Medicare Supplement Plan Comparison
There are many different Medicare Supplement Insurance plans to choose from. The current plans that are offered by private insurance companies include plans A, B, C, D, F, G, K, L, M, and N. There are also two high deductible plans, high-deductible F and high-deductible G. Each plan offers a different variety of benefits that will help you more easily afford medical care.
These Are The Different Medigap Plans
There are twelve different Medicare Supplement Insurance plans currently being offered. Two of those plans are high-deductible plans, which are unique because they offer lower premiums and require higher deductible payments before your benefits become active. This is what you need to know about the different Medigap plans.
Basic Medigap Plans
Plans A, B, and D are basic plans that offer a minimal amount of coverage. Plan A covers Medicare Part A coinsurance payments for inpatient hospital care and will continue paying for up to 365 days after your Medicare benefits expire. It also covers Medicare Part B and Part A hospice care copayments and coinsurance expenses. This plan includes 3 pints of blood to be used in an approved medical procedure as well. Plan B offers the same benefits but also covers the Part A deductible. Plan D offers a few additional benefits, including foreign travel emergency costs and coinsurance costs for skilled nursing facility care.
Cost-Sharing Medigap Plans
Medigap Plans L, M, and K are cost-sharing Medigap plans. They cover a percentage of your out-of-pocket medical costs, with plan M offering the most unique arrangement of benefits. Plan M offers the same benefits as Medigap Plan D, but it only covers half of the Part A deductible. Plan K covers the same benefit categories as Plan A, but only pays for 50% of related costs, except Part A coinsurance, which is covered completely. Plan L provides 75% coverage for all of the benefits categories covered by Plan B, and includes coverage for skilled nursing facility care copayments.
Comprehensive Medigap Plans
There are four Medigap plans that offer a wider array of benefits. They are plans F, G, C, and N. These plans cover all of the benefits offered in plan A, with a few additions. For example, Plan F covers the Part B deductible and excess charges. Plan N, on the other hand, doesn’t cover the Part B deductible or excess charges but covers most other out-of-pocket costs. Plan G covers all of the same costs as Plan F, excluding the Part B deductible. Plan C is similar, but rather than covering Part B excess charges, it covers the Part B deductible
High-deductible Plans
High-deductible plans are exactly as the name implies; they have high deductibles that you must pay before your benefits activate. They also have cost limits, therefore you won’t have to worry about spending too much on your benefits. With high-deductible plans, you will get the same benefits as traditional Plan F and Plan G, except you must wait until your deductible has been fully paid.
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