Medigap Insurance Policies
02-15-2011
Medigap insurance policies vary by letter name and also by coverage and price point. For 2011, there are six medigap insurance policies available, making it vitally important for you to understand what each of them cover and how much they cost. Medigap insurance policies are a necessary tool to cover the gaps that Medicare leaves its beneficiaries to cover themselves. Traditional Medicare leaves three major gaps that Medigap insurance policies can cover. The first gap is the Part A hospital deductible of $1132 every 60 day benefit period. The second gap is the Part B doctor deductible of $162 a year. The third, and the most potentially financially devastating gap, is the remaining 20% of all doctor and hospital bills.
Medigap insurance policies are lettered from plan A to N. Let’s go through each plan and go over what each plan covers. Plan A is the most basic and least comprehensive supplement, covering only the Part B co-insurance, or the remaining 20% of doctor and hospital bills. Plan C covers a lot more, covering the Part B co-insurance and the Part A hospital deductible of $1132, the Part B deductible of $162 annually, 100 days of skilled nursing facility co-insurance, and covers foreign travel emergency. Plan D covers everything Part C covers EXCEPT for the Part B deductible of $162 annually. Plan F is the most popular and most comprehensive plan because it covers absolutely every possible gap traditional Medicare leaves you exposed to. The only bill you will have to pay is the affordable monthly premium. Plans M and N are new to Medicare and they were designed for folks who couldn’t quite afford Plan F and C. Plan M covers Part B co-insurance, skilled nursing facility co-insurance, 50% of the Part A deductible, and foreign travel emergency. Plan N covers everything EXCEPT for its beneficiaries must fulfill a $20 copay every time they see a doctor, a $50 copay for the emergency room, and they must fulfill the Part B doctor deductible of $162 annually.
Again, no matter what state you live in, Plan F is the most comprehensive coverage available when it comes to Medigap insurance policies. All companies offer a Plan F with identical coverage. The only difference between companies is price. Medicare Supplements Made Easy makes it so simple to type in your zip code and get your free Medigap insurance policy rates!