Are you thinking about Medicare Supplement insurance? Medicare Supplement plans, also called Medigap plans, can help pay for out-of-pocket costs for services covered by Original Medicare (Part A and B). It’s necessary to select a Medigap plan option that matches your health-care needs now and in the future because, depending on the timing of when you enroll, you might not be able to switch plans later.
There are 10 standardized Medigap plans available. Each plan has a letter designation (Plan F, for example) and is sold by private insurance companies. While the prices may differ across various insurers, the benefits of each Medigap plan are standardized across plans of the same letter. This means that coverage for Medigap Plan F, for example, will be the same regardless of the insurance provider.
Medicare Supplement Plans F and G offer many of the same advantages, with a few differences, which the info below will explain.
Medicare Supplement Plan F*
With Medicare Supplement Plan F, you get the most comprehensive coverage possible. Because the plan covers costs in excess of Medicare-supported amounts, you may have no out-of-pocket costs for hospital and doctor’s office care with this plan.
Medicare Supplement Plan F covers:
Basic Medicare benefits including
- Hospitalization: pays Part A coinsurance plus coverage for 365 extra days after Medicare benefits end
- Medical Expenses: pays Part B coinsurance — typically 20% of Medicare-approved amounts — or copayments for hospital outpatient services
- Blood: pays for the first three pints of blood each year
- Hospice care: pays Part A coinsurance
- In addition to the basic advantages, Plan F also provides coverage for:
- Skilled nursing facility care
- Medicare Part A deductible for hospitalization
- Medicare Part B deductible for medical and hospital outpatient expenses
- Medicare Part B excess charges (this is the difference between what a doctor or provider charges and the amount Medicare will pay up to Medicare’s limiting amount)
- Travel-abroad medical emergency help
Medicare Supplement Plan G
Medicare Supplement Plan G is a perfect fit for individuals who want some coverage for hospitalization, but are ready to pay the Part B deductible on their own.
Medicare Supplement Plan G covers:
Basic Medicare benefits including
- Hospitalization: pays Part A coinsurance plus coverage for 365 additional days after Medicare benefits end
- Medical Expenses: pays Part B coinsurance — generally 20% of Medicare-approved expenses — or co-payments for hospital outpatient services
- Blood: pays for the first three pints of blood each year
- Hospice care: pays Part A coinsurance
- In addition to the basic benefits, Plan G also affords coverage for:
- Skilled nursing facility care
- Medicare Part A deductible for hospitalization
- Medicare Part B excess charges — 100% (this is the difference between what a doctor or provider charges and the amount Medicare will pay)
- Travel-abroad medical emergency help
When you’re stuck comparing two or more plans, it can feel like a game of tug-of-war with you in the middle. In such times, it would be better to consult experts that are specializing in the area of Medicare.