What Medigap Plans are Available?
There are 12 distinct Medigap standardized plans available in the market today, and they’re lettered A-N. Each Plan offers varying core policy benefits, all of which are approved by the federal government. Let’s take a closer look:
Plan A
Plan A is the most basic medical supplement coverage in that it offers the least amount of benefits. The Plan only protects the core policy benefits and is ideal for those looking to lower their monthly premium payments or people who aren’t bothered with out-of-pocket hospital costs.
Plan B
Plan B is a slight upgrade from Plan A since it offers a few more benefits. That is, it provides coverage for the Part A hospital deductible. Overall, Plan B is suitable for those looking to lower premiums, are in good health, barely travel outside the U.S., and aren’t concerned with out-of-pocket hospital costs.
Plan C
You should consider enrolling for Plan C if you’re looking for first-dollar coverage, i.e., a policy with no deductible. Being a comprehensive coverage, Plan C pays a host of healthcare costs unavailable in the Original Fee for Service Medicare plan, with excess charges being the only notable exception.
Plan D
Plan D takes care of everything not covered in the Original Medicare policy, except for excess charges and the Part B deductible. It’s perfect for those who like to travel overseas, don’t want to be bothered with unexpected out-of-pocket costs, and want reasonable benefit amounts.
Plan F
Plan F takes care of every expense that’s not covered under the Original Medicare policy. If you were eligible for Medicare before January 1, 2020, Plan F provides full coverage of all deductibles, copays, and coinsurance. It’s considered one of the most comprehensive Medigap policy options.
High Deductible Plan F
As the name suggests, high deductible Plan F is a first-dollar coverage plan that charges lower monthly premiums in exchange for higher deductibles. It’s an alternative for the standard Plan F that offers the most comprehensive benefits but charges higher premiums.
Plan G
Plan G is one of the most comprehensive options available, covering nearly all out-of-pocket costs except the Medicare Part B deductible. It’s ideal for those seeking predictable monthly premiums and minimal surprise expenses. Plan G is one of the most preferred Medigap plans since it offers a wide range of comprehensive benefits and costs less than Plan F. The only benefit that Plan G doesn’t cover is the Part B deductible. That means you’ll incur an annual fee of $203 on top of your monthly premium.
High Deductible Plan G
High deductible Plan G is a newly standardized Medicare plan that offers the same benefits as the standard Plan G. The only twist is that it charges lower monthly premiums in exchange for higher deductibles.
Plan K
Plan K covers most of the benefits (fully or partially) available in other Medigap plans but at a lower premium. The costs that the plan covers in full include Part A coinsurance for hospital costs, Part B coinsurance for preventive care, and foreign travel emergencies. For the rest of the benefits, it only provides 50% covzzzerage.
Plan L
Plan L covers only up to 75% of the benefits that the rest of the Medigap plans cover 100% of. These include Part A copays or coinsurance for hospice, Part A deductible, coinsurance for skilled nursing facilities, the first three pints of blood, and Part B copays & coinsurance.
Plan M
Plan M also takes the cost-sharing route by covering only 50% of the Part A deductible. Although its monthly premiums are usually lower than most other Medigap plans, Plan M enrollees are responsible for out-of-pocket hospital costs.
Plan N
Plan N offers lower premiums with some cost-sharing. You’ll pay small copayments for certain office visits and emergency room trips, making it a popular balance of affordability and coverage. Plan N covers every benefit except for excess charges and Part B deductible. That means that Plan N enrollees only have to part ways with an extra $20 copay and Part B deductible whenever they visit a doctor. And if you live in a state that accepts extra charges, you may have to pay those too.
