What is Medicare Medigap Insurance?
Medigap is extra health insurance the help pay for some costs not covered by Original Medicare Part A and Part B. You buy Medigap coverage from a private insurance company to pay costs such as copayments and deductibles. You pay a monthly premium for a Medigap policy.
Two requirements to getting Medigap is having Medicare Part A and Medicare Part B. Medicare Part A helps pay for hospital services while Medicare Part B covers the cost for doctor services.
Also, people who have a Medicare Advantage plan (medicare Part C) cannot get a Medigap plan.
Types of Medigap Insurance
There are currently 10 standardized Medigap plans as well as one high-deductible plan available in most states. Each plan is named with a letter. There is: Plan A, B, C, D, F, G, K, L, M, N, and a high-deductible version of Plan F. Picking the right plan for you can take a lot of research.
Medicare Part A costs covered by Medigap policies
- The cost of hospital coinsurance for up to a year after your Medicare Part A hospital benefits end
- Medicare supplement plans also cover Part B coinsurance / copayments
- 50-100% of Skilled nursing facility stay coinsurance.
- Medigap plans might cover up to 50-100% of your hospice care coinsurance/copayment
- Medigap plans can cover up to 50-100% of the Medicare Part A deductible costs.
Medicare Part B costs covered by Medigap policies
- 50-100% of your Medicare Part B copay/coinsurance can be covered by Medigap.
- Medigap Plan C and Plan F are the only plans that help pay for Medicare Part B deductible
- Plan F and Plan G Medigap policies cover the Medicare Part B excess charges.
Medigap Plans C, D, F, G, N, or M provide coverage if you go abroad.
Things not covered by Medigap policies
Long-term care (care in a nursing home)
- Routine vision or dental care
- Hearing aids
- Private-duty nursing