May 10th 2024
By Ari Parker
Plan G is generally the best Medicare Supplement plan in Vermont, but what's best for you depends on your healthcare needs.
Also known as Medigap, Medicare Supplement plans provide Original Medicare beneficiaries with comprehensive coverage and can help them control their healthcare costs. Original Medicare has a few limiting factors—there are no out-of-pocket maximums and it covers only about 80% of healthcare expenses. Supplement plans fill the gaps left by Original Medicare and help limit out-of-pocket expenses.
There are ten standardized Medicare Supplement plans, so Vermont residents have ten Medigap plans to choose from. Plan G and Plan N are the most popular because they provide good coverage at a reasonable price, but the best Medigap plan for you depends on what you need for your health and finances. In this guide, we'll explore your options and the factors you should consider before enrolling in a plan.
There are ten Medicare Supplement plans available to Vermont residents.
Plan G and Plan N offer the most coverage at a reasonable cost.
In 2024, monthly Medigap premiums in Vermont range from $42-$510.
The federal government first established standardized options for Medicare Supplement plans in 1966, one year after Original Medicare. Since then, there have been many changes in the coverage levels and number of Medigap plans available. Now, most states offer the same ten Medigap plans, named with a letter from A to N.
All plans of the same type are identical in coverage regardless of insurance carrier. For example, all Plan G's will cover the same costs. However, your monthly premium depends on various factors that we'll discuss in depth later in the article.
Our Medigap comparison chart can help you understand the differences and levels of coverage between each plan.
*Note that Plans F and C are unavailable for Medicare beneficiaries who turn 65 after January 1, 2020.
36% of people on Medicare in Vermont are enrolled in a Medigap plan. If you take a look at the chart above, you can see that Plan N and Plan G offer the most covered benefits. These are considered the best options in most states, but the right plan depends on your unique health and financial needs. Talking to a trusted Medicare advisor can help you pick the best coverage based on your unique needs.
In 2024, Medigap premiums in Vermont range from $42 a month for a high-deductible Plan F to $510 for the highest-cost Plan D. A Vermont Medicare agent or Medicare's plan comparison tool can help you find more information about Medigap plans in Vermont.
Everyone will typically pay a different premium because Medigap prices are based on a few personal and plan factors. For example, older men who use tobacco will generally have higher premiums than other groups of people. Each plan will also be priced based on one of three pricing structures, which we explain in the next section.
Your age
Your gender
Where you live
Whether or not you smoke
Whether or not you live with someone who is also Medicare-eligible
Your Medigap premium will also depend on the policy you choose and its pricing structure.
Private insurance companies offer Medicare Supplement plans, and they set the price for each policy. There are three pricing structures (also called "ratings") carriers use to price their plans:
Community-rated: For these plans, age is not a factor in how much you pay, so your premium stays the same as you get older. Community-rated plans are usually the most cost-effective policies.
Issue-age-rated: With issue-age-rated plans, carriers base premiums on your age when you purchase your Medigap Supplement plan, but it doesn't increase as you age.
Attained-age-rated: These plans price your monthly premium on your current age, and your costs increase as you age.
The best time to enroll in a Supplement plan is the six months after your Medicare Part B coverage begins. This is called your Medigap Open Enrollment Period. During Medigap Open Enrollment, insurance companies can't ask you about your health history, charge you a higher premium based on your age, or deny your application. If you want to sign up outside of this period, your application could be denied—or you may have to pay higher premiums.
If you are considering enrolling in a Medicare Supplement plan but aren't sure where to start, one of our licensed Vermont Medicare agents can help! Call us at 855-900-2427 or schedule time to chat.
