Medigap is a form of supplemental insurance for Medicare, covering the remaining costs after Medicare pays its share. As a result, your out-of-pocket costs will either be minimal or nonexistent. But not all plans have equal coverage. However, even the most basic Medigap plan can potentially save you thousands.
What Does Medigap Offer?
Medigap consists of Plans A, B, C, D, F, G, K, L, M, and N. It provides coverage based on the type of out-of-pocket cost. And while sold through private insurance, its coverage isn’t limited to a network. Medigap provides coverage as long as your treatment or service is covered under Original Medicare. And since Original Medicare is accepted across the nation, Medigap is, too.
Medigap can cover:
- Part A coinsurance and hospital costs up to 365 days after Medicare benefits have been exhausted
- Part A deductible
- The first three pints of blood for transfusions
- Part A hospice coinsurance or copay
- Skilled nursing facility coinsurance
- Part B coinsurance or copay
- Part B deductible
- Part B excess charges
- Foreign travel emergencies
However, only Plan F covers all of these, and only individuals who turned 65 before January 1, 2020, can get it. This is because Medigap Plans can no longer cover the Part B deductible.
What Does The Most Basic Medigap Plan Cover?
All plans cover:
- Part A coinsurance and hospital costs up to a full year after Medicare benefits have been used up
- Part A hospice coinsurance or copay
- First three pints of blood
- Part B coinsurance or copay
Medigap Plan A is the only one that exclusively offers minimum coverage – but this may be the only coverage you need.
If you’re healthy, your medical needs may be limited to routine visits. Medigap would still cover your basic out-of-pocket costs.
Other costs covered in the more comprehensive plans may not apply to you. For example, if you never leave the country, you don’t need coverage for foreign travel emergencies. Likewise, you can avoid Part B excess charges by seeking treatment from participating providers who accept Medicare no matter what.
How Do I Get Medigap?
Your best chance to join Medigap is within the Medigap Open Enrollment Period, which lasts six months starting when you turn 65 and are enrolled in Part B. You’ll be able to obtain Medigap regardless of health issues. But if you wait until after six months have elapsed, then you may not be able to get Medigap ever again.
Also, keep in mind that you cannot simultaneously carry Medigap and Medicare Advantage. If you want to enroll in Medicare Advantage, you’ll need to drop your Medigap plan.
Save Even More On Your Out-Of-Pocket Costs With Medigap
At Peritia Advisors, we offer Medigap policies to help supplement your Original Medicare coverage. With our help, you can take your savings one step further to get the care you need without worrying about the cost.
To learn more about how Medigap can help you save, call us today at 319-200-5050.
