Medicare Supplement insurance, aka Medigap plans, fill in the gaps of Original Medicare.
Medigap: Why?
You have Medicare Part A and Part B, so you’re covered, right? Well, yes and no. You have the basics covered, but if you were hospitalized for a long period of time or have a serious illness or injury the out of pocket costs can be onerous. Medicare supplement plans fill in these gaps by limiting your out of pocket exposure.
What Does Medigap Cover?
Medigap plans range from basic to comprehensive coverage. Plan A is considered the most basic while Medigap Plan F is the most comprehensive (and the most popular). All plans cover extended hospitalization, while other coverage is varied from zero to partial to full coverage of your Medicare deductibles, coinsurance, copays, excess charges, first three pints of blood during a blood transfusion, and foreign emergency care.
How Much Does Medigap Cost?
Depends on the plan, your zip code, and the company you choose. The good news is all plans are federally regulated so it’s easy to compare plans from company to company. All you have to do is look at price, as different companies offer the identical plans. This just means that if you decide on Plan F from one provider, its coverage is identical to any other provider.
What to do now:
First you want to decide if a Medigap plan is right for you based on your potential needs and budget. To learn more about the costs and coverage of Medigap plans call the number above or click here to get a Medigap quote.