Medicare supplement plans, also known as Medigap, are private insurance policies that help fill the gaps in Medicare coverage. There are 10 standard Medigap plans available in Pennsylvania, but more than 75% of Pennsylvania’s Medigap members are in one of the three most popular types: Plan F, Plan G, or Plan N.
Plan F is the most comprehensive Medigap plan available. It pays all of the Part A and Part B deductibles and coinsurance, as well as the Part B excess charges. This means that you will not have to pay any out-of-pocket costs for covered health care services.
Plan G is another popular Medigap plan. It pays all of the Part A and Part B deductibles and coinsurance, except for the Part B excess charges. This means that you will only have to pay a small amount for covered health care services, such as the Part B deductible.
Plan N is a newer Medigap plan that has become increasingly popular in recent years. It pays all of the Part A and Part B deductibles and coinsurance, except for the Part B excess charges. It also has a $200 annual Part B deductible. This means that you will only have to pay a small amount for covered health care services, such as the Part B deductible.
The cost of a Medigap plan will vary depending on the plan type, your age, and your health. In general, Plan F is the most expensive Medigap plan, followed by Plan G and Plan N. However, the cost of a Medigap plan may be offset by the fact that you will not have to pay any out-of-pocket costs for covered health care services.
To enroll in a Medigap plan, you must first be eligible for Medicare Part A and Part B. You can enroll in a Medigap plan during your Medicare Initial Enrollment Period (IEP), which is the seven-month period that begins when you first enroll in Medicare Part A and Part B. You can also enroll in a Medigap plan during your Medigap Open Enrollment Period (OEP), which is a six-month period that begins every year on January 1st.
If you are eligible for a Medigap plan, you can shop around for the best plan for you. You can compare plans online or by contacting your local insurance agent. When you are comparing plans, be sure to look at the following factors:
- The cost of the plan
- The benefits that the plan covers
- The network of doctors and hospitals that the plan accepts
- The customer service reputation of the insurance company
Once you have found a Medigap plan that you are happy with, you will need to enroll in the plan and pay your premium. You can enroll in a Medigap plan online or by contacting your local insurance agent.
Medicare supplement plans can be a great way to protect yourself from high medical costs. If you are eligible for Medicare, you should consider enrolling in a Medigap plan.
