Top 3 Medicare Supplement Options for 2024

Since its inception in 1965, Medicare has provided affordable healthcare coverage to around 58 million Americans. As the baby boomer population has aged, more individuals over 65 are becoming eligible for Medicare, leading to a steady increase in enrollment. The program's total benefits payments have reached approximately $709 billion, covering everything from lab tests to durable medical equipment like nebulizers and walkers. Medicare primarily operates through original plans (A and B), but these cover only basic medical services and often come with significant out-of-pocket costs.

To bridge this gap, many beneficiaries choose Medicare Supplement plans, also known as Medigap. These plans are standardized across states (except for Wisconsin, Massachusetts, and Minnesota), with coverage options labeled from Plan A to N. The benefits and costs vary depending on the insurer and location. Medigap policies supplement original Medicare, helping reduce bills for services not fully covered, including copayments and deductibles.

Choosing the right Medigap plan depends on individual coverage needs and budget. Here’s an overview of three top-rated options for 2024:

• Medicare Supplement Plan N
  Known for its affordability, Plan N features lower premiums with small copayments for certain visits—around $20 for office visits and $50 for emergency room visits. It covers the Medicare Part A deductible and extends coverage for skilled nursing care from day 21 onward. Additionally, it offers emergency medical coverage abroad, making it suitable for travelers.
• Medicare Supplement Plan G
  For comprehensive coverage, Plan G is an excellent choice as it includes all benefits of Plan N plus coverage for excess charges on Medicare Part B—which can be up to 15% over approved amounts—and no copayments for office or emergency visits. It also covers the Part A deductible and emergency medical expenses outside the U.S.
• Medicare Supplement Plan F
  Plan F provides complete coverage, including Part B excess charges and the Part B deductible, offering maximum security. However, its premiums are higher, which may be prohibitive for some. Alternatively, the High Deductible Plan F has lower premiums but requires paying out-of-pocket costs up to a deductible (~$2,300) before benefits activate, making it suitable for those seeking lower monthly costs.

Enrollment in the right Medigap plan can significantly reduce healthcare expenses. It's important to research deductibles, copayments, and premiums, all of which vary by state and provider. Costs tend to increase with age, so timely enrollment—preferably during the first six months after turning 65—can secure better rates and less risk of application denial due to health issues.