Medicare Supplement rates are increasing because the cost of healthcare keeps going up, and insurance companies are paying out more in claims than they did in the past. Before we compare plans, you should first understand the different Medicare Supplement plan options available to Medicare beneficiaries.
This comparison is based on our studies of the most popular Medicare Supplement plans being purchased currently. When comparing these particular 3 plans we see that Plan F is designed to be the most comprehensive (covering the most gaps) while Plan G is designed to cover all the same gaps as Plan F except for the Part B Medicare deductible.
Rounding out the comparison is Plan N, which has gained much popularity since it has many of the same features as Plan G, except that you will be responsible for co-pays for both doctor and emergency room visits, and you will have to cover any excess charges out of your pocket if you were to incur any.
This chart shows how Medicare Supplement plans are standardized. This simply means that a Plan G with one company has to offer the same benefits as Plan G with another company. The plans differ based on what each one covers…or doesn’t cover. If the plan does not cover a particular gap, then you as the Medicare Supplement policy owner, would be required to pay that cost out of your pocket.
Because of the medicare supplement plan F benefits, this has become a popular choice.
This plan is commonly referred to as providing ‘Cadillac Coverage’ or ‘First Dollar Coverage’. Simply put, Plan F pays both your Part A and Part B deductibles and coinsurance/copayments, 100% of your excess charges, and other areas of Medicare.
This plan will typically cost more but offers the most comprehensive benefits. Effective January 1, 2020, only individuals who were on Medicare prior can still obtain a Plan F.
As more individuals start comparing the benefits of Plan G to Plan F, they are finding that the plans are almost identical.
They cover the same benefits except for one thing…the Part B annual deductible. This means that if you had a Plan G you would pay $283 (Part B deductible for 2026) out of your pocket before the plan would start picking up the balance of the bills.
Like Plan F Plan G gives you coverage against excess charges. In many states, the same insurance company will charge $300 or more a year for a Plan F than a Plan G. For the prudent person, they could simply cover the $283 Part B Deductible from the savings on a Plan G and still keep $100 or more in their pocket (the remaining savings).
Effective January 1, 2020, for any individual who becomes eligible for Medicare for the first time (for example turning 65) the Plan G will be the most comprehensive plan that they can enroll in. Plan F will not be available to those new to enter Medicare as of January 1, 2020.
Want to understand the benefits of medicare supplement plan N? This Medicare Supplement has gained popularity over the last few years since it typically carries a lower monthly premium than Plan F or G. When you look at the above chart you will see what Plan N does NOT cover. For a person who enrolls in a Plan N, they would be responsible for the following out-of-pocket costs:
So as you can see, Plan N works well for individuals who do not mind what is termed as ‘cost sharing’, which means for a lower premium, they will take on the responsibility of some additional out-of-pocket costs.
Medicare Supplement rates increase based on several factors.
The biggest drivers are your age, rising healthcare costs, and how much the plan is paying out in claims.
If more people on your plan are using services, the insurance company may raise rates to offset those costs.
Bottom line:
Rate increases are normal, but that does not mean you have to accept them.
Most plans increase rates once per year.
However, the amount of the increase can vary depending on the insurance company and your age.
Some companies are more stable than others, which is why choosing the right carrier matters just as much as choosing the right plan.
Yes, but you may need to answer health questions.
In most states, switching plans requires medical underwriting unless you qualify for a special situation.
That means approval is not guaranteed, so timing matters.
For many people, the answer is yes.
Plan G typically offers nearly identical coverage to Plan F, but at a lower premium.
Even after paying the Part B deductible, many people still come out ahead financially.
In some cases, yes.
Because Medicare Supplement plans are standardized, you may be able to switch to a different company offering the same plan at a lower rate.
Same coverage. Lower premium.
Yes. Medicare Open Enrollment is the best time to review your Medicare plan.
Start by reviewing your Annual Notice of Change letter.
Check for changes to premiums, prescription drug coverage, or doctor networks.
If anything important changed, it may be time to compare Medicare plans before December 7.
Start by reviewing your current coverage and prescription drug costs.
Then compare other plans that may offer:
Many people discover they can reduce their out-of-pocket costs by comparing Medicare plans during Open Enrollment.
You may want to switch if:
During Open Enrollment, you can switch Medicare Advantage plans if a better option is available.
The easiest way is to start with a Medicare plan review.
Look at your Annual Notice of Change letter and confirm your prescriptions, doctors, and costs still work for you.
If not, it may be time to compare Medicare plans before the enrollment deadline.
Yes. A Medicare plan review can often reveal plans with lower premiums or prescription costs.
Many people discover better coverage options simply by comparing Medicare plans during Open Enrollment.
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