Best Low-Cost Medicare Supplement Plans

Best Low-Cost Medicare Supplement Plans 

What is Medicare Supplement Policy or Medicare Supplement Plans 

  • Medicare Supplement plans are also called Medigap.
  • They are designed to work with Original Medicare Parts A and B.
  • They help pay for some health care costs not covered by Original Medicare, such as deductibles, coinsurance and foreign travel emergency.
  • These plans are offered by private insurance companies in your state, and are available to people with Medicare Part A and B.
  • Most states require you to be 65 to be eligible.
  • People with Original Medicare and a Medicare supplement can choose from any of the stand-alone Part D prescription plans to pay for their drugs.
  • Medicare Supplement insurance, often referred to as “Medigap” or “gap” insurance, is designed to cover the co-insurance, or difference between what you are billed by a medical provider and what Medicare actually covers.
  • Because Original Medicare has cost sharing of 80/20, Medicare beneficiaries are responsible for 20% of a Medicare-covered claim under Part B (medical insurance portion) of Medicare.
  • This means that if you are covered under Medicare and it is your only source of insurance, having the proper Medicare Supplement plan is a critical component, otherwise you could be responsible for significant out-of-pocket costs.
  • If you are covered by both Medicare and a group insurance plan, either through your own employment or a spouses employment, you may not need your own stand-alone Medicare Supplement coverage because your group insurance could be functioning as your supplement.
  • There are multiple Medicare Supplement plans to choose from, with varying coverage limits and pricing.
  • Choosing the wrong plan can result in thousands of dollars in out-of-pocket costs, so it’s important that you choose wisely.

What is the cost of a Medicare Supplement?

  • You pay your Medicare Supplement premium addition to your Part B premium.
  • There are 10 Medicare supplement plans and they are standardized.
  • The benefits are the same regardless of which company you get coverage from, but the premiums can vary. The most popular plans are F & G.
  • Plan F pays 100% of the Medicare Part A & B deductibles, copays and the 20%.
  • Plan G pays all but the Medicare Part B deductible.

When Can You Enroll in a Medicare Supplement Plan?

  • You will have the opportunity to enroll without any health questions within 6 months of your Part B effective date.
  • This is a time when you can get any of the plans without answering any health questions.
  • After the six-month open enrollment period, you must answer some health questions and you could be turned down if you have some serious health conditions.
  • There is also a “guaranteed issue period” for those who lose qualifying coverage such as a group plan or if you have a Medicare Advantage Plan that was canceled.
  • The guaranteed issue period starts the day you lose your coverage and runs for 63 days.
How do Medicare supplement plans work?
  • Freedom to choose your doctors and hospitals as long as they accept Medicare.
  • The same basic standardized plan benefits, but costs vary by company and policy.
  • Medicare Supplement plans are portable. You can use the plans in any state.
  • Foreign travel emergency benefit of up to $50,000
  • Automatic claims filing.
  • *Plan F pays 100% of your Medicare Part A & B deductibles and the 20%.
    • *Will not be available to those first eligible after December 31, 2019
  • Plan G pays everything Plan F pays except the Part B deductible. Premiums are around 15% lower than Plan F.
  • Plan N pays the Part A deductible and copays and the 20% coinsurance for Part B. It does not pay the Part B deductible. There is also an office visit and ER copay on Plan N. The office visit copay cannot exceed $20, even for a specialist. The ER copay cannot exceed $50 and it is waived if you are admitted as an inpatient. Premiums are 30% lower than Plan F.
  • Plan L pays 75% of the Part A deductible and skilled nursing coinsurance. It pays the Part A copays and provides an additional year in the hospital. Plan L pays 75% of the 20%, leaving you 5%. The premiums are about 40% lower than F.
  • The option to add dental vision & hearing coverage, cancer coverage and your choice of Part D prescription coverage.

What’s Not Covered:

  • Long-term care
  • Vision care
  • Dental care
  • Hearing aids
  • Eyeglasses
  • Private-duty nursing
  • Prescription drugs


What is the best Medicare supplement insurance company?

The 6 Best Medicare Supplement Insurance Companies of 2020

  • Mutual of Omaha: Best Overall.
  • Humana: Best User Experience.
  • AARP: Best Set Pricing.
  • Aetna: Best Medicare Supplement Coverage Information.
  • Cigna: Best Discounts for Multiple Policyholders.


What is the difference between Medicare Advantage and Medicare Supplemental Insurance?

Medicare Advantage vs. Medicare Supplement (Medigap) insurance plans. Medicare Supplement insurance plans work with Original Medicare, Part A and Part B, and may help pay for certain costs that Original Medicare doesn’t cover.

In contrast, Medicare Advantage plans are an alternative to Original Medicare.

What is the cheapest supplemental insurance?

Best Low Cost Medicare Supplement Plans

The most affordable health insurance depends on your household income.

The cheapest option is to enroll in Medicaid if your income falls below 138% of the federal poverty level.

This is a federally funded health insurance program that provides health benefits to low-income individuals.

Plan N is one of the more affordable Medicare plans due to its cost-sharing but provides fewer benefits.

It offers coverage for the Part A deductible, medical emergencies while traveling abroad, and the 20% not covered by Medicare.

What are the top 5 Medicare supplement plans?

Top 10 Medicare Supplement Insurance Companies in 2020

  • Aetna Medicare Supplements.
  • Cigna Medicare Supplements.
  • Mutual of Omaha Medicare Supplements.
  • Manhattan Life Medicare Supplements.
  • Bankers Fidelity Medicare Supplements.
  • Blue Cross Blue Shield Medicare Supplements.
  • Transamerica Medicare Supplements.


Do you really need a Medicare Supplement Plan?

If you are like most of us, you can’t pay that much out of pocket. So yes, then you need a Medicare supplement or Medicare Advantage plan. A Medigap plan or Medicare Advantage plan is a wise investment to protect you from catastrophic medical spending.

What is the number one Medicare Supplement Plan?

Plan F has the highest Medicare supplement premiums compared to C, G and N. On the other hand, it will cover all the items that you would usually need to pay for out of pocket including deductibles and coinsurance.

How do I choose a Medicare supplement? Best Low Cost Medicare Supplement Plans

In a nutshell, here are some tips for choosing the best Medicare Supplement (Medigap) plan for your needs.

  1. Understand your coverage needs and budget.
  2. Sign up during the Medigap Open Enrollment Period.
  3. Explore any potential discounts.
  4. Know when you may have guaranteed-issue rights.

Why Choose a Medicare Supplement?


Medigap policies are health insurance policies sold by private insurance companies to fill “gaps” in Original Medicare coverage.


In general, with a Medigap policy:


  • Some or all of your out-of-pocket costs for care under Medicare Part A and B are covered.


  • You are guaranteed the right to buy a Medigap plan during your open enrollment period.


  • You also get benefits not covered by Original Medicare, like emergency health care outside the United States.


  • You can budget your plan because you have predictable premiums instead of cost sharing that is sometimes difficult to anticipate.


If you want true piece of mind when you walk into a doctor’s office to know that you will have no out-of-pocket expenses, you need what is referred to as Medicare gap insurance.

You might think that Medicare will cover all of your medical expenses but the reality is that there are strict limits on the type of treatments and medicines that the government will pay.

Do I need to go through medical underwriting to enroll in a Medicare supplement insurance plan?

Medical underwriting involves a review of your medical history. 

Some health insurers use underwriting to determine whether they will provide coverage to a prospective beneficiary, what premium to charge, and whether to impose a waiting period before coverage starts. 

You can avoid underwriting and enroll in any Medicare Supplement plan that’s available where you live, if you sign up for the plan during your six-month Medicare Supplement Open Enrollment Period. 

This period begins on the first day of the month that you are both 65 years old and enrolled in Medicare.

If you apply for Medicare Supplement coverage after your open enrollment period has passed, you may have to go through medical underwriting. 

The insurer may review your medical history and refuse to sell you a policy, or sell you one at a higher cost, if you do not meet its underwriting requirements. 

What are guaranteed-issue rights?

Guaranteed-issue rights refer to certain situations where insurance companies must offer you certain Medicare Supplement policies.


For example, you have a guaranteed-issue right to join a Medicare Supplement insurance plan if you are in a Medicare Advantage plan and you move out of the plan’s service area or if the company offering the policy is leaving Medicare or stops giving care in your area.

 What is the difference between Medicare Advantage plans and Medicare supplement plans? 

Medigap and Medicare Advantage offer different options. What is best for a person depends on their particular needs.

Medigap is supplemental insurance for people who have Original Medicare.

Medicare Advantage, also known as Medicare Part C, is an alternative to this plan.

The key factors that a person will need to compare to decide which option best suits their needs include coverage, flexibility in choosing doctors, and costs.

Medicare Advantage vs. Medicare supplement

Medicare supplement plans help a person cover some of the healthcare expenses that traditional Medicare does not include. Some people also refer to these plans as Medigap.

As with traditional Medicare, the CMS divide Medicare supplement plans by letter. People new to Medicare in 2020 can choose from plans A, B, D, G, K, L, M, and N. Not all insurers offer the same plans in all areas of the country, however.

Plans in Wisconsin, Minnesota, and Massachusetts are also different from the traditional Medigap plans.

Medicare supplement plans can help cover several costs, including:

  • copayments for parts A and B
  • up to 3 pints of donated blood
  • coinsurance for skilled nursing facilities
  • yearly out-of-pocket expenses

People with concerns about steep out-of-pocket expenses may choose a Medigap plan. As a general rule, a person cannot have a Medicare Advantage plan and a Medigap plan at the same time.

Do Medigap and Medicare Advantage work together?

It is not possible for a person to have both Medicare Advantage and Medigap.

The two plans do not work together.

An individual may use Medigap to help pay Original Medicare’s copayment, deductible, and coinsurance costs, but they may not use it to pay Medicare Advantage out-of-pocket expenses.

If someone has a Medicare Advantage plan, it is against the law for a company to sell them a Medigap plan unless they intend to switch to Original Medicare.

Mintco Financial Medicare Independent Agents – Best Low Cost Medicare Supplement Plans

As independent health insurance brokers, we shop over 30 Medicare plan carriers each year to find you the most coverage for the lowest premium.

We only represent companies that are highly rated and in good standing nationwide.

Contact Mintco Financial Medicare insurance agency today for a FREE plan assessment: Call us at 813-964-7100

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