Medicare does not pay for all of your health care costs. While the benefits of Original Medicare do provide substantial coverage for health care services, you will usually have to pay some amount out of pocket for health care services. Medicare Supplement plans help limit these out-of-pocket costs, making Medicare coverage even more affordable. If you are curious about Medicare Supplement Insurance, here is what you need to know.
What Is Medigap?
Medigap is short for Medicare Supplement Insurance. These supplemental insurance plans help pay for common health care costs, like deductibles, coinsurance, copayments, and excess charges. The arrangements of benefits you receive will vary depending on which plan you choose.
There are ten main Medigap plans currently available to Original Medicare members. Each one offers a different assortment of benefits, with some plans being more comprehensive than others. Some plans have high deductible options, which cost less monthly but require you to pay a deductible before you can utilize your benefits. The plans are organized using a letter system. The current plans are plans A, B, C, D, F, G, K, L, M, and N.
Medigap plans help pay for the out-of-pocket costs associated with Medicare. For example, most plans cover the Part A hospital coinsurance and copayment that normally would have to be paid after a hospital visit. Plans may also cover skilled nursing facility care and hospice treatment. All of the plans pay some amount towards blood to be used in approved medical procedures as well.
Best Medigap Plans
The best Medicare Supplement plans are the ones that offer the most comprehensive benefits packages. Plan F is the most popular plan for this reason, because it offers full coverage for effectively all out-of-pocket costs left over by Medicare. Unfortunately, Plan F is not available to new Medicare enrollees, so you must have enrolled before 2020 to qualify.
If you want a Medicare Supplement plan, it is possible to find them at relatively low costs. The cheapest plans would be plans K, L, and A. These plans are either basic plans or cost-sharing plans, so they have reasonably low premiums. If you opt for one of these plans, you can expect to pay around $100 a month for coverage. Comprehensive plans like Plan F or Plan G would cost about $200 a month on the other hand.
Compare Medigap Plans
If you are in the market for an insurance plan to supplement your out-of-pocket health care costs, shop for Medigap plans now. Weinstein Wealth Insurance Solutions is available to help you immediately, so get in touch with us now. You can reach out for a free quote.