What does Medigap cover? The short answer is that Medigap helps pay for Medicare deductibles and copays you would otherwise have to pay out of pocket.
While there are numerous companies that sell Medigap plans, they all MUST sell the exact same benefits or standard benefits of each plan.
However, if you have a Medicare Advantage Plan (Part C Medicare) you are NOT eligible for Medigap.
The 10 Medigap plans are named with letters of the alphabet – just like Medicare. They are A, B, C, D, F, G, K, L, M and N. Medigap plans are standardized by their letter. Plan F offered in one state or by one insurance company offers the exact same benefits as Plan F offered in another state / by a different insurance company.
Even though the benefits are the same, different insurance companies charge different rates for the same plan.
The plans vary based off how much of the costs they’ll cover. The more the plan covers, the more the plan premium will cost. Some plans require higher cost-sharing, others are high deductible and some help you cover more cost.
To choose the right Medigap plan for you, you need to evaluate your individual situation and compare it to each plan. Figure out which plans meet your needs, and which ones you can afford.
When it comes to choosing the right Medigap plan for you, you have to consider your budget, lifestyle and your health condition.