Medicare Supplement plans, also known as Medigap, helps to pay the medical expenses that are sometimes not paid by many insurances. Private insurance companies usually sell out this plan across your location. Medigap handles all the payments for copays, coinsurance and deductibles.
What is Medicare Supplement Plan?
The definition of the plan
For having a Medicare Supplement Plan you must buy the Medicare Part A and B first. Part A insures you the payment for any hospital related services. Whereas, Part B insures against the fees levied by the hospital doctors or specialists. For all the Medigap or Medicare Supplement Plan, you have to pay an yearly premium depending on the type you have chosen. You may find more information on the this plan online which will give you information according to the area you are residing.
What are the different types of plans offered?
There are 10 level of health coverage in a Medigap plan, these levels are differentiated by different types of plan. These types are labelled A through N which gives you diverse levels of coverage.
- Plan A: The basic the insurance policy offered. Dental, Vision and preventive cares are not covered in this plan.
- Plan B: The supplementary plans available to those who can meet the basic eligibility requirements. Offers insurance for preventive services and medical supplies needed.
- Plan C: This plan helps the seniors to take health care services like nursing care or preventive care. It is an extended coverage plan for better living.
- Plan D: This plan’s benefits cover Plan A & B coinsurance and deductibles and foreign travel exchange with limitations.
- Plan F: Most popular among the plans as it covers the excess charges of Med A and B. As the age limit is reached, extra costs were not covered. This plan helps to overcome this hurdle.
- Plan G: Affordable and requires the patient to pay the deductibles unlike Plan F. But deductible for Plan B, preventive care and Hospice Care copayments are not covered in this plan.
- Plan L: Medigap Plan L is not available in Wisconsin, Minnesota and Massachusetts. On contrary, seniors are not covered by Medigap Plan L.
- Plan M: This plan was effective from June 1, 2010. It is a low-cost plan. Plan M has low monthly premiums. Medigap Plan M would be slight pinch on your pocket for treatment and services.
- Plan N: Almost like Plan F, but affordable when compared to the most popular Plan F. Plan N is also the new kid on the block introduced in June 2010.