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Medicare is an excellent federal program that creates a financial safety net for those who need it. However, while it does pay for many things, there are still some parts of your healthcare expenses that this program doesn’t include.
To answer for these gaps, some third-party insurance providers offer Medicare supplement plans, also called Medigap.
In this article, we’ll learn everything there is to know about this type of insurance plan!
What’s a Medicare Supplement Plan?
Medicare pays for various medical and healthcare expenses, but, as mentioned above, there are still a lot of out-of-pocket costs that Medicare doesn’t cover.
Insurance plans that help pay for those other expenses are called Medigap. Private companies offer these to augment Medicare’s coverage.
Specifically, Medigap pays for the following:
- Deductibles
- Copayments
- Coinsurance
On the other hand, Medigap insurance plans often don’t include the following services:
- Non-skilled, long-term care
- Private nurses
- Dental or vision services
- Hearing aids
What You Need Before Getting a Medicare Supplement Plan
Medigap is a helpful insurance plan that can provide for all the expenses that Original Medicare leaves.
Unfortunately, not everyone is eligible for this type of insurance. There are specific requirements that you have to fulfill before you can get a Medicare supplement plan.
Here are some of the most pertinent things to know before getting a Medigap policy.
- You need to have both Medicare Parts (A and B) to avail a Medigap plan.
- Medigap is different from Medicare Advantage Plan. Medigap policy only covers expenses that Original Medicare doesn’t, while the MAP is a way to get more Medicare benefits.
- The Medigap monthly premium is separate from the monthly Medicare Part B premium that you have to pay.
- A Medigap plan can only cover one person, which means it doesn’t cover dependents.
- Medigap policies are sold by almost every licensed insurance company, including Magnum Insurance.
- Medigap coverage is guaranteed renewable, so companies can’t cancel it as long as you continuously pay the monthly premium.
- Medigap policies sold after January 2006 don’t cover prescription drugs. That coverage has been transferred to Medicare Prescription Drug Plan or Medicare Part D.
- You can’t get a Medigap policy if you have a Medicare Advantage Plan. You will need to switch back to your Original Medicare and give up your MAP to get Medigap.
Best Medicare Supplement Plan
There are multiple types of Medigap policies, and they all have their advantages.
Here are some of the best Medicare supplement plans for each category that might be relevant to you.
Best Overall Plan for New Enrollees: Plan G
If you don’t have any specific medical needs that you would like to double down on, an excellent general Medicare supplement plan is the Plan G. This plan covers almost everything except Medicare Part B.
However, it runs on the more expensive side, averaging about $190 monthly. Aside from that, you will also be responsible for paying the entirety of Medicare Part B, which costs roughly $233 as of this writing.
Best Overall Plan For Pre-2020 Qualifiers: Plan F
If you were qualified for a Medicare plan before January 2020, then Plan F is the best overall Medicare supplement coverage plan.
The difference is that Plan F is not available to those who only became qualified for Medicare after January 2020. However, those who currently have this plan can keep it.
This plan has a more expensive monthly premium than Plan G, averaging about $231. On the other hand, it includes hard-to-get coverages such as copay for doctor’s appointments.
Most Budget-Friendly Medigap Plan: Plan K
Plan K is the ideal Medigap plan for low-income individuals. This is because the average monthly payment for this plan is only $77.
However, it only provides 50% of the benefits that the other plans offer, such as Part B coinsurance, Part A hospice, blood, etc. Plan K is also less useful for older people who need skilled nurses since it will only provide 50% coverage for that.
Best Plan G Alternative: Plan N
If you want coverage nearly as good as Plan G but at a lower price, Plan N is the best bet. This Medigap plan covers almost everything Plan G does, except for Part B excess charges.
The Part B excess charges can only occur if your medical provider doesn’t accept the Medicare-approved costs for services they render, and you can easily protect yourself from this cost by going only to providers that do get the Medicare-approved amount.
For this tradeoff, you will only pay an average of about $152 monthly, saving you about $38 every month compared to Plan G.
Choosing the Best Medicare Supplement Plan With Magnum Insurance
If you want to maximize your Medicare plan, you need to choose a good Medigap plan that supplements the expenses that this federal program doesn’t cover.
To get the best rates and benefits for your Medigap plan, choose Magnum Insurance as your insurance provider. Here at Magnum Insurance, all our services are customer-centered, and we guarantee quick, hassle-free services for your Medigap needs.
If that sounds good to you, call us now!
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