and it can never be canceled due to usage. (This is true of all Supplements.)

It’s important to know, however, that recent legislation eliminated the sale of Medicare supplements that cover the Part B deductible. This change began in January of 2020. Plans affected include C, F, and High Deductible F.

If you have these policies, you can keep them – and even shop for new ones. This legislation only affects those who are new to Medicare in 2020 and thereafter. Those beneficiaries will not be able to purchase Plans F, C, and HD Plan F. We are seeing much more interest in Plan G and Plan N because of these changes.

High Deductible Medicare Supplements

Plans G and F also offer a high deductible version. They will have a $2,800 deductible for 2024. It was a $2,700 deductible for 2023, $2,490 in 2022, $2,370 in 2021 $2,340 in 2020, $2,300 in 2019, $2,240 for 2018, $2,200 in 2017, and $2,180 in both 2016 and ’15.

This amount must be met before your High Deductible supplement pays benefits, but Medicare still pays its portion first as it normally would. High Deductible Medigap premiums are the lowest available in most states. They are distinguishable from their traditional counterparts based on cost. Our clients who are in good health sometimes prefer these lower premiums when compared to higher-cost policies.

Watch Our Presentation Explaining The Various Plans

We represent a long list of insurance companies direct to our clients. Shopping with our independent agency is quick and easy. Our providers include Aetna, Allstate, American Continental, Anthem Blue Cross & Blue Shield, Bankers Fidelity, Bankers Life, Central States Indemnity, Cigna, Combined Insurance, Equitable, Florida Blue, Gerber Life, Humana, Liberty Bankers Life, Manhattan Life, Medico, Medical Mutual, Mutual of Omaha, Sentinel, Standard Life, Transamerica, United American, United Healthcare (AARP) and several others.

We also have written a two-part series that asks and answers the most common questions we encounter about Medicare supplements. This is a great place to start learning about Medigap insurance. Access it here:

Supplement Plans G & N Offer Good Value

Plan G is popular as it fills in all gaps in Original Medicare except for the small Part B deductible. For 2024, the Medicare Part B deductible is $240. That’s a $14 increase from 2023 when it was $226 – which is $7 less than it was in 2022. Plan G premiums can be more than $30 a month less than Plan F which makes Plan G a smart choice. Why pay $30 a month to cover a one-time $240 deductible? It doesn’t add up.

And if the Part B deductible increases? Plan F carriers will raise their rates to cover it. They won’t absorb the extra cost. One way or the other you’re paying. Plan G gives you more control and almost always saves you money each year.

Like Plan G, Plan N does not cover the one-time, yearly Part B deductible. Additionally, it’s the only plan with office copays: A maximum of $20 for a doctor’s visit and $50 for the ER. Finally, Plan N does not cover Part B Excess Charges, but these are rarely encountered. A few states do not allow doctors to charge part B Excess Charges.

Plan N can be another $20 or so less than G on a monthly basis. When deciding between the two, our clients who don’t often see the doctor usually choose Plan N. It offers great value when comparing benefits and monthly premiums. In many areas, it costs well under $100 a month for a 65 yr old.

And you will usually have smaller rate increases with Plan N. There are a few different reasons for this, primarily because Plans F & G must accept certain individuals without medical underwriting. Thus, they must accept more consumers with health issues. Higher claims experience can result in above-average rate increases overall year over year.

Note: Some insurance carriers also offer a Select version of Plans C, F, and N. In exchange for lower rates, Select plans require using a predetermined network of doctors and hospitals for routine (non-emergency) services. However, owners of Select Plans C, F, & N are not restricted to networks for emergency services.

Did you know:

  • Nearly 11,000 people are turning age 65 daily for the next 11 years
  • Plans G and F are the most popular Medicare supplement with close to 70% enrollment
  • There are approximately 65 million people enrolled in Medicare
  • By 2030, nearly 20% of the population will be 65 or older
  • Medicare can charge you more for Part B and Part D based on your income
  • Part B premiums can vary if you’ve deferred Social Security

Part D Prescription Drug Coverage Enrollment

By rule, there are no Medicare supplement insurance plans sold today that cover prescription drugs. Part D drug plans must be purchased on a stand-alone basis and cannot be bundled with your supplement. It’s wise to shop for Part D drug plans independently of your Medicare supplement insurance to find the most suitable coverage based on the Rxs you take.

You will need four parts to round out your coverage. You enroll in the first two, Medicare Parts A & B, with the government. Nest you purchase a Medicare supplement (like Plans F, G, or N) and a stand-alone Part D drug plan from private insurance companies. Two parts come from the government. The other two parts come from private insurance companies and are offered by independent brokers like us. Once all four parts are in place, you’ll have comprehensive Medicare coverage.

We help our Medigap clients shop and compare drug coverage to find coverage that best suits their needs. There is no charge for this service with us. There’s also a comprehensive tool on the Medicare.gov website called Plan Finder that can help you compare plans and prices.

Contact Us To Compare Quotes And Plan Benefits

Hyers and Associates is an independent insurance agency specializing in Medicare supplement insurance plans, Part D drug policies, and Medicare Advantage coverage. We license with all of our carriers direct – and offer all of our plans to you at no additional. We can help you better understand all of your options so that you make the best choice now for the best results in the future.

Contact us today to compare 2023 Medicare supplement insurance quotes and benefits from each company side by side.

Medicare Terms & Definitions Explained:

Medicare Part A:

Most people are eligible for Part A with no cost at age 65 due to personal work credits – or through a spouse’s work history. This benefit covers inpatient hospital care, skilled nursing care, hospice, and some home health care.

Medicare Part B:

Conversely, Part B benefits do have a monthly cost and it can vary based on your income. Most people elect Part B at age 65, but some defer enrollment if they have qualifying group coverage. This benefit covers medically necessary doctor services, preventive care, durable medical equipment, ambulance services, mental health care, outpatient services, and more.

Medicare Part C:

This is where it can get confusing. Part C is another term for Medicare Advantage plans like HMOs and PPOs. These are all in one privately offered insurance policies purchased from major insurance companies like Humana, Aetna, United Healthcare, and so on. Most Part C plans roll Parts A, D, and D all into one policy. Some have monthly premiums and some do not. When you enroll in a Part C plan, you are allowing a private insurance company to cover your Medicare Parts A, B, and usually D. You typically need to use their networks of doctors and hospitals. You still pay your Part B premiums even if you select a Part C Advantage policy.

Medicare Part D:

Just remember D stands for drug and you’ll know that Medicare Part D policies are stand-alone prescription drug plans. Medicare does not typically cover prescriptions from your local pharmacy. Most consumers elect to purchase a Part D plan for their current or future prescription needs. Some Part C (Medicare Advantage) plans include Part D, but if you don’t enroll in one of those, then you should consider a Stand-Alone Drug plan, This pharmacy drug benefit is only offered by private insurance companies as well – not the government.

Medicare Supplement Plans:

Parts A and B have several gaps that leave you exposed to additional out-of-pocket costs. Most people purchase a Medicare supplement policy like Plan G, F, or N to fill these gaps. These policies are also offered by private insurance companies. There are only certain times you can purchase a policy without the need for medical underwriting, so be sure to talk with an independent insurance agent if you’re not sure.

You do not need both an Advantage plan and a Supplement. It’s one or the other. You can either fill in the gaps associated with Parts A & B with a Medicare supplement policy and Stand-Alone Part D drug plan – or you can purchase an all-in-one Advantage policy.