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Medicare Supplement Insurance – Medigap Plans

Medigap - understanding Medicare Supplement Insurance

Helping you choose the best option

Introduction

Medigap policies are sold by private health insurance companies to help supplement some of the costs that Original Medicare does not cover (deductibles, copayments, coinsurance and overseas emergency health coverage). Please note that Medicare does not pay any of your costs for a Medigap policy.

A Medigap policy only supplements the costs of your Original Medicare benefits and is different from Medicare Advantage (Part C). You cannot use Medigap benefits to pay for Medicare Advantage plan costs.

In 47 states (except Massachusetts, Wisconsin and Minnesota), there are 10 Plans, labelled A through N - all these policies must follow federal and state laws designed for your protection.

 

Use the table below to compare Medicare Supplement Insurance (Medigap) plans that are available in most states. Where a percentage appears, the Plan covers that percentage of benefit, you will have to pay for the rest.

* In some states, Plan F is also offered as a high deductible plan by some insurance companies. If you choose this option, you will have to pay a deductible of $2,180 (coinsurance, copayments and deductibles) in 2016 before the policy pays anything.

** For Plans K and L, after you meet your out-of-pocket yearly limit and your yearly Part B deductible, the plan pays 100% of covered services for the rest of the calendar year.

*** 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 $50 copayment for emergency room visits that do not result in an inpatient admission.

(Please note that Medicare Supplement insurance works differently in Massachusetts, Wisconsin and Minnesota.)

 

Choosing and comparing the Medigap Companies

A Plan F is a Plan F, a Plan G is a Plan G....you get the picture!

The different carriers have to offer the same coverage in terms of the Plans - however, the rates they charge for each Plan can differ quite significantly. For this reason it is important to compare prices with different carriers.

The Benefits Management Team is an independent agency - we are contracted with the top-rated carriers - our experts can help you find the most affordable Medigap insurance company.


 

Plan F

Plan F covers 100 percent of the gaps in both Part A and Part B Medicare and is the most popular supplement. 

 

Plan G

The only difference from F to G is the Medicare Part B deductible (see above table). For 2017 this deductible is $183. Plan F then will only be worthwhile if it costs less than $183 per year. Again, it must be stressed, that it is important to compare plans. 

 

Plan N

Plan N is very good in terms of cost when other Plans are just too costly or simply provide you more coverage than you actually need. Plan N rates are usually much lower.  

 

...Why Seniors Choose the Benefits Management Team...

  • You only deal with licensed and experienced insurance experts.
  • We pride ourselves on a consultative approach - you take as much time as you need to feel comfortable with the choices presented to you.
  • You are a client, not just a customer. Your agent will always be available to answer questions and assist you with your annual reviews.
  • We are here to help you so you do not have to go it alone.

Enter your details in the form below for a free no-obligation consultation with one of our experts. We will find you the most affordable plan!