Medicare
Supplement
Insurance

Costs of Medicare Supplement Plans

The cost of Medicare Supplement plans varies depending on the insurance company, plan type, and location. Premiums can range from around $50 to over $300 per month, depending on the plan and the state in which you live. In addition to the monthly premium, you may also be responsible for deductibles, copayments, and coinsurance.

It is important to note that Medicare Supplement plans do not cover prescription drugs. If you need prescription drug coverage, you will need to enroll in a Medicare Part D plan.

How Medicare Supplement Plans Help Cover Additional Costs

XXXXXMedicare Supplement plans help cover the costs of healthcare services that are not covered by Original Medicare. This can include: 

• Deductibles: Original Medicare requires you to pay a deductible before your coverage begins. Medicare Supplement plans can help cover these deductibles.
• Coinsurance and Copayments: Original Medicare requires you to pay coinsurance or copayments for certain healthcare services. Medicare Supplement plans can help cover these costs.
• Foreign Travel: Original Medicare does not cover healthcare services received outside of the United States. Medicare Supplement plans can help cover these costs.

When choosing a Medicare Supplement plan, it is important to consider your healthcare needs, budget, and the cost of the plan. Medicare Supplement plans can help cover additional costs, such as deductibles, coinsurance, and foreign travel.

Every Medigap policy must follow federal and state laws designed to protect you, and they are standardized and identified in most states by letters. All policies offer the same basic benefits, but some offer additional benefits, so you can choose which one meets your needs. Working with an insurance agent at Collee Insurance can help you compare Medicare Supplement plans across many insurance companies to ensure your Medigap policy fits in your budget. Medicare Supplement covers coinsurance only after you’ve paid your deductible. Here is an example of the different Medicare Supplement plan types and what they cover.

* Plans F and G also offer a high-deductible plan in some states. With this option, you must pay for Medicare-covered costs (coinsurance, copayments, and deductibles) up to the deductible amount of $2,700 in 2023 before your policy pays anything. (Plans C and F aren’t available to people who were newly eligible for Medicare on or after January 1, 2020.)

** For Plans K and L, after you meet your out-of-pocket yearly limit and your yearly Part B deductible, the Medigap plan pays 100% of covered services for the rest of the calendar year.

*** Plan N pays 100% of the Part B coinsurance, except for a copayment of up to $20 for some office visits and up to a $50 copayment for emergency room visits that don’t result in inpatient admission.