Medigap plans: Current and most popular
Medigap plans are the final step in your health insurance coverage. A Medigap plan is a supplemental insurance policy that covers some of the expenses Medicare doesn’t pay for such as deductibles, coinsurance, copayments, and other out-of-pocket costs associated with medical care. What are the most popular Medigap plans?
A Medigap plan is designed to cover the costs of things that a traditional Medicare healthcare program does not pay for. They are available in plans A through L, with each letter corresponding to its own set of benefits. Plans A-J will cover doctors’ visits and hospitalization while Plan K can also include prescription drugs coverage.
The most popular options among individuals who buy their own insurance are typically Plans C or F, which includes both out-patient care and hospitals stays without copayment obligations from the patient when receiving services covered by Medicare Parts A and B (the basic parts of Medicare). The F plan has more extensive medical coverage than the C plan because it covers some outpatient care including dental work, vision exams as well as some hearing exams.
Medigap plans are standardized, meaning that they must meet a certain set of guidelines and can’t have any exclusions or limitations for specific illnesses or conditions unless the person requesting coverage agrees to them beforehand. Because these products are (generally) standardized, you should be able to purchase one from your state’s insurance marketplace during open enrollment periods without going through an agent.
Plan F is usually recommended because it offers both out-patient care as well as hospital stays with copayment obligations from the patient when receiving services covered by Medicare Parts A and B but there may be other needs not met in Plan F so do research before purchasing this plan if possible.