Medigap policies are offered by private companies to help pay expenses not covered by Original Medicare, Part A and Part B. These expenses include copayments, coinsurance, and deductibles.
These plans are no longer allowed to pay the Part B deductible or include Part D prescription drug coverage. You can buy a Part D policy for prescription coverage. You cannot have both a Medigap policy and a Medicare Advantage plan.
Medigap policies are for individuals, so you and your spouse need separate policies.
Medigap policies are guaranteed renewable, so long as you pay the monthly premium, they cannot cancel your coverage, even if you have health problems. You will pay costs associated with the Medigap policy in addition to your Part B premium.
The Medigap Plans
Medigap has plans A, B, C, D, F, G, K, L, M, and N. Each plan was standardized by Medicare in 1990. Plans of the same letter differ only in their monthly premium assigned by the private insurance company. Plans F, G, and N are more common.
Plan F pays 100% of the costs remaining after Medicare pays its share. With Medicare Supplement Plan F, you pay no deductible or copay.
Plan G pays everything except the Part B deductible. Plans often save people as much as the cost of this deductible.
Plan N has lower premiums than F or G but pays for less. You pay a $20 copay for doctor visits and $50 for E.R. visits. You also pay the Excess Charges, which are charges the medical provider bills in excess of the Medicare-approved amount.
What Medigap Does Not Cover
Medigap plans do not cover anything beyond Original Medicare Part A and Part B expenses.
Medicare does not cover routine dental, vision, or hearing exams. It does not cover hearing aids, dentures, glasses, or contacts. Medicare does not cover long-term care or retail prescription drugs.
For all of your Medicare questions, speak with Turning 65 Solutions.