Medicare is a health insurance split up into for parts including Hospital Insurance, Medical insurance, Medicare Advantage, and Prescription Drug Coverage. The following people can benefit from Medicare insurance:
- Applicants who are 65 years or older
- Applicants with certain disabilities under 65
- Applicants of any age suffering from End-Stage Renal Disease (ESRD)
Comprehensive Medicare coverage includes everything from Part A (Hospital insurance) to Part D Prescription Durg Coverage. However, the insurance does not cover certain costs for copayments, coinsurance, and deductibles applicable. To supplement these costs, a Medigap policy offers private health insurance.
Medigap should not be confused with a Medicare Advantage Plan as Medigap does not provide for Original Medicare benefits. The policy only supplements and pays for costs not covered by original Medicare. Alternatively, known as Medicare Supplemental Insurance, Medigap is categorized into plans A to N with different types of benefits available for private health insurance.
Points to consider while comparing some of the best Medigap plans
You must shop carefully for a Medigap policy as the plan is a significant investment to supplement the original Medicare. The following steps will allow you to compare the best Medigap plans to find private health insurance for original Medicare.
Step 1: Different plans offer different types of benefits and you must choose the ones that will go well with your original Medicare. Medigap policies do not vary as much but it is still a good idea to narrow down specific benefits according to the type of plan.
Step 2: Insurance companies sell Medigap policies that vary depending on the state you are currently residing in so it is advisable for you to search accordingly.
Step 3: Once you have narrowed down the list of insurance providers, compare costs and plans to find the one that offers comprehensive coverage for affordable rates.
Step 4: The final step is to purchase a Medigap policy to supplement the costs that Medicare does not specifically cover.
Note that you cannot buy a Medigap plan from the official government healthcare website. Medigap is a private third-party insurance so you must consult with health insurance brokers or directly purchase after comparing the best Medigap plans online.
What does not form part of the best Medigap plans?
Medigap does not offer private insurances for long-term care, vision care, dental care, hearing aids, eyeglasses, and private-duty nursing. For a better understanding, we must classify and compare the best Medigap plans to review its individual benefits, costs, and overall coverage when it comes to private insurance.
Medigap Plan A
Plan A covers basic coinsurance and hospital costs for Part A Medicare policies. Part A hospice cover coinsurance and copayments are also included in Plan A with additional coverage for Medicare Part B (Medical Insurance costs).
Medigap Plan B
100% coverage for coinsurance payments, hospital costs, medical costs, and hospice care is available for both Medicare Part A and Part B under the Medigap Plan B. It is one of the popular Medigap plans that offers basic and specific coverage. Plan B is also one of the few policies that offer Part A deductibles.
Medigap Plans C and D
Plans C and D both offer private health insurance to support copayments, coinsurance, hospice care, and deductibles. Both plans also offer 100% coinsurance payments for a skilled nursing care facility and up to 80% coverage for foreign travel emergencies. In case of any partial coverage, you will have to pay the rest of the amount not covered by a specific plan.
Medigap Plan F
Plan F offers the best coverage for Medigap Plans. Major highlights of the Plan F include the basic benefits, Part B coinsurance, skilled nursing facility, Part A deductible, Part B deductibles, cover for foreign travel emergency, and preventive care costs.
Medigap Plan G
The only major difference between Plan F and G is that Plan G does not cover Medicare Part B deductible. Among the best Medigap plans to consider, Plans F and G offer the same comprehensive coverage with differences in the value of the premium amount.
Medigap Plans K and L
Both plans K and L offer 100% coverage for Part A coinsurance and hospital costs. However, the plans only offer partial coverage when it comes to all additional benefits that form part of a good Medigap policy. The out of pocket expenditure available for Plan L is half of what you are eligible under Plan K.
Medigap Plans M and N
Plans M and N exclude benefits for Part B deductibles and Part B excess charges. One of the main differences is the partial coverage for Part A deductible for plan M while N offers 100% benefits for the same.
Among the best Medigap plans, plans F and G are in popular contention for private health insurance benefits.
Medigap coverage in Massachusetts, Minnesota, and Wisconsin
The Medigap policies for the three states are different in comparison to the rest of the country. Insurance providers that offer private health insurance for some of the best Medigap plans will highlight changes in Inpatient hospital care, medical costs, and hospice care among additional benefits.
