Medigap Plan Types: Analyzing the Various Plans Available
Medigap plans, also known as Medicare Supplement Insurance, are private health insurance policies designed to help cover the gaps in Original Medicare coverage. These plans are sold by private insurance companies and can be used in conjunction with Original Medicare.
There are ten standardized Medigap plans available, labeled A through N, and each plan offers different benefits. Understanding the differences between these plans can help you choose the plan that best meets your needs.
Medigap Plan A is the most basic Medigap plan available. It covers the Part A coinsurance and hospital costs for up to 365 days after Medicare benefits are used up. It also covers the Part B coinsurance or copayment, the first three pints of blood, and hospice care coinsurance or copayment.
Medigap Plan B covers everything that Plan A covers plus the Part A deductible.
Medigap Plan C covers everything that Plan B covers plus skilled nursing facility coinsurance, Part B deductible, and foreign travel emergency care.
Medigap Plan D covers everything that Plan A covers plus skilled nursing facility coinsurance and the Part A deductible.
Medigap Plan F covers everything that Plan C covers, except for the foreign travel emergency care benefit. It also covers the Part B deductible.
Medigap Plan G covers everything that Plan F covers except the Part B deductible.
Medigap Plan K covers a percentage of the cost of the following benefits: Part A coinsurance and hospital costs, Part B coinsurance or copayment, the first three pints of blood, and hospice care coinsurance or copayment. It also covers 50% of the Part A deductible and 50% of the skilled nursing facility coinsurance.
Medigap Plan L covers everything that Plan K covers, except that it covers 75% of the Part A deductible and 75% of the skilled nursing facility coinsurance.
Medigap Plan M covers everything that Plan D covers, except that it covers 50% of the Part A deductible and the Part B deductible.
Medigap Plan N covers everything that Plan D covers, except that it requires a copayment of up to $20 for doctor’s office visits and up to $50 for emergency room visits.
Choosing the Right Medigap Plan for You
Choosing the right Medigap plan for you depends on several factors. These include your health, budget, and healthcare needs.
If you are in good health and have a tight budget, Plan A or B may be a good option. However, if you want more comprehensive coverage, Plans C, F, and G may be a better fit.
If you don’t want to pay a high premium, Plan K or L may be a good option. However, these plans have higher out-of-pocket costs.
If you travel frequently outside of the United States, Plan C, D, F, G, M, and N offer foreign travel emergency coverage.
In conclusion, understanding the differences between the ten standardized Medigap plans can help you make an informed decision about which plan is best for you. Consider your health, budget, and healthcare needs when choosing a plan. Additionally, it’s important to note that Medigap plans do not cover prescription drugs. To get prescription drug coverage, you will need to enroll in a Medicare Part D plan.