The Benefits of Learning More About Medigap Policies

8 – Jun24 – The Benefits of Learning More About Medigap Policies – Blog

Medigap policies, as we’ve regularly pointed at, are important insurance plans meant to secure a baby boomer’s future. By offering the opportunity to address the expensive gaps (out-of-pocket health care costs such as coinsurance fees, copayments, and deductibles) in Original Medicare Plans, a boomer can now manage their finances more efficiently during the golden years.

And we’ve highlighted several of these benefits in our last article, A Supplemental Medicare Insurance Plan Will Help You Save Money. Citing the benefits of allowing policyholders the control and power of managing their resources during the retirement years, Medicare Supplements definitely allow one a more flexible and practical take on how to approach retirement issues.

Which is why, today, we’d like to share more important details about these useful policies. And we’re starting with a short rundown on the different Medigap plans available to purchase.

Identifying Medicare Supplement Insurance Plans

Having an idea of what the ten standardized Medigap plans offer will give you the edge when planning for your retirement (please take note that plans E, H, I, and J are no longer offered). Additionally, all plans offer these basic benefits:

  • Coinsurance fees coverage for Medicare Part A
  • Copayments coverage (hospice care) for Medicare Part A
  • Coinsurance fees or copayments coverage for Medicare Part B
  • First three pints of blood in a calendar year coverage

Medigap Plan A

All private insurance companies that sell Medicare Supplements must sell this plan. Plan A offers the basic benefits mentioned above.

Medigap Plan B

Offers the basic benefits and coverage for Part A deductible.

Medigap Plan C

Offers the basic benefits and coverage for Plan B, Part B deductible, skilled-nursing coinsurance, and foreign travel coverage.

Medigap Plan D

Offers the basic benefits and coverage for Plan B, skilled-nursing coinsurance, and foreign travel.

Medigap Plan F

The most comprehensive insurance that also comes in a high-deductible form. Offers the basic benefits and coverage for Plan B, Part B deductible and excess charges, skilled-nursing coinsurance, foreign travel.

Medigap Plan G

Identical to Plan F except for coverage for Part B deductible.

Medigap Plan K

A cost-sharing policy. Medicare coinsurance charges, copayments, and deductibles will be covered once the policyholder reaches the annual limit.

Medigap Plan L

Similar to Plan K. A cost-sharing policy. Medicare coinsurance charges, copayments, and deductibles will be covered once the policyholder reaches the annual limit.

Medigap Plan M

Offers the basic benefits and coverage for skilled-nursing coverage, Part A deductible, and foreign travel.

Medigap Plan N

Offers the basic benefits and coverage for Plan B, Part B coinsurance (except for up to $20 worth of copayment for office visits and $50 worth of copayment for emergency room visits), skilled-nursing, and foreign travel.

We hope that the summary above will help you once you request for a Medigap quote. For a more detailed explanation on Supplemental Medicare Insurance Plans, please refer to a helpful post on FreeMedSuppQuotes, The Best Medicare Supplement Plans: Where are They?.

Learning More About the OEP

Another important factor you can learn about Medigap policies is the Medicare Supplement Open Enrollment Period (OEP). A six-month window that begins when you turn 65 and are enrolled in Medicare Part B, the OEP grants applicants these:

  • A private insurance company cannot deny selling you any of the Medigap policies it offers
  • You cannot be charged higher premiums during the OEP
  • Your coverage start date cannot be delayed

The OEP offers Medicare Supplemental Insurance applicants a chance to enroll in a more convenient manner. Granted that health care costs are increasing these coming years (as determined by the Centers for Medicare and Medicaid Services), purchasing coverage during the OEP is the way to go!

Learning about Medigap policies may be overwhelming, but it’s definitely worth it. Make sure to consult with insurance agents and even friends and family when choosing a plan – you need all the help you can get to select a policy that will best suit your needs! Also, please leave a comment below if you have any questions about Medicare Supplements.
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