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Medigap Plans, also known as Medicare Supplements, provide coverage in addition to Medicare Parts A & B. Medicare Parts A & B are the most basic level of coverage, which everyone on Medicare enrolls in. When you go to the doctor, Parts A & B cover part, but not all, of the bill. A Medigap plan will cover all or a part of this remaining bill.
The are ten Medigap plans named after different letters of the alphabet. Each is defined by the government, but offered by private carriers. This is important to note because the benefits of a plan with the same letter are the same no matter the carrier and premium. We recommend Plan G, the Medigap plan with the highest level of coverage available to people turning 65.
Almost everyone 65 and over and not covered by their employer’s health insurance is enrolled in Medicare Parts A & B. This coverage pays for part but not all of your Medicare bills and has some notable “gaps”:
You pay a $1,556 deductible when you’re admitted to a hospital and it’s been 60 days since your last hospitalization. You could pay this multiple times a year.
You pay 20% of the bill after an annual deductible of $233. 20% of a medical bill could be a significant amount for you.
Plan G is the Medigap plan with the most coverage, and it fills the “gaps” in Parts A & B in the following ways:
Plan G does more than fill the aforemented gaps. Below is a summary of Plan G’s most frequently-used benefits.
Part A Coinsurance
Part B Coinsurance
Part A Deductible
Part B Deductible
Foreign Travel Emergency