Medigap Plans
| Medigap Plan Types and Benefits | ||||||||||||
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| A | B | C | D | E | F | G | H | I | J | K | L | |
| Basic Benefits |  |
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50% | 75% |
| Part A Deductible |  |
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50% | 75% |
| Part B Deductible | |
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| Part B Excess | |
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100% | 80% | |
100% | 80% | |
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| Skilled Nursing Coinsurance | |
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50% | 75% |
| Foreign Travel Emergency | |
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| At Home Recovery | |
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| Additional Preventative Care | |
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Comparing Medigap Plans A Through L
If you have Medicare, you will most likely also want to invest in some additional insurance to cover deductibles and co-payments and to cover services not included in Medicare. This type of supplemental insurance is known as Medigap, and types of policies and their benefits are designed and regulated by the Federal government.
To purchase a Medigap Plan you must be enrolled in Medicare Part A and B.
Medigap Plans - Considerations
You may be able to choose from up to 12 different standardized Medigap policies which are known as Medigap Plans A through L. Medigap policies must follow Federal and State laws. These laws protect you. A Medigap policy must be clearly identified on the cover as "Medicare Supplement Insurance".
If you want to be certain you get the right plan, you should take the time to compare the different plans and which of their benefits may work best for you and meet all your needs.
The benefits in any Medigap Plan A through L are the same from any insurance company, but costs do vary. Contact insurance agencies or brokers to help you find the best prices on the plan that suits your needs.
When is it Best to Enroll in Medigap?
You should try to enroll in Medigap when you first get Medicare, within the first thirty days if at all possible. The open enrollment period lasts for 6 months and begins on the first day of the month you are both age 65 and enrolled in Medicare Part B. Your state may have other open enrollment periods, as well. Purchasing a Medigap policy during your open enrollment period will allow you to get better coverage at a better rate and prevent you from being turned down because of illnesses or other pre-existing conditions.
If you purchase a Medigap policy after your open enrollment period, an insurance company may not sell you a policy if you do not meet their medical underwriting requirements.
Medigap policies can be priced (or rated) in one of three ways. Policies can be community-rated or "no-age-rated" meaning everyone who purchases the policy receives the same price regardless of age. Policies can be issue-age-rated, meaning the premium is based on your age when you purchase the policy. Policies can also be attained-age-rated, meaning your premiums are based on your current age and increase as you age. It is important to ask an insurance agent or broker about how your particular policy is rated.
Other questions to ask include:
- Are discounts available?
- Does the company/policy use medical underwriting?
- Does the company sell Medicare SELECT policies? These are a type of Medigap policy available in certain states that may have lower premiums.
- Are "high-deductible options" available for the policy? These may be available for Plans F and J and may be a way to reduce your premiums.