Are Medigap Plans Worth It?

What Is Medigap?

Medigap, also known as Medicare Supplement plans, help fill the gaps in Original Medicare (Medicare Part A and Medicare Part B) by paying for costs like copayments, coinsurance, and deductibles. Medigap plans can be added alongside Original Medicare but should not be considered an alternative. 

Because each Medigap plan is different, here’s a list of costs and services that a Medigap plan could cover:

  • Medicare Part A coinsurance/hospital costs
  • Medicare Part B coinsurance/hospital costs
  • The first three pints of blood used in a medical procedure
  • Part A hospice care coinsurance or copayment
  • Skilled nursing facility care coinsurance
  • Medicare Part A deductible
  • Medicare Part B deductible
  • Medicare Part B excess charges
  • Foreign travel emergency care (up to 80%)   

Depending on your specific needs, a Medigap plan can be a helpful solution to save you money on your Original Medicare out-of-pocket costs. 

Different Kinds of Medigap Plans

There are a variety of different Medigap plans: A, B, C, D, F, G, K, L, M, and N. No Medigap plans are allowed to cover prescription drugs, and they also usually don’t cover dental, hearing aids, vision, long-term care or private-duty nursing.

How to Enroll in a Medigap Plan

Just like Medicare, the best time to buy a Medigap policy is when you’re first eligible during your 6-month Medigap Open Enrollment Period. This starts automatically the month you’re 65 and enrolled in Medicare Part B. When you get a Medigap plan during this period, you won’t be denied coverage or charged more because of your health. 

However, after the Medigap Open Enrollment Period, you may not be able to buy a Medigap policy because insurers will have the right to deny you coverage or charge you more based on your health status.

Are Medigap Plans Worth It?

Everyone’s medical care needs are different, but if you want to protect yourself from some of the out-of-pocket costs in Original Medicare, Medigap is worth looking into. In fact, 23.5% of Medicare recipients—approximately 14.1 million people— have a Medigap policy. 

Some of the plans, like Plan G, offer almost completely comprehensive coverage, leaving you with little to no out-of-pocket costs. Other plans, like Plans K or L, offer a cost-sharing approach, so when expenses do come up, the burden isn’t solely on you to pay them. 

Game Changing Benefits Can Help You

Game Changing Benefits can help you decide on the right Medigap policy for your needs. Medicare can be confusing, but we make it easy. Contact us today and have a game-changing experience.