Finding the Best Medicare Supplement Plans in Georgia
Medicare Supplement (also called Medigap) plans are an additional coverage option for Medicare beneficiaries looking to reduce their healthcare costs. Alone, Original Medicare leaves you responsible for about 20% of your medical costs, and it doesn’t have an out-of-pocket maximum. So, if you need frequent or expensive care, you could be on the hook for thousands of dollars.A Medicare Supplement plan can help you offset some of these costs and save you money.
In Georgia, Medicare recipients have a choice of ten Medigap plans, labeled with the letters A through N. In this guide, we’ll cover how to find the right plan for you based on your healthcare needs, financial priorities, and long-term future. Get your Medicare checklist taken care of so you can focus on what matters most.
Key takeaways:
There are ten Medigap plans (labeled A-N) that Georgia residents can choose from.
The most popular Supplement plans in Georgia are Plan F, Plan G, and Plan N. Keep in mind that most people who are new to Medicare are unable to join Plan F.
Medigap plans are federally standardized, so all plans of the same type (for example, every Plan G) has identical coverage.
Take a look at our Georgia Medicare Guide for information on how to enroll, compare coverage options, and save money on healthcare expenses.
What is a Medicare Supplement plan?
Original Medicare alone does not provide beneficiaries with the most comprehensive coverage. For example, Original Medicare only covers about 80% of healthcare costs, leaving you to pay the remaining 20%. Original Medicare also doesn’t have an out-of-pocket maximum, which means that there’s no limit to your out-of-pocket costs each year. If you have a chronic condition, need surgery, or need to visit the doctor more frequently, you could end up owing more money than you can afford.
Because of these gaps, many Medicare recipients enroll in a Medicare Supplement plan. Medigap stacks on top of Original Medicare and helps supplement or fill the gaps in cost coverage. Medicare Supplements help millions of people receive comprehensive and affordable coverage.
Is Medicare Advantage better than Original Medicare and Medicare Supplement?
It’s a common question that almost all Medicare beneficiaries have: is Medicare Advantage better than Original Medicare and Medicare Supplement? While Medicare Advantage may seem like the more convenient and affordable option for healthcare, it may cost you in the long run. These private plans often have provider restrictions, require prior authorization, and have confusing and variable out-of-pocket costs. When it comes to your Medicare decisions, you have to think about the solution that takes care of you throughout your retirement rather than just today.
Dive deeper into this subject in our Original Medicare vs. Medicare Advantage piece.
The ten types of Medicare Supplement plans
Most states, including Georgia, offer beneficiaries the same ten Medigap plans, each named with a letter from A to N.
Because Medigap plans are federally standardized, plans of the same type are identical in coverage regardless of which state you live in or the insurance carrier you choose. For example, all Medigap Plan G policies are identical in coverage. What may be different and could change, however, is the price of your Medicare Supplement plan. Premiums are determined by personal and policy factors, which we’ll discuss in detail later on.
Our Medigap comparison chart breaks down the differences between each plan.
*Note that Plans F and C are unavailable for Medicare beneficiaries who turn 65 after January 1, 2020.
The best Medicare Supplement plans in Georgia
The most popular Medicare Supplement plans in Georgia are Plan G and Plan N because they cover a lot of your out-of-pocket costs at a good value. One benefit of Plan G that beneficiaries like is that you won’t owe anything for Medicare-covered services once you’ve met your annual Part B deductible. Plan N is the same as Plan G, except it doesn’t cover Part B excess charges.
Popularity doesn’t necessarily mean that these are the best plans for you. There are a variety of factors that you should consider before enrolling in a plan, such as your medical needs, budget, lifestyle changes, and recurring health expenses. A licensed Chapter Medicare Advisor can help point you in the right direction by understanding your lifestyle and helping you compare your options.
How much do Medicare Supplement plans cost in Georgia?
In Georgia, Medigap premiums range from $40 a month for a high-deductible Plan G to $2,219 for the highest-cost Plan B. Medicare’s plan comparison tool can show you your coverage options or contact a Chapter Medicare Advisor at 855-900-2427 to get more information about Medicare Supplement plans in Georgia.
The specific cost of a Medicare Supplement plan varies because your premium depends on both personal factors and plan pricing structures.
Personal factors that may affect your premium:
Your age
Your gender
Where you live
Whether or not you smoke
When you enroll
Whether or not you live with someone who is also Medicare eligible
Other factors that can affect your premium:
Your policy’s pricing structure
Inflation and other economic shifts
Medigap premiums tend to be more expensive for men, tobacco users, and for older adults. However, discounts are available for some Medigap plans if you live with another person who’s eligible for Medicare.
When you enroll can also change the cost of your monthly premium. The best time to enroll in a Supplement plan is during your Medigap Open Enrollment Period because insurance companies can’t ask you about your health history, charge you a higher premium based on your health status, or deny your application. If you enroll outside of Medigap Open Enrollment, you’ll likely have to go through a Medical underwriting. Based on your answers during Medical underwriting, your premium could be more expensive, or you could even be denied!
Medigap plan pricing structures
Georgia requires insurance companies to use issue-age-rating or community-rating when pricing Medigap plans.
With issue-age-rated plans, your premium is based on your age at the time you enroll in a Medigap plan, and it doesn’t increase as you get older. Policies are less expensive the younger you are when you first sign up.
Everyone pays the same monthly premium with a community-rated plan, and the cost does not increase based on age, gender, or health status. Your plan’s price is based on what everyone else pays in your area.
Enrolling in the best Medicare Supplement plan for you in GA
Deciding which Medigap plan is the right one for you can be stressful. With so many things to consider—such as plan types, pricing structures, and your own priorities—you may not even be sure where to start! We recommend working with a licensed Chapter Medicare Advisor who can help you choose the right coverage. Our advice is always free and requires no obligation. Give us a call at 855-900-2427 or schedule a chat to get started. Our Georgia Medicare Advisors are here to help you find the best Medigap plan for you.