What is the cheapest medicare supplement plan

Medicare Advantage in Kentucky gives you a way to get your Original Medicare (Part A and Part B) benefits. Instead of the government controlling all your plan details, you get these benefits through a private, Medicare-approved insurance company. Discover Medicare Advantage in Kentucky.

Thinking about buying a Medicare Supplement (Medigap) insurance plan? Of course. You’ll want to understand the costs involved, as well as the benefits.

Medicare Supplement insurance plans work alongside your Medicare Part A and Part B coverage to cover your out-of-pocket Medicare costs, like copays and coinsurance.

Medicare Supplement insurance plan costs

In most cases, the cost of a Medicare Supplement plan is the monthly premium. The premium cost can depend on several things, like:

• Plan rating systems
• Whether you have guaranteed-issue rights
• The type of plan you choose

In most states, Medicare Supplement insurance plans are standardized. They’re identified by letters (such as Medicare Supplement Plan G). Massachusetts, Minnesota, and Wisconsin have their own standardized plans.

Medicare Supplement insurance plans are offered by private insurance companies, so premium costs can vary, even for the same plan. So, for example, Plan G could have a higher premium when you buy it from one insurance company than from another, even though the basic benefits are the same.

Other Medicare Supplement insurance plan cost-related considerations might include:

Annual deductible. A deductible is an amount you have to pay before the plan starts covering your Medicare out-of-pocket costs. Most Medicare Supplement insurance plans don’t charge deductible amounts. Two of the standard plans, Medicare Supplement Plan F and Plan G, are available as high-deductible plans.

Plan F and High-Deductible Plan F are being phased out. If you weren’t eligible for Medicare before 2020, you won’t be able to buy Plan F. However, Medicare Supplement Plan G is almost as comprehensive as Plan F, and has a high-deductible version as well.

How much of your Medicare Part A & Part B costs the plan covers. Medicare Supplement insurance plans generally cover your out-of-pocket Part A and Part B Medicare costs, but some plans cover more of these costs than others. For example, Medicare Supplement Plans K and L cover only part of the Medicare Part B coinsurance amounts.

How insurance companies set Medicare Supplement insurance plan premiums

Insurance companies can decide the monthly premium costs for the Medicare Supplement insurance plans they offer. They can use any of three ways to set premium costs. Which method insurance companies use to arrive at their premiums can affect your costs in the short term or the long term.

Here is how the rating systems work.

1. Community rating: Generally the premium is priced so that everyone who buys a the same Medicare Supplement insurance plan pays the same premium each month. Over time, premiums may increase because of inflation and other factors, but they won’t change because of your age.
2. Issue-age rating: The premium you pay is based on your age when you buy the plan. Premiums are lower if you buy the Medicare Supplement insurance plan when you are age 65 than if you wait until you are older. Over time, premiums may increase because of inflation and other factors, but they won’t increase because of your age once you’ve bought the plan.
3. Attained-age-rating: The premium you pay is based on your current age. Younger buyers may find Medicare Supplement insurance plans that are rated this way very affordable. Over time, however, these plans may become very expensive because your premium increases as you grow older. Premiums may also increase because of inflation and other factors.

When shopping for a Medicare Supplement insurance plan, you may want to ask insurance companies what rating system they use to set their premiums.

Guaranteed-issue rights and plan premiums

Another factor that can affect your Medicare Supplement (Medigap) insurance plan premium is when you buy your plan. If you buy it during your Medigap Open Enrollment Period (OEP), the insurance company can’t charge you more, or reject your application, if you have a health condition.

The Medigap OEP is a 6-month period. It starts the first month you’re age 65 or over and have Medicare Part B.

There may be other situations when you have guaranteed-issue rights to buy a plan.

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Frequently asked questions 

How much is Medicare Supplement insurance per month?

Medicare Supplement insurance plan premiums vary from plan to plan, and from insurance company to insurance company.Plans with more coverage generally tend to cost more.

So, your best bet may be:

1. Keeping your specific health issues in mind, take a look at this Medigap benefits chart and see which plan is the best fit for you.
2. Balance that information against your budget. If you want to save money, you can buy a Medicare Supplement insurance plan that has a little less coverage but is more affordable, if that works for you.
3. Compare prices of plans in your area. You can do that anytime, with no obligation to enroll – just enter your zip code on this page to get started.

What’s the most comprehensive Medicare Supplement insurance plan?  

Among the standardized plans available in most states, Medicare Supplement Plan F is the most comprehensive. As noted above, Plan F is being phased out and you can’t buy it unless you qualified for Medicare before January 1, 2020.

Medicare Supplement Plan G is the next most comprehensive plan. There’s a high-deductible version as well, which may have a lower premium. The product and service descriptions, if any, provided on these eHealth Insurance Web pages are not intended to constitute offers to sell or solicitations in connection with any product or service. All products are not available in all areas and are subject to applicable laws, rules, and regulations.

Finding the Medicare plan that’s right for your life and budget doesn’t have to be overwhelming — eHealth is here to help. Get started now.

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