Medicare: What Are Medigap Plans?

Medigap plans, also known as Medicare Supplement Insurance, are private health insurance plans that fill gaps in Original Medicare coverage. Original Medicare parts A and B cover hospital care, medical services, and most prescription drugs. However, there are some expenses that Original Medicare doesn't cover, such as deductibles, coinsurance, and copays. Medigap plans can help you cover these expenses and provide you with additional coverage options.

There are many different Medigap plans available, each with its own unique set of benefits and costs. Some of the most common Medigap plans include:

- Plan A: Covers the most basic benefits, such as the Medicare Part A deductible and coinsurance for in-hospital services.

- Plan B: Covers the benefits of Plan A, as well as some additional costs, such as copayments for outpatient care, home health care, and physical therapy.

- Plan C: Covers the benefits of Plan A and Plan B, as well as most other out-of-pocket expenses, such as the Part B deductible and excess charges.

- Plan D: Covers the benefits of Plan A, Plan B, and Plan C, as well as some additional benefits, such as foreign travel emergency care.

Medigap plans are sold by private insurance companies, and the premiums vary from company to company. Some Medigap plans also have annual deductibles.

In order to be eligible for a Medigap plan, you must be enrolled in Original Medicare. You can enroll in a Medigap plan any time during the year, but there is a six-month guaranteed enrollment period that begins the month you turn 65. During this time, you cannot be denied coverage for a Medigap plan and you can purchase any plan regardless of your health.

If you are considering purchasing a Medigap plan, it is important to compare the plans carefully to find the best one for your needs and budget. You should also consider the financial impact of having a Medigap plan, such as the premiums and deductibles.