First of all, Medicare is divided into different types of coverage. The Original Medicare government benefits are known as Part A and B, and you can enroll in these when you turn 65 or need disability benefits for 24 months. Part A pays for hospitalization after a deductible and Part B covers doctor services after you’ve met a separate deductible. Most people only need to pay for Part B premiums.
You can add a Part D Prescription Drug plan to cover medication, too, and you can supplement your Medicare benefits with a Medigap plan. Here’s where it can get confusing. Medigap plans come with different coverage options and the plans are named with specific letters, such as Medigap Plan D. However, Part D Drug plans and Medigap Plan D are totally separate.
Part D plans cover medicines and Medigap Plan D has no prescription coverage. It does help cover your out-of-pocket expenses with Medicare for both doctor services and hospitalization. It will even provide benefits if you need emergency medical attention when traveling outside of the country, which is something that Medicare doesn’t cover.
Medigap plans supplement Medicare by covering the types of care that Medicare doesn’t cover. You can choose from 10 different forms of Medigap Insurance now. Medigap Plan A has the fewest benefits and is priced accordingly. The plan with the most comprehensive coverage is Medigap Plan F. You can see how all of the Medigap policies compare here on our website. You can also call us to get a professional opinion, for free, on which plan would best meet your needs and budget. We have independent and experienced advisors to help you get your money’s worth.