Medicare Supplements (Medigap) Plans
Medigap policies, help pay for out-of-pocket costs for services covered under Medicare Part A and Part B. These costs include deductibles, coinsurance, copayments, hospital costs after you use up Medicare-covered days, skilled nursing facility costs, and more. Some Medicare Supplement insurance plans also include limited coverage for emergency medical services when you’re out of the country.
There are 10 standardized Medigap plans:
- Medigap Plan A
- Medigap Plan B
- Medigap Plan C
- Medigap Plan D
- Medigap Plan F
- Medigap Plan G
- Medigap Plan K
- Medigap Plan L
- Medigap Plan M
- Medigap Plan N
Each plan offers a different level of coverage, so it’s important to compare them before you buy.
Medicare Supplement insurance is offered by private insurance companies. You can buy a policy directly from an insurance company or through a licensed insurance agent.
It’s important to note that you can only buy a Medigap policy if you have both Medicare Part A and Part B. You must also live in the United States, and the policy must be issued by a private insurance company that’s licensed in your state.
If you have a Medicare Supplement insurance policy and move to a new state, your policy will continue to be valid. However, the insurance company may not offer the same policy in every state.
So what are the benefits of having a Medigap policy? First, it can help you save money. Most Medicare Supplement insurance plans don’t have monthly premiums, and the ones that do have premiums tend to be lower than the premiums for original Medicare. Second, a Medigap policy can help you avoid unexpected costs. Many Medigap policies offer coverage for services that aren’t covered by Medicare, like copayments and coinsurance.
Finally, a Medigap policy can give you peace of mind. Knowing that you have coverage for unexpected costs can help you relax and enjoy your retirement.