What I mean by that is Medicare Supplement Insurance plans range from minimal coverage to comprehensive coverage. For example, Medigap Plan A has the fewest benefits, which typically means you can find Plan A with less expensive premiums.
Medigap Plan C and Plan F expand on that coverage. In fact, Medigap Plan F offers the most comprehensive benefit package of all ten different plans. That probably explains why it has been the most popular for years.
Last June, two new plans were added to the mix. Medigap plans M and N became available. These plans became popular, too, because they offered lower premiums than the most comprehensive plans and they gave people more choices.
Neither Medigap plan M or N reimbursed you for Medicare’s low $162 Part B annual deductible on doctors’ services. Most people would rather trade that small cost for lower premiums. Neither plan covered doctors’ excess charges either. That means if a doctor doesn’t accept Medicare’s pre-determined price for a particular procedure, you have to cover the excess above what Medicare pays.
Plan M went a step further to only reimburse you for half of Medicare’s $1,132 Part A deductible in exchange for keeping premiums low. When you’re health is good and you’re less likely to go to the hospital, that may be a good idea. It all depends on your individual situation. You can compare all ten of the Medigap plans right here on our website.
Wiley Long is founder and president of Medigap Advisors, and is passionate about helping people navigate the confusing waters of Medicare. He is the author of The Medicare Playbook: Designing Your Successful Health Coverage Strategy, a clear and simple explanation so you can make the most of your Medicare coverage. For more information visit www.MediGapAdvisors.com.