Best Medicare Supplement Insurance Companies in 2024 - NerdWallet (2024)

FAQs

What is the best medicare plan for 2024? ›

Who is the largest Medicare Supplement provider in the United States? UnitedHealthcare is the largest Medicare insurance provider in the nation. Their product offerings include Medigap coverage, Medicare Part D prescription drug plans, and Medicare Advantage plans.

By and large, Plan F is the most popular Medicare Supplement plan due to its coverage of more out-of-pocket Medicare costs than any other Medigap plan type.

Supplemental insurance is advisable for those with Medicare to help cover out-of-pocket costs and gaps in coverage, offering financial protection for deductibles, coinsurance, and other medical expenses not fully covered by Medicare.

Some of the most notable disadvantages include high monthly premiums, limited guaranteed enrollment periods, and a lack of additional benefits like vision, dental, or prescription drug coverage.

Plan G is the most comprehensive Medigap plan available to enrollees new to Medicare on or after January 1, 2020. It is also the only high-deductible Medigap plan available to enrollees new to Medicare on or after January 1, 2020.

With Medicare Supplement Plan F, you get the most complete coverage available. And because Plan F also covers costs in excess of Medicare-approved amounts, you may have no out-of-pocket costs for hospital and doctor's office care.

What percent of seniors choose Medicare Supplement plans? ›

In 2021, Medicare Advantage covered nearly half of all Medicare beneficiaries (47%), or 27.6 million people with Medicare. (The number and share of Medicare Advantage enrollees has increased since 2021, up to 30.8 million in 2023, or 51% of all eligible beneficiaries.)

What is the Plan G deductible in 2024? $240 – the annual Part B deductible in 2024 is what you will pay for your Plan G deductible. However, Plan G does not have its own deductible separate from the Part B deductible. There is also a High Deductible Plan G which has a deductible of $2,800 in 2024.

Plan F offers the most coverage, but it's not available to everyone. Plan G covers nearly as much as Plan F — and it's available for any Medicare member. Both Plans F and G also offer a high-deductible Medigap plan in some states. Because Plan F covers more than Plan G, it also costs more.

**For Plans K and L, after you meet your out-of-pocket yearly limit and your yearly Part B deductible ($240 in 2024), the Medigap plan pays 100% of covered services for the rest of the calendar year.

The Centers for Medicare & Medicaid Services (CMS) has announced that the standard monthly Part B premium will be $174.70 in 2024, an increase of $9.80 from $164.90 in 2023. The annual deductible for all Medicare Part B enrollees in 2024 will be $240, an increase of $14 from the 2023 deductible of $226.

2024 Part D national base beneficiary premium — $34.70

Medicare uses the national base beneficiary premium to estimate the Part D late enrollment penalty and the income-related monthly adjustment amounts listed in the table above. This amount can change each year.

Beginning January 1, 2024, CMS is finalizing implementation of a separate add-on payment for healthcare common procedure coding system (HCPCS) code G2211. This add-on code will better recognize the resource costs associated with evaluation and management visits for primary care and longitudinal care.