Medigap, also known as Medicare Supplement, is a category of plans that are designed to help you save money on your out-of-pocket expenses for Medicare Part A and Part B spending. While it doesn’t cover your Medicare premiums, it can cover copayments, deductibles, and more.
Each of the ten available Medicare Supplement plans has a different level of coverage. The plans cover some of the following expenses:
- Part A coinsurance and hospital costs
- Part B copayments and coinsurance
- Your first three pints of blood
- Part A hospice care
- Skilled nursing facility care
- Part A deductible
- Part B deductible*
- Part B excess charges
- 80% Foreign travel emergency care
*Part B deductible coverage is only available to people who became eligible for Medicare before 2020.
You can find basic coverage or more comprehensive coverage, based on your needs.
Why Choose Medigap?
Medicare Supplement plans help you to afford your Medicare. While these plans come with an additional premium, they can protect you from getting stuck paying multiple deductibles over the year.
Original Medicare does not have an out-of-pocket maximum, and Part A deductibles are charged per benefit period. A benefit period is the time from when you are admitted as an inpatient to when you have not received inpatient care for 60 days. Given that distinction, you could wind up paying it more than once in a year’s time. The coverage of a Medicare Supplement plan would pay for those expenses, along with the daily coinsurance that Medicare charges you after your 60th day in a hospital or 20th day in a skilled nursing facility.
Medicare Supplement plans are also a great choice for frequent travelers. Six of the available plans cover 80% of your foreign travel emergency care expenses, which is much better than the $0 that Medicare will pay outside of the country (except in specific circumstances).
Who Needs Medigap?
Medicare Supplement plans are a welcome addition to round out your coverage. They can protect you from paying exorbitant costs for your health care.
Medicare Supplement plans are for individuals, meaning two spouses would need separate plans. This is ideal: one person’s health care needs and therefore expenses may be much different than the other’s.
To know if a Medigap plan is right for you, you must consider your monthly budget and the potential health care expenses coming your way. Speaking with a Medicare expert can help you decide what plan makes the most sense for you.
How to Add Medigap
When you want to add Medigap, the best time to do so is during the six months after you are enrolled in Medicare Part B and age 65 or older. This marks your Medigap Open Enrollment Period, and during this time you can purchase a plan regardless of your health. If you are younger than 65 and have Medicare due to a disability, you may still be able to purchase a Medigap plan, but could be charged higher premiums depending on your state’s regulations.
Looking to add a Medigap plan? Talk to Jake Turner at Medicare With Jake. His expert advice will help you make informed decisions about your health care planning.
