Medicare Supplement Plan Comparison

What is supplemental insurance?

Medigap, the supplemental insurance available for Medicare, is sold through private insurance companies. Medigap works alongside Original Medicare and those with this enrollment are the only ones eligible. There are ten different Medigap policies, each offering its own distinct group of coverage. The different options available make Medigap accessible and usable for many different people with various health and financial situations.

Medigap provides financial relief for some of the costs that Medicare doesn’t cover. While Medicare does cover a large amount of most medical expenses, there are still some costs that must be paid out-of-pocket. Beneficiaries are responsible for paying their deductible, copayment and coinsurance fully, regardless of how much the sum is. While these costs are typically affordable, they can still present financial strain and leave many wondering if there is another option to lessen this cost. If you’re looking to reduce your financial responsibility, consider purchasing a Medigap policy and gaining access to a whole new area of coverage.

Thinking about enrolling in Medigap?

Anyone enrolled in Medicare Parts A and B should consider supplemental insurance. Medigap can provide financial relief and ensure you still have the resources you need to seek medical care. While Medigap doesn’t typically provide new health coverage in the form of services or offerings, it can give you more financial freedom and the peace of mind that comes from knowing you’re doing everything possible to lessen your medical bills.

If you’re looking to enroll in Medigap, take a look at all the providers in your area. Providers are not required to carry every single policy, so picking a provider with the right type of plan for you is very important. If you’ve made an appointment to speak with an insurance professional, do some research beforehand. Take a look at all the different plans available and think about which one could be right for you.

Working with an insurance agent is one of the most helpful tools when enrolling in insurance. There are so many details that must be taken into consideration and it can be confusing when trying to compare all the different policies. If you’re wanting to do less research, work with an insurance professional that understands your situation and can pair you with the right Medigap policy.

How are the Medigap plans organized?

Each Medigap plan is given a corresponding letter. Within that policy will be a unique set of coverage that distinguishes it from the other plans. While there are multiple policies available, the majority of them are similar. This can provide some relief, as it lessens your decision making.

Understanding a policy’s coverage before you enroll is incredibly important. Like other offerings through Medicare, there are only certain times when you can make changes to your Medigap policy. This is one of the reasons why it’s essential you research and be sure of your decision when first enrolling in Medigap.

How do you pick the right policy?

When trying to pick a policy, there are a lot of things that should be considered. One of the best ways to select areas of coverage is by thinking about where you currently spend the most. If you’d like a reduction on your coinsurance, you can select the policy that will offer the biggest amount off in that area. By looking at your past bills, you can plan for the future and be sure you’re equipping yourself properly for a variety of situations.

What makes the plans different?

While there isn’t extreme variation between the Medigap plans, there are some slight variations that are important to note. Whether a policy covers a percentage or the total of a cost may not seem extremely important, but it is. 50% of coinsurance costs could end up being thousands of dollars, so keep in mind that percentages really do matter.

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Medigap Plan A

Medigap Plan A provides the most basic coverage. If you don’t have any specific health concerns or reasons to believe you’ll be using your coverage extensively, this may be the best option.

Medigap Plan A provides full coverage for:

Medicare Part A coinsurance
Medigap Part A hospital costs (coverage extends up to one year after Medicare benefits are exhausted)
Medicare Part B coinsurance or copayment
The first three pints of blood
Medicare Part A hospice coinsurance or copayment

Medigap Plan A does not provide any coverage for:

Skilled nursing facility care
Medicare Part A deductible
Medicare Part B deductible
Medicare Part B excess charge
Foreign travel exchange

Medigap Plan B

Medigap Plan B provides full coverage for:

Medicare Part A coinsurance
Medigap Part A hospital costs (coverage extends up to one year after Medicare benefits are exhausted)
Medicare Part B coinsurance or copayment
The first three pints of blood
Medicare Part A hospice coinsurance or copayment
Medicare Part A deductible

Medigap Plan B does not provide any coverage for:

Skilled nursing facility care
Medicare Part B deductible
Medicare Part B excess charge
Foreign travel exchange

The only difference between Medigap Plans A and B is that Plan B includes coverage for the Medicare Part A deductible. If you’re concerned about paying for the Medicare Part A deductible out-of-pocket, consider selecting Plan B and gaining full coverage in that area.

Medigap Plan C

Medicare Plan C provides some of the most extensive coverage available. It’s a holistic and extremely functional option if you’re considering Medigap.

Medigap Plan C provides coverage for:

Medicare Part A coinsurance
Medigap Part A hospital costs (coverage extends up to one year after Medicare benefits are exhausted)
Medicare Part B coinsurance or copayment
The first three pints of blood
Medicare Part A hospice coinsurance or copayment
Medicare Part A deductible
Medicare Part B deductible
Skilled nursing facility care
80% of foreign travel exchange

Medigap Plan C does not provide any coverage for:

Medicare Part B excess charge

Medigap Plan D

Medigap Plan D provides coverage for:

Medicare Part A coinsurance
Medigap Part A hospital costs (coverage extends up to one year after Medicare benefits are exhausted)
Medicare Part B coinsurance or copayment
The first three pints of blood
Medicare Part A hospice coinsurance or copayment
Medicare Part A deductible
Skilled nursing facility care
80% of foreign travel exchange

Medigap Plan D does not provide any coverage for:

Medicare Part B excess charge
Medicare Part B deductible

If you’re interested in Plan B, but would like to add foreign travel exchange coverage, consider enrolling in Plan D. Both of these plans are very comparable, with the main difference being the addition of foreign coverage in Plan D.

Medigap Plan F

Medicare Plan F includes the most coverage provided by Medigap. It includes each area and can provide significant financial relief. If you’re looking to maximize your coverage, Plan F is right for you.

Medigap Plan F provides coverage for:

Medicare Part A coinsurance
Medigap Part A hospital costs (coverage extends up to one year after Medicare benefits are exhausted)
Medicare Part F coinsurance or copayment
The first three pints of blood
Medicare Part A hospice coinsurance or copayment
Medicare Part A deductible
Skilled nursing facility care
80% of foreign travel exchange
Medicare Part B deductible
Medicare Part B excess charge

Medigap Plan G

Medigap Plan G has similar coverage to Plan F, making it a comprehensive plan option. The only thing it does not cover is the Part B deductible.

Medigap Plan G provides coverage for:

Medicare Part A coinsurance
Medigap Part A hospital costs (coverage extends up to one year after Medicare benefits are exhausted)
Medicare Part F coinsurance or copayment
The first three pints of blood
Medicare Part A hospice coinsurance or copayment
Medicare Part A deductible
Skilled nursing facility care
80% of foreign travel exchange
Medicare Part B excess charge

Medigap Plan K

Medigap Plan K is known most for its out-of-pocket limit. The Medigap Plan K yearly out-of-pocket limit is currently $6,220. If you’ve met your Part B deductible for the year, as well as the previously mentioned limit, Medigap will cover 100% of any of the remaining services you use throughout the rest of the year.

Medigap Plan K provides coverage for:

Medicare Part A coinsurance
Medigap Part A hospital costs (coverage extends up to one year after Medicare benefits are exhausted)
50% of Medicare Part B coinsurance or copayment
50% of the first three pints of blood
50% of Medicare Part A hospice coinsurance or copayment
50% of the Medicare Part A deductible
50% of skilled nursing facility care

Medigap Plan K does not provide any coverage for:

Medicare Part B deductible
Foreign travel exchange
Medicare Part B excess charge

Medigap Plan L

Medigap Plan L is similar to Plan K in that it also has an out-of-pocket limit. However, the Plan L limit is much lower than that of K. The 2021 yearly out-of-pocket limit for Medigap Plan L is $3,110.

Medigap Plan L provides coverage for:

Medicare Part A coinsurance
Medigap Part A hospital costs (coverage extends up to one year after Medicare benefits are exhausted)
75% of Medicare Part B coinsurance or copayment
75% of the first three pints of blood
75% of Medicare Part A hospice coinsurance or copayment
75% of Medicare Part A deductible
75% of skilled nursing facility care

Medigap Plan L does not provide any coverage for:

Medicare Part B deductible
Foreign travel exchange
Medicare Part B excess charge

Medigap Plan M

Medigap Plan M is very similar to Plan L, but it doesn’t have a yearly out-of-pocket limit. This means that there’s no cap on what you could owe towards your medical bills. While this may seem frightening, it’s exactly the situation that Medigap was created for.

Medigap Plan M provides coverage for:

Medicare Part A coinsurance
Medigap Part A hospital costs (coverage extends up to one year after Medicare benefits are exhausted)
Medicare Part B coinsurance or copayment
The first three pints of blood
Medicare Part A hospice coinsurance or copayment
50% of Medicare Part A deductible
75% of skilled nursing facility care
80% of foreign travel exchange

Medigap Plan M does not provide any coverage for:

Medicare Part B deductible
Medicare Part B excess charge

Medigap Plan N

If you travel and the Medicare Part B deductible isn’t your top priority, Plan N might be the right choice for you. It offers a wide range of full coverage, with 75% coverage of skilled nursing facility care fees. This means that you’ll have coverage when you need it and won’t need to worry as much about the leftover fees your Medicare policy has.

Medigap Plan N provides coverage for:

Medicare Part A coinsurance
Medigap Part A hospital costs (coverage extends up to one year after Medicare benefits are exhausted)
Medicare Part B coinsurance or copayment
The first three pints of blood
Medicare Part A hospice coinsurance or copayment
The Medicare Part A deductible
75% of skilled nursing facility care
80% of foreign travel exchange

Medigap Plan N does not provide any coverage for:

Medicare Part B deductible
Medicare Part B excess charge

Here’s the bottom line…

Selecting a Medigap policy should be done with care. If you’re beginning the process, there are a few questions you can ask yourself to make the process easier. Are you planning on traveling and would you like foreign coverage? Do you want your Medicare Part B deductible to be covered? These questions can be a helpful starting point when comparing the various Medigap plans.

Is Medigap right for you?

If you’re looking to reduce your Medigap bills and work with an insurance policy that will do just that, Medigap is right for you. Most people find their Medigap policy to be affordable and give them peace of mind. Medical bills can be expensive, so enroll in a Medigap policy and make sure you can afford the care you need.

Enrolling in Medigap

Medigap policies are sold through private insurance companies, so they’re the ones that conduct enrollment. Even though these companies are separate from Medicare, they’re given a list of qualifications they must meet to sell Medigap. This helps ensure that policies are still being offered fairly and uniformly.
 If you’re ready to begin the enrollment process, reach out to the insurance provider you’ve selected. They should be a company you trust. You deserve to have answers about your insurance policy and should work with someone that makes you feel welcome and understood. Insurance is important, so take the necessary time to select a provider and agent you feel you’ll be able to work with well.

Enrolling in Medigap is fairly simple, so don’t be afraid to start the process today. If you’re wanting to learn more, don’t hesitate to reach out and call us at 303-619-0750.

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