The Differences between the Most Popular Medigap Plans
Medicare is widely considered an essential program that seniors and disabled individuals depend on year after year. However, it’s also true that original Medicare coverage is neither comprehensive nor complete.
However, this doesn’t mean that millions of people are forced to grapple with prohibitively high health care bills, or risk losing their savings – and possibly the rest of their assets — as a result of an accident or illness. Fortunately, there are a range of Medical Supplement (a.k.a. Medigap) plans that help fill the gaps, and keep health care costs affordable. Below, we describe and highlight key differences between three of the most popular Medigap plans: Plan F, Plan G and Plan N.
Medigap Plan F
Medigap Plan F is the most comprehensive supplemental plan available, and is popular among those who have high out-of-pocket costs and require regular, ongoing medical attention. Or just would like a piece of mind knowing if something were to happen they would be covered.
Medigap Plan F essentially picks up where original Medicare coverage leaves off. Here’s a quick run-down of what’s covered:
- Medigap Part A deductible
- Part A hospice care copayment or coinsurance
- Part A hospital and coinsurance costs (incurred after original Medicare benefits are finished)
- Medigap Part B deductible
- Medigap Part B excess charges
- Preventative care Part B coinsurance costs
- Part B coinsurance/copayment
- First 3 pints of blood for an approved medical procedure (renews annually)
- “Skilled Nursing Facility” (SNF) coinsurance
- Foreign travel emergency
Keep in mind that while Medigap Plan F is comprehensive, there are some additional costs. Specifically, those who purchase the plan will still have to pay monthly Medigap premiums. They may also have to pay monthly Part A premiums, unless they paid Social Security taxes for at least 10 years (these do not need to be consecutive years, as long as the total was or exceeded 40 quarters).
In addition, those who want to lower their Medigap Plan F premiums may opt for the high deductible option, which requires that they pay out-of-pocket expenses for the first $2,140 in eligible costs incurred.
Medigap Plan G
Medigap Plan G is quite similar for Medigap Plan F (see bullet list above). The main difference is that it doesn’t cover the Medigap Plan B deductible. However, as a result of these omissions, the monthly premium is lower, which makes it a popular option for those looking for more affordable coverage.
Medigap Plan N
Medigap Plan N also offers similar coverage to Medigap Plan F (see bullet list above). However, like Medigap Plan G, there are some omissions that result in a lower monthly premium. These include up to a $20 copayment for doctor visits, and a $50 copayment for emergency room visits that do not result in hospital admission. Plus, beneficiaries must pay the Medigap Part B deductible or any excess part B charges.
Which Plan is Right for You?
With so many different plans to choose from – and so much at stake – deciding which plan is right for you may seem confusing, or possibly even overwhelming.
Fortunately, at Medigap Providers our experienced, caring and licensed advisors are ready to provide you with unbiased information, so that you can get the critical supplemental Medicare coverage you need at an affordable price that fits your budget.
To learn more, contact our experienced, caring and licensed advisors at (855) 321-3210, or email us at email@example.com. We’re here to help!