How to Choose the Best Medicare Supplement Insurance Plan

Original Medicare (Part A and Part B) offers a range of health insurance benefits but leaves some out-of-pocket costs that can add up quickly. The best Medicare Supplement Insurance plans (also called Medigap) can help cover some of these costs.

Find the best supplemental insurance for Medicare for your health insurance coverage by comparing the basic benefits of each plan.

Health Care Costs and Original Medicare

Original Medicare provides health insurance coverage for hospital stays, doctor's office visits, lab testing, medical supplies and some other services. For Medicare beneficiaries, other out-of-pocket costs can add up quickly.

• In 2024, the Medicare Part A deductible for in-patient hospital care is $1,632 per benefit period.
• Days 61-90 of hospital stays require a $408 coinsurance payment per day in each benefit period in 2023.
• Any hospital stays longer than 91 days in 2024 require a $816.
• The Medicare Part B deductible in 2024 is $240 for the year.
• After the Part B deductible is met, you typically pay a 20% coinsurance of the Medicare-approved cost for medical services.

To get help with some of these costs, millions of Medicare beneficiaries choose to buy a Medicare Supplement Insurance plan.

How to choose the Best Medicare Supplement Plans for You

You may be wonder what the top 5 Medicare Supplement Plans are. There is no best Medigap plan, rather there are great plans for different needs.

Medigap plans supplement your Original Medicare coverage with benefits that help fill in some key cost gaps. The basic benefits of each type of Medicare Supplement Insurance plan are standardized by Medicare, though the policies themselves are sold by private companies. That means you always get the same basic coverage, but different companies may charge different rates and may offer different additional benefits. 

Use the chart below to compare the basic benefits of each type of Medicare Supplement Insurance plan.

Getting the Most From Medicare Supplement Insurance

Here is some beneficial information about Medigap enrollment:

1. If you buy a plan during your Medigap open enrollment period, insurers cannot deny you a policy or charge more for your Medigap plan based on your health or pre-existing conditions. If you don't purchase a Medicare Supplement Insurance plan during your open enrollment period, you could potentially be denied coverage or pay higher monthly premiums.
2. Your 6-month Medigap open enrollment period begins as soon as you are at least age 65 and enrolled in Medicare Part B.
3. During your open enrollment period, you can switch Medigap plans without medical underwriting.

Medicare Advantage Plans Replace Original Medicare Benefits

Another health plan option is Medicare Advantage plans. It is important to note that Medicare Advantage and Medicare Supplement Insurance are different. Medicare Advantage plans are an alternative to Original Medicare, while Medigap plans work alongside your Original Medicare benefits to help cover out-of-pocket costs.

Medicare Advantage is also known as Medicare Part C. If you have a Medicare Advantage plan, you are not allowed to purchase a Medicare Supplement Insurance plan. If you wish to disenroll in Medicare Advantage and instead enroll in Original Medicare with a Medigap plan, you should first speak with your Medicare Part C provider.

Get Help Buying the Right Medigap Plan for You

The right Medicare Supplement Insurance plan is the one that best matches your health care cost requirements and your budget. A licensed agent can answer your questions and help you determine which plan is right for you.