Do You Know About Medigap?

Have you reached age 65?  Finally my husband reached the age that he could purchase a Medigap plan.  Our fingers became uncrossed as we had no major events, only a few minor ones.  We signed up for the Medigap Plan F.  So what’s a Medigap plan?

Medigap is a standalone plan that covers what Medicare doesn’t cover.  A Medigap plan covers the “gaps” in original Medicare.

All Plans Are Standardized

What’s great about the Medigap plans –  they are all standardized supplemental policies and the only difference is the cost.  You need to contact the private insurance companies to receive a quote and they all vary from provider-to-provider and State-to-State.  We contacted every provider in Florida and the prices ranged from $190 – $350 per month.  Florida is either the first or second most expensive State for Medigap

Medigap insurance can only be purchased if you are enrolled with original Medicare – Parts A and B.  The other important point if you want Medigap sign up when you are 65.  If you decide to take it out in later years, the cost goes up.

There are 12 Medigap plans and each offer something different, but Medicare requires that all plans provide for:

• Coinsurance for days 61-90 ($267 per day) and days 91-150 ($534 per day) in hospital
• Payment in full for 365 additional hospital days
• 20% coinsurance for physician and other Medicare Part B services

Some of the extra benefits provided for in the various plans are:

• Medicare Part A Hospital Deductible
• Skilled Nursing Facility (SNF) Coinsurance\
• Medicare Part B Yearly Deductible
• Medicare Part B Excess Charges
• Foreign Travel Emergency
• At-Home Recovery
• Preventive Care

Everyone’s situation is different and you really need to evaluate all of the Medicare plans and I can’t stress that enough.  Unfortunately, there are the unscrupulous that will say and do anything just to make a sale.  Know what you need and make sure you call all the plans in your State to get the best price for a Medigap plan.

Remember – Medigap plans are all the same – the only difference is in price.  Shop for the best price for the best plan that meets your needs.

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— Mary Jane Stern