If you are a Medicare beneficiary who has never heard of Medigap, you’re missing out on the chance to lower your out-of-pocket Medicare costs. Medicare Supplement Insurance, also known as Medigap, is a type of coverage that allows policyholders to fill the gaps that have been left by Original Medicare.
With a Medicare Supplement Insurance policy, you can have your out-of-pocket health care costs paid by an insurance company. What is paid depends on the plan you choose, but in most cases, coinsurance, copayments, and deductibles are covered in some way. These plans are only available to Original Medicare plan members, so people who have enrolled in Medicare Advantage cannot purchase Medicare Supplement Insurance.
The best Medicare Supplement Plans offer exceptional benefits at an affordable price. While prices vary depending on where you are located, all Medigap plans are standardized. Therefore, the top plans can be purchased from insurers across the country. Regardless of where you purchase coverage, you’ll get the same benefits as someone in another region.
If you’re curious about which plan to choose, these are the top options currently being offered:
Medigap Plan F is the most comprehensive Medigap plan available. It covers both of the Medicare deductibles (Part A and Part B) and also covers all copays and coinsurance. With this plan, you are left with no out-of-pocket medical costs. Because this plan offers so many benefits, it has stood as the most popular plan for decades. Unfortunately, individuals who became eligible for Medicare after January 1 2020 will not be able to purchase this plan. If you qualified before then, you can still purchase this type of Medigap coverage.
Medigap Plan G is almost as comprehensive as Plan F, except it doesn’t cover the Part B deductible. This plan is considered to be a value option compared to Plan F, because the Part B deductible is only a few hundred dollars. If you are comfortable paying the Part B deductible and no other out-of-pocket costs, then Plan G should be right for you. Because you cover the deductible, your premiums will be lower than with Plan F.
Medigap Plan N is a Medicare Supplement Insurance plan that offers lower premiums in exchange for you paying the Part B deductible, any Part B excess charges, as well as some small copays for doctor and emergency visits. This is a new plan that was introduced in 2010, and it has grown steadily in popularity since. It is ideal for consumers who like the idea of lower premiums with substantial coverage.