How Much Does Medicare Supplemental Insurance Cost?

Each Medicare supplemental insurance (also called ‘Medigap’) plan’s basic and additional benefits are labeled A to D, F, G and K to N. Each plan’s benefits are standardized and regulated by the government, so the benefits for each plan are identical, no matter which insurance company offers the policy. The different plans were created with the mindset to offer a variety of options, so almost ever Medicare beneficiary may find a plan for his or her individual health care needs.

Some plans are offered with higher deductible and lower premiums, compared to other plans. Plan F has extensive benefits and coverage, but comes with a high deductible, compared to the other options. Alternatively, the plans M and N use cost-sharing in order to keep the monthly premium lower. A good starting point to learn about what is included in each of the 12 standardized Medigap plans, is this Medigap benefits chart.

While the benefits are standardized, the insurance companies offering these Medicare supplemental insurance plans vary from state to state. Each provider is not only free to select the plans they want to sell, but also to set their own premiums. You can see that Medicare supplemental insurance comparison is very important in order not to overpay!