Medicare Supplement insurance, aka Medigap, fills in some of the gaps of Original Medicare to help cover out of pocket costs. Here are five helpful hints to help find the right Medigap plan for you.
1) All Medigap Plans are Standardized
All Medigap plans are standardized. This just means that all the lettered plans (A-N) of the same letter offer the same basic benefits. For instance, Plan A from Company X has the exact same benefits as Plan A from Company Y. This is important because once you know what kind of coverage you want you only have to price shop Medigap plans.
2) Medigap Can Cover Extras
Some Medigap plans cover services that Original Medicare doesn’t cover. A few of these are:
- Additional 365 hospitalization days
- Part B excess charges
- Foreign emergency healthcare
3) Medigap Offers Nationwide Coverage
Most Medigap plans offer nationwide coverage because you are still enrolled in Original Medicare and you will maintain its network of doctors and hospitals.
4) Medigap May have 1st Dollar Coverage
First dollar coverage is when a plan pays immediately for services because you don’t have to wait for a deductible to kick in. Medigap Plan F offers first dollar coverage on all services that it covers and most people covered by Medigap Plan F don’t spend more than the premium in a year, whereas Medigap Plan A doesn’t offer first dollar coverage because you are responsible for Medicare deductibles. Because of this, Medigap Plan A generally has a much lower monthly premium.
5) How to Choose a Medigap?
The best way to choose a Medigap plan is figure out your monthly budget and your current and potential medical needs. When you weigh your health and finances you should pick a plan that meets both of those needs.
For help finding a Medigap plan call the number above or click here to get an instant Medigap quote.