Friendly seniors enjoying time together discussing Medigap coverage.

Is Medigap Coverage Worth It?

Medicare Supplement Plans, or Medigap, provide a way for you to reduce your out-of-pocket costs beyond the limits of Medicare Part A and Part B alone. It can help pay costs such as your Part A deductibles and coinsurance costs, as well as the leftover coinsurance after Part B pays 80%. It is important to compare plans and consider whether these benefits are ideal for you, as you must do so in a timely fashion.

What Does It Cover?

Medigap saves you up to 100% on these out-of-pocket costs:

  • Part A deductibles, coinsurance, copayments, first three pints of blood, all costs up to a full year after Medicare benefits have been exhausted
  • Part B coinsurance, deductibles (Plans C and F only), copayments, and excess charges
  • 80% of foreign travel emergency costs

There are ten Medigap plans available in most states. These plans are labeled as A, B, C, D, F, G, K, L, M, and N. Since Medigap plans can no longer cover the Part B deductible, Plans C and F are only available to those who were eligible for Medicare before January 1, 2020. Plan G is rising in popularity because it offers the same coverage as Plan F minus the Part B deductible coverage.

When Can I Get It?

The best time to join Medigap is during the Medigap Open Enrollment Period. It begins as soon as you are 65 and enrolled in Part B. This lasts six months, and after this time window passes, you may not be able to obtain a Medigap policy.

But once you have a Medigap policy, you can keep it forever as long as you maintain your premium payments. It is guaranteed renewable, so you will not have to worry about losing coverage if your health situation changes.

Woman looking at cash representing the assessment of cost of Medigap coverage.
When you apply, your insurer will assess how much you’ll pay in monthly premiums

What Does It Cost?

When you apply, your insurer will assess how much you’ll pay in monthly premiums based on age, gender, and tobacco use. Costs also vary according to the insurer.

Also, you will not be able to include your spouse under your Medigap plan, as it is issued on an individual basis.

Why Should I Choose Medigap Instead Of Medicare Advantage?

The reason why you have to weigh between Medigap and Medicare Advantage is that you cannot have these two policies at once.

While Medicare Advantage offers benefits for services Original Medicare doesn’t cover (e.g., dental, vision, and hearing), there are some parameters for its coverage, namely the requirement for staying within a network. For the Medicare Advantage plans that allow for out-of-network coverage, the out-of-network treatments will cost more.

Medigap’s coverage is nationwide, and the benefits are standardized. As long as you’re getting services covered by Medicare, your Medigap coverage will be effective.

For More Information About Medigap, Give Us A Call

If you’re looking for a Medigap plan that will help cover your biggest Medicare out-of-pocket costs, Turning 65 Solutions is here to help you get it. We will help you find a policy that gives you the coverage you need at a price you deserve. Call us today at 830-217-6711.

Turning 65 Solutions can help you plan for the future.