Depending on your needs, Medigap policies may help you receive the extra care you’re looking for. Medigap is supplemental insurance that bridges the gaps in your existing Medicare coverage by helping you pay for part or all of Medicare’s coinsurance, copays and deductibles.
But because understanding how this supplemental insurance works can be complicated, let us break down some facts for you.
This chart does not include Part C Medicare Advantage Plans. If you join a Part C Medicare Advantage Plan, you cannot be sold a Medicare Supplement Plan.
Decide if you need to add drug coverage
Prescription Drug Coverage
Decide if you need to add supplemental coverage
Pick from plans A, B, C, D, F, G, K, L, M, N
that pays for part or all of Medicare’s coinsurance, copays, and deductibles.
If you have a spouse, you both must purchase individual policies. You can only cover one person under a Medigap policy.
|Part A Coinsurance and hospital costs up to an additional 365 days after Medicare benefits are used up.|
|Part B Coinsurance or Co-payment||50%||75%||**|
|Blood (First 3 Pints)||50%||75%|
|Part A Hospice Care Coinsurance or Co-payment||50%||75%|
|Skilled Nursing Facility Care Coinsurance||50%||75%|
|Part A Deductible||50%||75%||50%|
|Part B Deductible|
|Part B Excess Charges|
|Foreign Travel Exchange (Up to Plan Limits)||80%||80%||80%||80%||80%||80%|
|Out-of-Pocket-Limit***||N/A||N/A||N/A||N/A||N/A||N/A||$5,880 in 2021||$2,940 in 2021||N/A||N/A|
If a check-mark appears in a column of this chart, the Medigap policy covers 100% of the described benefits. If the column lists a percentage, the policy covers that percentage of the described benefit. If the column is blank, the policy doesn’t cover that benefit. N/A stands for Not Applicable.
Scroll to bottom to read * information
Plan F is one of the two plans that provide first dollar coverage of deductible expenses from Part B.
To make Medigap more affordable, Plan F has a high deductible option that has lower monthly premiums. This plan is becoming very popular.
Most Medicare Supplement plans will cover 80% of medically necessary emergency care received in a foreign country.
($250 deductible; $50,000 lifetime maximum)
RESOURCES: MOELLER, P. (2011). Include Medigap in Your 2012 Medicare Review. Retrieved from http://money.usnevvs.com/mon-ey/blogs/the-best-life/2011/10/05/incl ude-mediga…
American Red Cross . (n.d.). Blood Facts and Statistics. Retrieved from https://www.redcross-blood.orgflearn-about-blood/blood-facts-and-statistics
Medicare. (n.d.). Choosing a Medigap Policy: A Guide to Health Insurance for People with Medicare. Retrieved from https://www.medicare.gov/pubs/pdf/02110.pdf
LIBERTY MEDICARE. (2013). Medicare Supplement (Medigap) Statistics – December, 2012. Retrieved from https://libertymedi-care.rom/blog/medicare-supplement-statistics-december-2012/
MEDIGAP PLANS CHART
* Plan F also offers a high-deductible plan. If you choose this option, this means you must pay for Medicare-covered costs up to the deductible amount of $2,110 (in 2013) before your Medigap plan pays anything.
** Plan N pays 100% of the Part B coinsurance, except for a copayment of up to ;20 for some office visits and up to a SSO copayment for emergency room visits that don’t result In Inpatient admission.
*** After you meet your out-of-pocket yearly limit and your yearly Part B deductible, the Medigap plan pays 100% of covered services for the rest of the calendar year.
Trust us, we understand – finding the right health care insurance is important, but it can be extremely complicated, too. If you have any questions about what Medigap offers, and whether choosing a Medigap plan is the best option for you, our agents in Cary would love to help guide you.
At Wooten, we know the ins-and-outs of insurance and offer our expertise with the highly personalized service our clients deserve. Every step of the way, our agents in Cary prioritize meeting your needs and empowering you to take charge of your health. We help you decide which insurance plans are best for you – and make sure you understand them as well.