What Medicare supplement plans are available in 2023?
In 2023, each of the standardized Medicare Supplement insurance plans, also referred to as ‘Medigap’ plans, offers a specific set of benefits to fill gaps in original Medicare coverage. The plans are under regulation of the government and the insurance providers selling these Medicare Supplements plans and the plans that are offered, vary from state to state. Each insurance company is allowed to set their own premium, which means it makes sense to not only compare the different benefits that are covered by each plan, but also their costs. When you compare selected Medigap plan quotes, make sure to look at the total amount of payments you have to make each year, including deductibles, co-payments and coinsurance, in order to find the plan that best fits your medical and financial needs.
A plan that may be perfect for your father may not be best for your mom. It all depends from each individual’s health care needs. An overview about the Medigap plans, labeled A, B, D, G, K, L, M, N that are sold in 2023, can be found at Medicare.gov.
Medicare Supplement plans have been standardized since 1992 and have seen a few changes over the years. Some plans that were available in previous years are not for sale anymore in 2023. However, if you are already covered by one of these plans, you are allowed to keep your plan.
Although Medigap plans are standardized, insurance companies are free to chose which plans they want to offer – of course they must adher to the respective state laws.
Contact your Medicare Supplement plan provider or visit medicare.gov to see which Medigap plans are available to you and compare them to find the one that best fits your health care needs.
It is a good idea to review and compare your current Medicare Supplement plan and compare different coverage options each year. Although the standardization of the Medigap plans makes it easy to compare ‘apples to apples’, some senior may find it helpful to consult an independent licensed Medicare insurance broker to help them go over all the benefits in order to find the best plan for their particular situation, at the best overall costs.
