Medigap, or Medicare Supplement insurance, is a policy that helps pay most of the “gaps” or expenses that Medicare Part A and B (Original Medicare) don’t cover.
These policies are offered by private insurance companies and work right alongside Medicare as secondary insurance. Medigap Plans are some of the best coverage someone on Medicare can get to pay their medical bills.
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What is Medigap Insurance
Medigap insurance is policies are offered by private insurance carriers to help pay the gaps or expenses in Part A and Part B Medicare.
If you are new to Medicare you will be enrolled in Part A which covers hospitalization, and Part B which covers doctor services.
Again, Medigap insurance helps pay those gaps or expenses in Part A and Part B.
So what are the gaps?
Well, the gaps are things like co-payments or co-insurance, or deductibles.
And without a Medigap Plan, you’re required to pay those out of pocket. Medigap plans offer outstanding coverage for relatively low premiums each month.
One thing I will stress, there’s no network with these plans because Medicare has no network.
Medicare is a federal program and is nationwide.
A Medigap Plan will follow Medicare wherever you go, or wherever it’s offered throughout the country.
So back to the actual name, that’s where they get the name “Medigap” because it helps pay those gaps or expenses.
These are also frequently called Medicare Supplement Plans. In reality, they are the same thing.
So as I mentioned, there are Medicare parts, which are Part A and B. And then there’s also Medicare Part D Drug Plan.
Medigap plans and their benefits are listed below in the Medicare supplement plans comparison chart.
Medigap Plans and Coverage
Medigap plans are designated by letters just like Medicare “parts” are.
These letters are A through N, however, there’s a couple missing because there have been some changes over the years.
The most popular Medicare supplement plans, or Medigap plans, available today are:
- Medigap Plan G
- Medigap Plan N
- High-deductible Plan G
Click below to learn about the best Medicare supplement plans!
Medigap Plan G
Medicare Plan G is now the most popular and comprehensive plan available to people on Medicare.
With Plan G there is just one small deductible to pay, and then you receive all of your medical bills paid 100%. It truly is the best coverage one on Medicare can get.
Beyond that, Plan G will pay 100% of all Medicare-approved charges and amounts that Medicare pays first on.
Medicare Part B, which is doctor’s services, will pay 80% of your medical bills and Plan G will pay the remaining 20%. As well, should you go into the hospital where Medicare Part A begins paying, Plan G will pay all deductibles, co-pays, and coinsurance of Part A.
Click below to learn about Medicare Plan G!
Medigap Plan N
Another very popular Medigap Plan is Medigap Plan N.
In fact, this Plan N will be the second most popular Medigap plan right behind Plan G.
Plan N is nearly identical to Plan G, in the fact that you still have to pay that Part B deductible prior to Medicare paying 80%. Once that is met, Plan N will pay the remaining 20%.
However, with Plan N you still might have some additional costs such as co-pays.
If you visit the doctor with Plan N and you’ve met your Part B deductible, you may have a co-pay per visit. This will never be more than $20 though.
If you have a telehealth visit, the co-pay does not apply and you will not have to pay one.
Medicare Plan N Emergency room co-pay
If you visit the emergency room while on Plan N, you’ll have a $50 co-payment to pay if you are not admitted to the hospital. This is just to keep people out of the emergency room for non-emergency items.
Also, Plan N doesn’t cover Medicare Part B excess charges. These are quite rare and do not often come up. In fact, 96% of all doctors don’t even charge these.
Call today to get started and get your questions answered!
Medigap Enrollment – When to Enroll
The best time to enroll in a Medigap plan is when you first enroll in Original Medicare Part A and B. During this time you’ll have 6 months to enroll in a Medicare supplement plan with no medical questions asked.
The six months starting from your initial Part B effective date. After the six months are up, you can still enroll in a Medigap plan but you will have to answer medical questions on the carrier’s application and get medically approved.
You can change from one Medigap plan to another at any time during the year. You do not have to wait until the open enrollment period each year from October to December. That period would only apply to change your Part D drug plan, or to those who are coming off a Medicare advantage plan.
Medicare Supplement Plans Cost
After reading about what great coverage Medigap insurance offers, you might be thinking that it’s incredibly expensive. Good news, it’s not!
There are several different plans available and they all have different rates. Aside from that, rates are calculated using a variety of variables.
How much is Medigap per month?
Medigap plan’s cost varies with a number of factors.
The premiums are based on:
- Zip Code
- Tobacco use
- Household discounts
Rates for a Medigap plan in various parts of the country are more expensive than in others. As well, Female rates are typically lower than Males, and people who use tobacco almost always have higher rates.
The easiest way to get rates for Medigap insurance is just to call us now at 1-888-891-0229.
Or click the button below to view rates from the top companies online now!
Remember if you call direct to just one company, you’re just stuck with their rate. And these plans are standardized by the government, which means they all have identical coverage within each plan letter.
They all, however, have different premiums!
So in the case of Plan G or N, it doesn’t matter if it’s Cigna, Accendo, or Mutual of Omaha. Same coverage with them all, many different rates!
There are just too many companies available to try to do this on your own. Our service is entirely FREE and our clients love it.
So let us shop the rates so you don’t have to! It’s easy, fast, and we’ll take care of you for years to come!