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How Much does a Medicare Supplement Plan cost?

When you found out that Original Medicare (Part A and Part B) has no out of pocket maximum, you might have become interested in a Medicare Supplement (Medigap) plan.

A Medicare Supplement plan helps limit your Medicare out of pocket cost by covering some copayments, coinsurance and deductibles. Some Medicare Supplement plans even have out of pocket limits, meaning they will pay all your covered medical expenses once you’ve paid a certain amount. However, to potentially save money through a Medicare Supplement plan, you first must pay for it. The first way you pay is through a monthly premium.

What is the Medicare Supplement plan premium?

Medicare Supplement plans generally charge premiums, which is a monthly amount you pay to be covered, whether or not you use covered services. The amount of the monthly premium can vary widely. Some plans might charge $70/month for example and some plans might charge $270/month.

What determines the Medicare Supplement plan premium?

Factors that can influence the Medicare Supplement plan price are:

  • Which plan you want: there are up to ten Medicare Supplement plans available labeled A, B, C, D, F, G, K, L, M and N. Medicare Supplement plan A doesn’t cover everything that Medicare Supplement plan F covers, for example. Plans with more coverage may cost more.
  • Which insurance company offers the plan
  • The geographic area the plan covers
  • How the plan is “rated” which is how they factor your age into your cost. Some plans charge the same monthly premium to everyone, regardless of age. Some plans charge according to the age you are when you buy the plan, and some plans charge according to your current age so your premium may increase yearly.

What is a Medicare Supplement deductible?

You may know the word “deductible” from other types of insurance you already have, such as auto insurance. A deductible is an amount you pay before your insurance plan begins to pay. Some Medicare Supplement plans pay the Medicare Part A hospital deductible, but make you pay the Medicare Part B medical deductible. Some plans cover neither the Part A nor the Part B deductible and you will be responsible for those costs out of pocket.

Medicare Supplement high deductible plan F may charge a lower monthly premium than other plans. However, this low premium may be attached to a high deductible, meaning you must pay a significant amount out of pocket before your Medicare Supplement plan pays anything.

What are other Medicare Supplement plan costs?

Having a Medicare Supplement plan unfortunately doesn’t mean that all your Medicare costs will be covered. You still must pay your Medicare Part B premium and may owe a Medicare Part A premium as well. There is also a limit on what coinsurance costs your Medicare Supplement plan may cover. For example, if you stay in the hospital over 365 days, you may be responsible for all costs. Similarly, if you stay in a skilled nursing facility over 100 days, you may be responsible for all costs. The only way to have a known limit on your costs is to get a plan with an out of pocket maximum.

Do you want to look for a Medicare Supplement plan in your area? Just enter your zip code on this page.

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