What is Medicare Supplement Insurance (Medigap)?
Medicare Supplement Insurance, also known as Medigap, is private health insurance that helps pay for health expenses (copayments, coinsurance, and deductibles) that are not covered by Original Medicare. It fills the gaps in Medicare coverage and saves patients from potentially high bills and excess charges.
While Medicare provides good protection for basic health care costs, it does not cover 100% of your medical expenses. After you meet your Part B deductible ($183 in 2017), Medicare will pay for 80% of Medicare-approved health care expenses. As the patient, you will be responsible for paying the remaining 20%, which is where having a Medigap policy can help. A Medigap policy supplements the gap in coverage left by Medicare and protects you against the risk of potentially high medical bills.
10 Standardized Medigap Plans
There are 10 standardized Medigap plans to choose from, and they are identified by letters A through N. They are Plans A, B, C, D, F, G, K, L, M, and N. These plans are sold by many different insurance companies.
Check out the chart below to compare benefits from each Medigap plan.
All plans that start with the same letter offer the SAME benefits, regardless of the insurance company that sells it. One of the key things to remember when shopping for a Medigap plan is that the only difference between Medigap policies with the same letter sold by different insurance companies is the COST. For example, Plan F from one company has the same benefits as Plan F from another company; the only difference between the two plans is the cost.
For more information on the benefits and costs of each Medigap plan, visit our Medicare supplement plans page.
When Can I Buy Medigap?
Medigap plans are available to people who already have Medicare. You can apply for a Medigap plan up to 6 months before your 65th birthday and are enrolled in Medicare Part B. Many people choose to sign up for a Medigap plan before they turn 65 so they can avoid a gap in coverage.
How to Shop for a Medigap Plan
We know how overwhelming it can be trying to figure out which plan is the best for you. Fortunately, GoMedigap has experienced, licensed insurance agents that can help you understand the different Medigap plans offered by the 30+ insurance companies we represent. We can save you time, money, and your sanity!
* Check out our blog post if you want more information on the benefits and advantages of working with a licensed insurance agent.
No matter what stage you are in shopping for a Medigap plan, whether you are just beginning your research or you are ready to purchase a policy, GoMedigap can help.
Call Today for a Free Medigap Quote!
Please call us directly at (866) 894-3258 for a free quote or simply more information. You can also enter your zipcode on our website for a free Medigap quote.
Our job is to educate consumers on their Medigap options. We do the nitty-gritty work to make this period of transition easier for you. Our services are completely free, and we would love to help you confidently choose a Medigap plan!