What is Medigap Insurance (Medicare Supplement) & the Different Plans?
When you are shopping for supplemental plans, Medicare FAQ can help you. We will do the research, we will find the plans, the premiums, the coverage that fits your need and your budget.
Medicare Part A is going to cover your hospitalization. That is your hospital stay. It will also cover anytime you need any skilled nursing facility or rehab center, and also your hospice care.
The Part B is for any medical service, whether it’s your primary care doctor, your specialist if you need physical therapy, if you need any ambulance service, x rays, labs, all of that is covered under your part B. Now remember though this is only 80% of coverage, you are responsible for the 20% and any deductibles.
The 20% and the deductibles can be covered by choosing a medigap plan or supplement. The medigap plans that are available, are identified by letters, except for in the states of Minnesota, Wisconsin and Massachusetts. The three most popular plans available are plan F, plan G and plan N.
So plan F is the all-inclusive coverage. It will pick up all of the 20%, there are no co insurance costs, there are no deductibles to you whatsoever. From day one the plan covers you 100%.
The plan G is identical to plan F. Except for once a year you are responsible for the part B deductible. Once that’s been met you will have no other out of pocket costs, exactly like the plan F.
The plan N has the same once a year part B deductible. Once that’s met, any other visits you make to a doctor, you would have to co- pay up to $20. If you have to go to the emergency room, for any visit, you would have to co- pay up to $50. One thing I want to mention though is if you are admitted to the hospital, based on that emergency room visit, that fee will be waived.
The HDF Plans stand for high deductible F which means this; the plan does not pay anything, until you reach the annual deductible. Once it’s been met, the plan then pays 100% like the standard F plan does. So the HDF plan is really the most affordable.
The plan will pay 100% once you have met the annual deductible. It’s really good piece of mind coverage without spending a lot on your premium. This plan, once you have made the deductible, turns into the standard plan F. I like to equate it to peace of mind. You can go to sleep at night knowing you are protected. When you are ready to enroll, we are here to assist you with that.