Cheapest Medicare Supplement Plans (2026–2027): Compare Costs

Bottom Line

There's no universally cheapest Medigap policy: compare equivalent plan letters and versions first. Plan N's copays and uncovered excess charges can offset premium savings; high-deductible Plan G leaves you paying eligible cost sharing up to its deductible before benefits.

Ask about Medicare Supplement rates

Start by comparing insurers selling the same Medicare Supplement plan letter: a lower premium can preserve the same standardized benefits. Then compare Plan N and high-deductible Plan G if their premium savings justify the additional costs you would pay yourself. Premiums vary by insurer, plan, and location, so there is no single cheapest choice for everyone.

If you also own a business and are considering an SBA loan, discuss life insurance for an SBA loan with your lender as a separate planning question. Life insurance is separate from Medicare coverage and enrollment.

Start with the same plan letter

Medicare Supplement and Medigap mean the same coverage: private insurance that helps pay your share of Original Medicare’s Part A and Part B costs. Medicare Advantage is a different way to receive Medicare benefits; Medigap does not pay its copays. Newly purchased Medigap policies exclude prescription drug coverage, which you can obtain through a standalone Part D plan.

As you explore Medicare Supplement plan options, separate the benefits decision from the insurer decision. Compare standard Plan G with standard Plan G, or Plan N with Plan N. Check that a competing quote has not substituted a high-deductible or SELECT policy. Massachusetts, Minnesota, and Wisconsin standardize Medigap differently, so residents should use their state’s benefit comparisons.

For illustration, a $30 monthly difference between two otherwise comparable standard Plan G policies means $360 a year in premium savings without reducing standardized benefits. Compare the insurers’ discount conditions, rate histories, and service records before deciding.

Which lower-premium alternatives deserve a quote?

Use standard Plan G as a benchmark, then price alternatives available where you live:

• Standard Plan G: Covers Part B coinsurance and excess charges, but leaves the Part B deductible to you.
• Plan N: Leaves the Part B deductible, copays of up to $20 for some office visits, and up to $50 for emergency room visits without inpatient admission. It does not cover Part B excess charges.
• Plans K and L: Pay 50% and 75%, respectively, of several covered cost-sharing categories. Their 2026 limits for covered out-of-pocket costs are $8,000 and $4,000; after reaching the applicable limit and paying the Part B deductible, covered services are paid at 100% for the rest of that calendar year.

The standardized benefits above leave different amounts for you to pay. A lower quoted premium is useful only if you can afford the remaining bills.

Excess charges are permitted charges above Medicare’s approved amount. To avoid them, confirm that your providers accept assignment—Medicare’s approved amount as full payment.

High-deductible Plan G adds another choice: in 2026, its annual deductible is $2,950 before the supplement begins paying benefits. Original Medicare continues paying its share. Evaluating high-deductible Plan G savings and risks means asking whether you could fund that deductible early in the year, before accumulating much premium savings.

Compare a light-care year with a heavier-care year

The following premiums are hypothetical, not quotes or available offers. Assume 12 months of coverage and only Medicare-covered Part B care in the U.S., with no excess charges and maximum applicable Plan N copays. The actual 2026 Part B deductible is $283.

The light-care year includes four office visits subject to Plan N copays and $683 in eligible Medicare cost sharing before Medigap: the $283 deductible plus $400 in coinsurance.

The heavier-care year includes 24 such office visits, one ER visit without inpatient admission, and enough additional covered care to reach the high-deductible Plan G threshold. All listed copay visits occur after the Part B deductible is satisfied.

For example, heavier-year Plan N costs are $1,680 + $283 + (24 × $20) + $50 = $2,493. High-deductible G costs are $840 + $2,950 = $3,790.

In these examples, the Part B deductible is paid before the high deductible is reached and counts toward it; do not add it twice.

With these invented premiums, Plan N saves $480 annually in premiums versus G. Its added copays and any excess charges determine whether that saving survives. High-deductible G saves $1,320 in premiums, but costs $1,347 more overall in the heavier-care example.

Add your Part B premium, any Part A premium, Part D premiums and drug costs, and uncovered expenses to build your full budget. The table compares the supplement choices only; it is not a cap on all health spending. Use 2027 figures for 2027 coverage once officially available.

Check the premium beyond the first year

Understanding what affects Medicare Supplement premiums helps you compare equivalent quotes. Location, insurer, plan version, applicable underwriting, and discounts can change the price. An advertised example is not your approved premium.

Ask which rating method applies:

• Attained-age: Pricing reflects your current age and can rise as you age.
• Issue-age: Pricing reflects your age when buying; later increases are not caused by aging.
• Community-rated: Pricing is not based on age.

All three can have increases for other reasons. Request recent increases for the same policy in your state, while recognizing that history cannot guarantee future rates.

Check the insurer’s current, state-specific written rules for qualifying for a Medigap household discount. Ask whether another household member must also enroll, whether age or residency-duration requirements apply, and what happens if someone moves or cancels coverage. Do not assume marriage or a shared address automatically qualifies. Compare both the discounted and undiscounted totals; Medicare confirms that discounts vary among insurers.

Decide whether a SELECT network fits

When comparing Medicare SELECT versus standard Medigap, check access before treating the premiums as equivalent. SELECT is Medigap with network conditions, not Medicare Advantage. It can require certain hospitals and sometimes doctors for full benefits, except in emergencies. Using other providers for nonemergency care can leave you paying costs the supplement would otherwise cover. Medicare still pays its approved share.

Obtain the current network and confirm your preferred hospitals and relevant doctors with the insurer and providers. Consider planned care and time spent away from home. A premium reduction has limited value if the required facilities do not fit your needs.

Protect your ability to buy or switch

Your federal Medigap open enrollment period lasts six months, beginning the first month you are both 65 or older and enrolled in Part B. Outside that window, an insurer may use medical underwriting unless a guaranteed issue right or state protection applies. For people under 65, access depends on state rules.

Annual Medicare open enrollment does not generally guarantee a Medigap policy without underwriting. Do not select leaner coverage assuming you can freely upgrade after your health changes. State protections can provide additional opportunities; confirm your specific right before applying.

For example, holders of policies issued in Maryland can apply to switch to equal or lesser benefits without underwriting during a window that includes their birthday and the following 30 days. That is a state protection, not a nationwide annual right.

When replacing Medigap, keep your existing policy while evaluating the approved replacement. The 30-day “free look” begins when you receive the new policy, and you pay both premiums during that overlap.

Request comparable quotes before choosing

When deciding between working with a broker or buying direct, ask which insurers the broker can quote and which are outside that comparison. Obtain direct insurer quotes where needed. Match the legal insurer, plan letter and version, effective date, payment method, and discounts. Ask about any separate fee rather than assuming either channel costs less.

Prepare your ZIP code, age, Part B start date, current coverage, tobacco status, household details, and desired effective date. Request written premiums and outlines of coverage for your shortlisted policies, plus confirmation of any underwriting or waiting period.

Then replace the hypothetical premiums above with your quotes. Compare a light-care year, a heavier-care year, and the cash reserve each policy requires. Choose coverage whose monthly bill and potential medical bills both fit your budget.