Which of the Medicare Supplement Plan is Right For You?

Medigap Plan N

Medicare is a healthcare lifeline for many seniors. But, with the ever-expanding cost of medical care, your Original Medicare plan may not be enough.

Fortunately, you have options. Medicare supplement plans, also known as “Medigap” plans, can offer you the extra coverage you need for those vital expenses Medicare doesn’t take on.

Whether you already have Medicare or are considering signing up for it, you’ll want to learn more about gap plans. Here is how to tell which of the Medicare supplement plans fits your needs.

The Benefits of a Medicare Supplement Plan

First, it’s important to understand that you must already have Medicare coverage to sign up for a Medicare supplement plan. You can’t get a supplement plan all by itself.

Secondly, even though Medicare is a government program with standardized rates, Medigap programs are available only through private insurers. The cost of Medicare gap plans varies, so you must shop around.

Once you are officially enrolled in Medicare, supplemental coverage can prove to be one of the biggest investments you can make in your health care. Here is where Medigap plans pick up the slack.

Deductibles

Original Medicare Part A’s deductible is around $1400, and Part B is around $200. These standard deductibles are a shared cost, meaning it’s your part of the overall bill, which you usually have to pay out of pocket.

However, many supplement plans cover this deductible. Coverage for your Part A deductible is standard across all Medigap plans.

Coinsurance

Coinsurance is the amount you pay after your deductible has been met. Generally, a percentage, your coinsurance can nevertheless amount to a sizable bill.

For example, if your coinsurance is 20% for a diagnostic procedure, and say the allowable cost for that procedure is $200, that amounts to $40 for you. Not so bad for just one visit, but multiply this by several visits, and you could be looking at hundreds, or even thousands, of dollars in coinsurance costs.

Copayment

Even the copayments can add up if you’re seeing a physician regularly. Luckily, all supplement plans offer some level of copayment benefit, anywhere from 50% up to 100%.

Not sure what coverage is right for you? We can help guide you through the maze of Medicare supplemental options. You’ll get all the coverage you need without overpaying.

Medicare Supplement Plans

Many seniors find supplemental programs worth the expense and necessary to ensure they get all the care they need. But what plan, or plans, should you choose?

There are ten plans in all, A, B, C, D, F, G, K, L, M, and N. As you’ll see, some benefits, like Medicare Part A deductibles, receive coverage from all the gap plans. Benefits like travel insurance, for example, are more optional,

Before you start spending money on Medigap coverage, it’s best to know what each supplement program involves. Here’s what plans cover:

1. Coinsurance and Copayments 

All plans are required to cover coinsurance and copayments for both Original Medicare.