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Medicare Supplemental Insurance Policies

If you have Medicare Part A and Part B, you should consider an additional Medigap policy. Medigap is supplemental Medicare coverage and pays for many costs that aren't covered by Medicare Part A and Part B. There are different Medigap plans from which to choose, depending on your budget and needs. Medigap coverage can give you the coverage you need to save you on many out-of-pocket expenses.

Who is Eligible for Medicare?

Medigap is a great supplemental insurance because it lets you choose the right plan for you and gives you more coverage. However, not everyone is eligible for Medigap coverage. You must be enrolled in Medicare Part A and Part B to have any Medigap policy. In addition, you usually have to be at least 65 years of age. Even if you are under 65 but have a qualifying disability that lets you have Medicare, you may not be eligible for Medigap. Limitations for disabled individuals under age 65 vary from state to state. If you have Medicaid, you do not qualify for Medigap coverage.

What are Basic Benefits?

While the benefits vary depending on which Medigap policy you choose, there are some benefits that are basic for all the Medigap plans. Firstly, basic benefits include additional hospital coverage. After your Medicare benefits are exhausted, Medigap basic benefits give you an additional full year, covering 100 percent of the Part A hospital coinsurance and costs. It also pays 100 percent of the Medicare Part B coinsurance for medical expenses and for the Part A coinsurance for hospice care. Lastly, basic benefits cover the first three pints of blood. This renews each year.

What Medicare Plans are Available?

There are ten Medigap policies, ranging from Medigap Plan A to Medigap Plan N. All of them offer the basic benefits, but many of them offer additional benefits at 100 percent. Plan A only covers the basic benefits, but all the other plans have something extra. In addition to basic coverage, Plan B also covers 100 percent of the Medicare Part A deductible. Plans C, D, F, G and N are some of the most extensive plans. Plan C covers everything except Medicare Part B excess charges. Plan D and N cover everything except the Part B excess charges and the Part B deductible; however, Plan N sometimes requires a copayment for doctor's visits and ER visits. Plan G covers everything except the Part B deductible. However, F covers everything.

Some plans do not offer 100 percent coverage for everything. Plans K and L still offer great coverage, but only additional hospitalization is covered at 100 percent. Both K and L cover everything except Medicare Part B deductible, Medicare Part B excess and emergency foreign travel. For Plan K, coverage is at 50 percent, and for plan L, coverage is 75 percent. Lastly, Plan M covers everything except for Medicare Part B deductible and Medicare Part B excess Charges. Medicare Part a deductible is covered at 50 percent, but all other coverage is 100 percent.

Medigap is a must if you have Medicare. It provides extra benefits to save you money. There are many different plans from which to pick, so you can find the perfect one to meet your needs and budget. They all cover the basics, but each plan is different. Make sure to choose the right one for you.