Original Medicare doesn’t pay for everything, but Medicare Supplement plans, also called Medigap, can add-on to Original Medicare. Medigap plans are sold by private insurance companies and help fill the gaps in Medicare Part A and Part B coverage. However, when searching for a Medicare Supplement plan, there are a lot of options from which you can choose.
Before answering the question of which supplement plan offers the most coverage, let’s look at all the options.
Options for Medicare Supplement Plan?
As of 2020, there are ten different Medigap plans sold to new Medicare enrollees: A, B, C, D, F, G, K, L, M, and N plan. Each Medigap plan is identified with a different letter that corresponds with a particular level of coverage. Plus, each Medigap plan additionally has the same standardized benefits regardless of the location and carrier. This means that the benefits offered by Medigap plan K, for instance, are the same across every private insurance company that offers Medigap plan K.
You can easily compare plans because the significant difference between Medicare Supplements of the same letter category is usually the premium cost. Medicare Supplement insurance policies are guaranteed renewable – as long as you pay the premium, the private insurance company that sells your plan to you cannot cancel for health reasons. With that said, which Medicare Supplement plan offers the most coverage?
Which Medicare Supplement Plans Offer the Most Coverage
Plan F offers the highest level of coverage with no out-of-pocket expenses for services covered by Medicare. But since Plan C and Plan F are no longer sold to newly eligible Medicare beneficiaries, Medigap plan G now offers the most coverage for folks who became eligible for Medicare after January 1, 2020.
Plan G provides almost the same level of coverage as Plan F. The only major difference is that you’ll pay for the Part B annual deductible out-of-pocket. And since Plan C and F have been phased out, none of the available Medigap plans cover the Medicare Part B deductibles. A quick outline of what the Medigap Plan G covers:
- Medicare Part A hospital costs and coinsurance
- Medicare Part B copayment or coinsurance
- Part A hospice care copayment or coinsurance
- Part B excess charges
- Part A deductible
- Blood (first 3 pints)
- Foreign travel emergency (80%) after a $250 annual deductible
- Skilled nursing facility care coinsurance
For more details and help choosing the Medicare Supplement plan that fits your needs, contact Simple Retirement Benefits. Our agents are ready to answer your questions.
