Medicare supplements are also called Medigap plans. These plans were created to help cover the “gaps” in Original Medicare. Parts A and B only cover up to 80% of your expenses, so a Medigap plan is used to pick up the leftover 20%.
Unlike Original Medicare, Medigap plans sometimes offer a maximum out-of-pocket expense cap. This is especially helpful when an individual needs frequent or expensive medical treatment.
Private insurance companies offer Medigap plans. The federal government standardizes these plans. That means that no matter which carrier you purchase a plan from, that specific plan will be the same as any other carrier. They will have the same features and benefits. The only difference may be the premium.
What Are The 10 Medigap Plans?
There are currently ten Medigap plans: Plans A, B, C, D, F, G, K, L, M, and N. Though sometimes plans are discontinued or added, these plans will always remain the same.
What Do Medicare Supplements Cover?
Medigap plans cover the same services and procedures that Original Medicare does and are meant to protect the leftover 20% of expenses that Original Medicare does not pay for.
This could potentially leave you with little out-of-pocket costs, depending on the Medicare supplement plan you choose.
What Is Not Covered By Medigap?
The same rules apply to Medigap as they do to Original Medicare. If Parts A and B do not cover a service, neither will a Medigap policy.
This includes routine hearing exams, hearing aids, glasses, contact lenses, dental exams and treatment, long-term care, custodial care, and most prescription drugs.
How Much Will I Save With A Medicare Supplement Plan?
How much you will save with a Medicare supplement dramatically depends on which one you choose and, of course, your health. Plans F and G are extremely popular because they pay 100% of the covered expenses that Original Medicare does not pay. Of course, this means that their premiums are higher than others.
Other individuals may find that they would prefer a lower premium with less coverage because they rarely see a doctor. For those folks, Plans F and G may not be the best option.
The simplest way to figure this out is to consult with Senior Benefit Solutions. We’ll consider your health when suggesting a Medicare supplement.