Though Original Medicare benefits are quite extensive, you are left with some gaps in coverage that you will be responsible for covering.
That’s where Medicare Supplement Insurance, or Medigap, comes in. There are numerous different Medigap plans that you can choose between to supplement your Part A and Part B coverage. Each policy comes with distinct coverage benefits.
What is Medicare Supplement Insurance?
Medicare Supplement plans are offered through private insurance carriers. However, they are standardized by the federal government.* This means that plans must be consistent across carriers.
Medigap policies offer a variety of benefits. These can include Part A and Part B coinsurance/copayments, Skilled Nursing Facility (SNF) care coinsurance, Part A and Part B deductibles, foreign travel emergency coverage, and more.
How much you pay for Medigap coverage depends on a number of factors. The plan that you choose, the insurance company that you purchase it from, and even which county you reside in can all impact the price of your Medigap premium.
That’s why we recommend seeking advice from someone who can search dozens of plan options at once, saving you hours of work, before settling on a Medigap plan. Reach out to us here at Medicare Plans Direct. We’re here to answer your Medigap questions at no additional cost to you.
*Medigap plans in Massachusetts, Minnesota, and Wisconsin are standardized in different ways than the other 47 states.
Medicare Supplement Plans in 2021
Each Medigap plan covers different Medicare-related expenses. Additionally, any given plan’s costs will vary depending on a number of factors, such as ZIP Code, age, smoking status, and more.
In general, Plan F provides the highest level of coverage of any Medigap plan. It covers cost-sharing on all eligible services, minimizing or eliminating your out-of-pocket costs. However, you should note that Plan F is only available to people who first became eligible for Medicare prior to January 1, 2020.
Because of this, Plan G is most popular with new beneficiaries today. Aside from coverage of the Part B deductible of $233 in 2022, this plan provides almost identical coverage as compared with Plan F.
Choosing a Medigap Plan
Choosing a Medigap plan is no easy feat, especially considering all of the complexities of Medicare Supplement Insurance. If you would like to know whether a Medigap plan could be a good option for you, call us or click the button below. We will be happy to answer any questions you may have.