Medicare Supplement Insurance is a popular insurance product that helps Medicare beneficiaries pay their out-of-pocket health care costs. There are ten core Medicare Supplement plans to choose from, each offering a different variety of useful benefits. These are the most popular plans for our customers.
Before we get into the most popular Medicare Supplement Insurance plans, let’s discuss Medigap. Medigap is simply another term that can be used to refer to Medicare Supplement Insurance.
Medigap plans are varied, but all of them will provide some form of assistance in paying for the out-of-pocket portion of costs for Medicare-approved services. In other words, Medigap, or Medicare Supplement Insurance, helps fill in the “gaps” left by coverage provided by Original Medicare.
There are 10 Medigap plans available as those gaps in coverage vary from person to person and their individual health care needs.
For example, Medigap plans may cover Part A or B deductibles, Part A or B coinsurance or copayments, and more. Other benefits include coverage for skilled nursing facility care costs and travel emergency benefits. Which benefits are available to you will depend on which plan you purchase.
Choosing an appropriate plan for yourself is very important so make sure you look into the details about what every plan has to offer as well as what kind of coverage it provides and then make a decision about which plan would best suit you.
Medigap coverage varies but in general, none of the Medigap policies cover for long-term care, vision or dental services, hearing aids, eyeglasses, or private-duty nursing.
Medigap policies can no longer be sold with drug coverage, but if you have an older Medigap policy that you purchased before January 1st, 2006, you can keep it.
For example, beneficiaries who purchased Plans H, I, and J prior to 2006, had the option of limited drug prescription coverage, although those plans are no longer sold.
If you’re in this situation but want to join a prescription drug plan, you must drop the prescription drug coverage from your Medigap since you can’t have two separate prescription drug coverage policies at the same time.
You may choose to join a separate Medicare Prescription Drug Plan, also known as Part D, because most Medigap drug coverage doesn’t imply creditable prescription drug coverage, and you may pay more if you join a drug plan later.
If you buy Medigap and a Medicare drug plan from the same company, you may need to make 2 separate premium payments but in any case, you should contact the insurance company of your choosing to find out how to pay your premiums.
Which Medigap plan is best for you will depend on your needs. In many cases, reviewing your recent health care history can help you identify which plan is ideal.
If you are frequently accessing your Medicare business, a more comprehensive plan that covers more costs may be best. Conversely, individuals who don’t use their benefits often may be fine with a basic Medigap policy or a cost-sharing plan.
For the best guidance on selecting a Medigap plan that fits your unique needs, contact Texas Medicare Advisors to schedule a free consultation. During our call, we can discuss the following popular Medigap plans.
To give you a better idea of which options are available to you, we will now get into the most popular plans for our customers.
Medigap Plan G is incredibly popular because it is one of the most comprehensive Medigap plans currently available. Plan F is similarly popular, but new Medicare enrollees are not eligible to purchase these plans.
Medigap Plan G pays for all of your Part A deductible and Part A and B copayments and coinsurance. The plan will also cover the 20% that Part B doesn’t typically cover. It also covers Part B excess charges, which can quickly become a costly expense when seeing some health care providers. Like most Medigap plans, Plan G covers foreign travel emergency costs up to a specific limit listed in your plan.
This plan costs $150-$230. How much it costs you will vary based on your location and potentially your health status.
Plan F is similarly popular just like Medigap Plan G, but new Medicare enrollees are not eligible to purchase these plans.
Due to a change in federal law, people who have become eligible for Medicare after December 31st, 2019. do not qualify for Plan F. However, Plan F continues to be available to everyone who became eligible for Medicare before that date.
Medigap Plan F will cover 100% of these gaps in Medicare:
Some of the things that are not covered by Plan F are, for example, services that are cosmetic in nature, treatments for infertility, and other generally routine services like routine vision and foot care, most dental care, acupuncture, and hearing aids and exams.
Medigap Plan F’s average cost is about $230 per month. However, many factors impact the premium price and premium costs for this supplement plan can range from around $150-$400 per month or more.
Medigap Plan N has been popular since it was first introduced in 2010. It is ideal for consumers who prefer lower premiums in exchange for having a small annual deductible and some copayments.
Plan N covers all of the Part A and Part B coinsurance, as well as skilled nursing facility coinsurance, Part A deductibles, and Part A hospice care coinsurance. As with many plans, this one offers coverage for foreign travel emergencies and 3 pints of blood to be used in a medical procedure.
This plan does not include coverage for excess charges or the Part B deductible, so you still must pay those costs. You will also be required to pay a $20 copayment for doctor appointments and a $50 copayment for emergency room visits.
Some Medigap plans offer partial coverage for a variety of Medicare’s out-of-pocket costs. Plan K is a 50% cost-sharing plan that covers the following benefits:
Cost-sharing plans are popular because they are generally less expensive than other Medigap plans. In some areas, Plan K can cost around $80-$120. While the lower costs are worthwhile for some Medicare beneficiaries, keep in mind that you will be liable for half of the costs for covered expenses as well as the full cost for Part B excess charges and deductibles.
There are many different Medigap plans to choose from, so why not get help finding the right one for you? The talented agents at Texas Medicare Advisors can help you find an appropriate plan and walk you through the enrollment process. Call us at 512-900-3008 now to get started with a free quote.
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