Medicare Part A and Part B don’t pay for all your healthcare needs, which can leave you on the hook for out of pocket costs. Fortunately, Medicare Supplements, also known as Medigap, are sold through private insurance companies that contract with the Medicare program, which helps fill the gaps in Original Medicare plans.
Medigap plans help cover things like deductibles, coinsurance, and copays. It is a great way to plan for unexpected medical expenses. However, when searching for a Medicare Supplement plan, there are several options to choose from.
What are the Options for the Best Medigap Plan?
It is vital to know that you can only use the Medicare Supplement plan if you already have Medicare Part A and Part B coverage. As of 2020, there are ten different Medigap plans sold to Medicare beneficiaries, including Plans A, B, C, D, F, G, K, L, M, and N. Regardless of the provider and location, each Medigap plan must include the same basic benefits. However, it is important to note that Plans C and F are no longer available to Medicare beneficiaries who were not eligible for Medicare before 2020.
Different types of Medigap plans provide different levels of coverage. For example, Medigap Plan G offers different levels of coverage than plan N. Medicare Supplement policies are also guaranteed renewable as long as you pay your premium.
Medicare Supplement Plans Coverage
Each Medicare Supplement plan covers standardized Medicare benefits such as:
- Hospice care coinsurance and copayments through Medicare Plan A
- Coinsurance charges through Medicare Plan A
- Coinsurance and copayments through Medicare Plan B
- The first 3 pints of blood required for a medical procedure
Most Medicare Supplement plans do not cover:
- Prescriptions drugs
- Long-term care
- Private-duty nursing
- Hearing aids
Moreover, it is important to note that Medicare Supplement plans won’t start to cover coinsurance until the deductible is met. For example, Medigap Plans K and L have annual out-of-pocket spending limits. After these are met, you are 100% covered.
Which Medicare Supplements Have the Most Comprehensive Coverage
If you want 100% coverage of everything, Plan F or Plan G is your choice. Since Plan F has been retired as of January 1, 2020, for newly eligible Medicare beneficiaries, Medigap plan G has the most comprehensive coverage. Besides offering all the coverages offered by other plans, Plan G is the only plan that pays Part B excess charges not paid by Medicare.
Speak with a Medicare advisor or qualified insurance agent to find out if Plan G fits your needs.
Temmen Insurance can Help Find the Best Medigap Plan
Contact Temmen Insurance if you need help finding a Medicare Supplement plan with the best coverage for your medical needs. Our Medicare insurance experts can help you determine whether a Medigap plan is the right choice.