Let’s begin with a hard truth about Medicare. No matter how you swing it, Parts A & B (“Original Medicare”) is not enough to cover your health expenses in retirement. Without some form of additional coverage, you could be on the hook for thousands of dollars in out-of-pocket costs every year, if not more.

How Much Should I Spend on a Medicare Supplement Plan?

Medicare Supplement Plans, or “Medigap”, is one of the easiest ways to fill the gaps in your coverage. A good Medigap plan can cover your deductibles, copays, coinsurance, and more, effectively bringing your out-of-pocket costs to $0.

But with 10 different Medigap plans available, how do you know which one to choose? And how much should you spend on a Medicare Supplement plan?

Ready to see how much a Medigap plan will cost you? Click here to get a free, instant quote.

How much does a Medicare Supplement plan cost?

Like other health insurance plans, Medicare Supplement plans will vary in price depending on a number of factors. The big ones include:

  • Your age
  • The state you live in
  • Your gender
  • Tobacco use
  • The provider you’re going with

Because there are 10 different standardized Medigap plans, the plan type is also going to have a big impact on how much you’re paying. For example, Medigap High Deductible G can start as low as $40 in certain areas. Meanwhile, Medicare Plan D can be over $300.

Here’s what you need to remember: The cost of your Medicare coverage is about much more than just the premium. You need to account for your personal health needs. Sometimes, buying the most affordable option can cost you even more money in the long run. (This is where we come in … Ask your Personal Benefits Manager for a free consultation).

Who has the cheapest Medicare Supplement plans?

For most Medigap plans, the price varies by both state and provider. For example, a particular provider might have the best rates on Plan F in one state, but not in another. This is another reason why it pays dividends to run your situation by a professional.

Which Medicare Supplement plan is the most affordable?

If you’re looking for the cheapest Medigap plan, Plan K is a good place to start. But Plan K only covers 50% of Part B coinsurance, hospice care, skilled nursing, and the Part A deductible. (Other Medigap plans cover 100% of these services, and can therefore save you more over time).

What about Medicare Advantage?

When it comes to shoring up your Medicare coverage, Medigap plans are not the only option. With Medicare Advantage (MA), you can get even more comprehensive coverage, without having to buy and maintain multiple plans. You get all the same coverage as Parts A & B, in addition to other critical things like vision, dental, and long-term care.

However, MA plans also come with a few downsides. Specifically, you could see higher out-of-pocket costs and will be more restricted on which doctor’s you can visit.

If you’re not sure whether to go with Medigap or Medicare Advantage, give your Personal Benefits Manager a call. We’ll give you everything you need to know to make the right decision.

How do I get the lowest rates on Medigap?

These days, it seems like you can get a Medicare Supplement plan just about anywhere. But just choosing the first provider you see is not a good idea. If you want the absolute best rates available, you need to work with someone who truly knows the territory.

At MediGap Advisors, we believe that people should be as informed as impossible before buying health insurance. Our experts are equipped with up-to-the-minute info on every Medicare plan on the market, from standalone Medigap plans to low-cost Medicare Advantage. And better yet, we’re paid by Medicare, not you. That means that you’ll never pay a dime for our services, and you don’t have to worry about being pushed into a plan that isn’t a good fit.

Ready for your free Medigap consultation? Click here or call 800-913-3416.

Here are some additional articles on Medicare supplement plans: Should I Switch Medicare Supplement Plans? | When to Sign Up for a Medicare Supplement or Medicare Advantage Plan

Here are some additional pages related to this article: Available Medicare Supplement Insurance Plans | Medicare Medical Savings Accounts