Medigap Plans, also called “Medicare Supplement Plans” are available and offered by private insurance companies to help pay for the various health care expenses that Medicare does not cover. These expenses (often referred to as “gaps”) include items such as co-payments, deductibles, and co-insurance. At first finding the right supplemental insurance for Medicare might seem confusing, however it can be relatively easy if you learn some of the basics of these plans.
Medigap Plans Comparison
Currently there are 10 Medigap Plans available and while they are offered by insurance carriers, these plans are standardized by Medicare and are designated in plan letters which run plans A – N. Standardized means that any plan must contain the exact same coverage, regardless of the insurance company who offers it. This does not apply to the Medicare Supplement rates that each carrier offers the plan for however. By clicking HERE to get an instant quote you can see just how different the cost can be.
Each of the Medigap Plans offers different coverage depending on the plan letter. All of the plans pay the 20% co-insurance that Medicare does not, and insurance companies are not required to carry every plan and regulations vary by state. Choosing the right plan will depend on many factors including how much coverage you desire, any additional out-of-pocket expenses, and monthly premium. Some people like to have Medicare Supplemental Insurance that is close to what they had with their employer. Others might not mind a small annual deductible in return for lower monthly premiums. It’s important to have each plan explained to you by an experienced advisor who can easily determine the best coverage for you. This step alone can save you a great deal of money and hassle!
Which Medigap Plan is Best?
* Plan F is also offered in a high deductible option
Medicare Supplement Plan F
Medigap Plan F covers 100% of the gaps in Medicare and is offered by several insurance carriers. With this plan (as well as any of the Medigap Plans) you can visit any doctor or specialist who accepts Medicare throughout the country and your coverage will pay any difference that Medicare does not. For anyone wishing to receive no medical bills while using Medicare doctor’s then this is likely the best option. While many people might think this is their very best option, enrolling in this plan may actually end up costing you more annually than a plan depending on your age and zip code.
Medicare Supplement Plan G
For those looking to lower their monthly premium yet still have very comprehensive coverage, a Medigap Plan G from one of the top companies might be the best choice. This plan is nearly identical to Medicare Supplement Plan F aside from people having to pay the Part B deductible out-of-pocket. Medicare Part B is for doctor’s services, therefore you must pay this deductible first each year prior to your coverage paying anything. This deductible is still quite low and is only one-time per year, and along with the lower monthly premiums Plan G is becoming extremely popular among those who are eligible for Medicare. To check rates on Medigap Plan G simply enter your Zip Code at the top of this page.
Medicare Supplement Plan N
Medigap Plan N is similar to Plan G in that you still must pay the Medicare Part B deductible out-of-pocket once per calendar year. With Plan N however, after the deductible is paid you could have up to a $20 co-pay per doctor’s visit, depending on how your visit is coded. Another out-of-pocket expense that could arise are Medicare Part B excess charges. These charges occur if you visit a doctor that accepts Medicare but does not accept the rates assigned by Medicare. These charges can be up to 15% extra and with a Plan N you are required to pay them yourself. With Medigap Plans F and G the plan pays these charges for you.
With many different Medicare Supplement Plans to choose from it may seem a bit overwhelming at first. Medigapv.com offers access to expert Medigap agents who can easily determine your needs and walk you through the process. Simply enter your zip code at the top of the page to get quotes as well as all of your questions answered.
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Medigapv.com is provided solely for informational purposes and estimations of policy rates regarding Medigap Insurance, and is not connected in any way with the Federal Medicare Program, the Centers for Medicare and Medicaid Services, The Social Security Administration or any government organization.
