MediGap, Medicare Supplement or MedSupp plans are names used interchangeably, but one in the same. These plan policies are offered by private insurance carriers with the same basic benefits accross the board. The difference that sets these plans apart is cost. The cost of the plan will differ from carrier to carrier.
Each plan letter offers a set of features that help to fill the gap or otherwise supplement those expenses that are not covered by Original Medicare (Parts A and B) only. A Medigap plan is not a Medicare Advantage Plan. You cannot have a Medigap plan and a Medicare Advantage plan at the same time.
Things to consider when choosing a Medigap
Medicare Supplement Plan
Extra For A Prescription
If you do choose a Medicare Supplement, it is important to add an additional Part D plan to cover your Prescriptions. Medicare Supplement plans do not include Prescription Drug Coverage.
You are able to explore all of your options with various carriers. You do not have to use the same carrier for your Medicare Supplement plan and Prescription Drug Plan. Get a cost review of available plans in your area.
Dental, Vision and Hearing benefits are not included
Medigap plans do not offer Dental, Vision or Hearings, unlike some of the Medicare Advantage plans. Hearing aids, eyeglasses, and dental care are often the most sought after features for Medicare beneficiaries. You will need to purchase additional coverage for those benefits.
Premiums will keep going up as you get older.
Medicare supplement plan monthly premium cost are based on age, sex, health status, and the time period you've purchased the plan. Unlike Medicare Advantage plans, a Medigap plans will take you through underwriting based on when you purchase the plan. In addition, these plans increase every year.
If you travel often, most plans cover foreign
According to Medicare.Gov, certain standard Medigap plans will cover emergency health care for overseas travel outside the US. However, the emergency needs to have occurred during the first sixty days of your trip. If your emergency happens within that timeframe, and your plan covers emergencies, it will pay 80% of the billed charges.
You need to meet your deductibles before $0 Pay
Most Medigap plans have deductibles that must be met before coinsurance is eliminated and you enjoy zero copayments. Depending on your plan choice. To help eliminate excessive fees, high deductibles, co-insurance, and co-payments, you should consider purchasing a Hospital Indemnity plan.
You will still need to pay your standard Part B Premium
In addition to the plans monthly premium cost that the insurance carrier charges, you will still have to pay Medicare standard part B premium. You may also be responsible for additional Part B excess charges depending on your plan choice. You will be responsible for those excess cost Medicare will not pay.