Medicare Supplemental Insurance plans, or Medigap plans, are insurance plans sold by private companies to help cover gaps in care left by Original Medicare. Today, let’s talk about the different types of Medigap plans and see if we can find one that might be right for you.
What Medigap Plans Do
What all Medigap plans have in common is that they cover at least a part of your health care costs after your Original Medicare benefits have kicked in.
As we’ve discussed before, Medigap plans are not Medicare or Medicare Advantage: they’re sold by private companies, although they’re highly-regulated to protect you from having your policy canceled if you get sick.
Where Medigap plans differ is what they cover, and how much. With this in mind, let’s compare plans.
How to Compare Medigap Plans
Medigap plans include A, B, C, D, F, G, K, L, M, and N, and as with any other type of insurance plans, the ones with the best coverage also have the highest premiums.
You can compare Medigap plans side-by-side and see the differences for yourself. Let’s look at a few of the more interesting ones:
- Medicare Part A coinsurance and hospital costs up to an additional 365 days after all Medicare benefits are depleted are covered by all plans.
- Medicare Part B coinsurance or copayment is covered by all plans except for K (50%) and L (75%).
- The exact same pattern obtains for Part A hospice care coinsurance or copayment, and skilled nursing facility care coinsurance.
- Part A deductibles are covered by most plans: B, C, D, F, and G, also N, and then 50% for K, 75% for M, and not at all for A.
- Part B deductibles are not covered by any plans other than C and F plans.
- Part B excess charges are covered by F and G plans, and that’s it.
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It’s well worth your while to look at the chart in the link above and compare the various plans, but the examples above speak to some of the more salient similarities and differences.
Whatever plan you may select, remember that you’ll be using your Medigap plan after your Medicare benefits – and understand also that there can still be significant costs even after Medicare has paid for its portion.
We’re Here to Help
Medicare provides an important source of support for health care costs once you turn 65, but since it does not cover everything, Medigap plans are there to help make up the difference.
The Medigap plan you choose should be something that addresses your needs and is optimal for your health management goals. All plans represent some form of tradeoff: either you pay more now and have more care later if you need it, or you pay less now in exchange for less support later.
If we can provide you with any more information to help you on your journey to find the right Oregon Medigap plan for you, please get in touch.