What Do The 10 Medigap Policies A, B, C, D, F, G, K, L, M and N Cover?
Medigap policies available in 2014 and 2015 include the plans A, B, C, D, F, High Deductible F, G, K, L, M and N. Each plan offers a set of benefits to help pay costs original Medicare does not cover. They are offered by private insurers which are required to comply with federal and state regulations. The standardization makes the plans easily comparable. Plan L sold by insurer #1 has by law to provide the same benefits as plan L offered by insurer #2. As the same plan may be sold by several private insurance companies in your state and each provider is free to set its premium, it pays to comparison shop before you enroll.
Although there are ten different sets of benefits, deductible and copayments, comparing Medigap plans is not as difficult as it may look at first. If you don’t take the time to evaluate and compare plan options and costs, you may end up with a plan that may not best suit your personal medical needs, or overpay.
These 10 standardized Medigap plans are in 2014/2015 available in all states with the exception of Massachusetts, Minnesota, and Wisconsin. Each plan offers various benefits, all are regulated by the government. The insurance companies selling them vary from state to state, as each insurer needs to be approved, and not all are offering each plan. You may use the Medicare plan finder here to see what is available in your area.
Ten different plans were designed, so Medicare beneficiaries may select from various benefits, low to high deductibles and different co-payments the one that best fits their individual needs. Make sure you are sure which plan best provides the coverage that meets your health care needs, before you start comparing quotes.
Be aware though that supplemental plans (sold after 2006) do not cover prescription drugs. Medicare beneficiaries will therefore have to add a stand-alone prescription drug plan (PSD or Part D of Medicare) in order be covered for prescriptions.
If a medical service provider accepts Medicare they will usually also accept Medigap insurance. Medicare will still pay first as it is your primary coverage, before Medigap will pay its share.
In order to be eligible for a Medigap plan, you must have Medicare Part A and B. You may first apply during the so called ‘initial enrollment’ which is typically within 6 month of your initial enrollment. Insurance companies must accept you during this time, even when you have a pre-existing medical condition. If you want to enroll at a later time, an insurer does not have to accept your application unless you meet their ‘underwriting’ requirements, which means you may have to undergo health screening. There are, however, exceptional situations that grant you a ‘guaranteed issue right‘.
Below is the Medigap plan benefits chart for 2014 (Source: Medicare.gov). It gives you basic information about the benefits, deductibles and copayments of each plan. A checkmark indicates 100% coverage, while a number indicates to which percentage the specific item is covered. The 2015 plan benefits will be released in October 2014.
More about Medigap (Supplement Plans):
- Eligibility And Enrollment For Supplement Plans (Medigap)
- Switching Or Canceling A Medigap Policy
- Do Medigap Policies Include Drug Coverage?