Medicare Supplement Plans
Get a FREE QuoteMedicare Supplement (Medigap) plans were created to supplement your Original Medicare coverage. This means that whatever costs your Original Medicare plan doesn’t pay for could be picked up by one of the ten Medigap plans. These plans are labeled as A, B, C, D, F, G, K, L, M, and N.
Some people can’t afford the cost of the out-of-pocket portion that must be paid after receiving Medicare-approved health care services. Medigap plans exist to fill these gaps that are left by Original Medicare. Through Medigap coverage, you can significantly lower the out-of-pocket costs of using your Medicare benefits.
Q: HOW DO MEDICARE SUPPLEMENTS WORK?
A: The type of coverage you will receive will ultimately depend on the Medigap plan you choose. As you can see in the chart below, each plan provides a varying level of coverage for different services. Original Medicare will pay first for the services you receive, which will be about 80% of the costs. Depending on which Medigap you buy or are eligible for, the remaining 20% could be fully covered or with some costs still leftover.
Q: HOW DO I ENROLL?
A: To enroll in a Medigap plan, it is recommended that you use the Medigap Open Enrollment Period. This is a six-month period that starts as soon as you have Medicare Part B and are 65. This period will allow you to buy any Medigap plan, regardless of your health. If you choose not to take advantage of this enrollment period, you may be charged more in premiums or you may not be able to buy a Medigap plan.
If you are interested in purchasing a Medigap plan, but you only need the minimum level of supplemental coverage, a basic plan would be best for you. There are several basic plans, but the most simplistic plan is Medigap Plan A.
This is what you need to know before purchasing Medigap Plan A…
Medigap Plan A Coverage
Medigap Plan A is frequently overlooked because it offers fewer benefits than all of the other Medigap plans. Though, there are still some useful benefits featured in this plan.
Through your Medigap Plan A benefits, the following out-of-pocket costs will be paid for:
- Medicare Part A Coinsurance
- Medicare Part B Coinsurance and Copayments
- First 3 Pints of Blood
- Part A Hospice Care Coinsurance and Copayments
A Plan For People Under Age 65
Normally, people who qualify for Medicare due to disability are unable to enroll in Medigap plans. In many states, Medigap Plan A is the only Medigap plan that is available to people below age 65. If someone who is below age 65 wishes to purchase this Medigap plan, they should expect to spend up to three times the amount people above 65 pay.
Lower Your Health Care Costs With Medigap Plan A
If you are frustrated with the high out-of-pocket costs associated with using your Medicare benefits, take action to lower them today. Simply contact Signature Medicare Solutions to start gathering quotes on Medigap coverage in your area.
Medigap Plan B is one of the basic Medigap plans. It offers few benefits, but the benefits it does offer can be hugely helpful.
If you are considering Medigap Plan B, here is what you need to know…
Medigap Plan B Coverage
Medigap Plan B is very similar to Plan A. It offers all of the same benefits, with the addition of paying your Part A hospital deductible. Here are all of the costs covered by Medigap Plan B:
- Medicare Part A Coinsurance and Hospital Costs
- Medicare Part B Coinsurance and Copayments
- First 3 Pints of Blood
- Part A Hospice Care Coinsurance and Copayments
- Medicare Part A Deductible
Medigap Plan B Costs
After purchasing a Medigap Plan, you are required to pay monthly premiums to maintain coverage. How much these premiums are will depend on a variety of factors, including location and medical history in some cases. Fortunately, all Medigap plans are standardized, so you can trust that you will receive the same benefits, regardless of where you live.
To learn more about Plan B and to find out how much coverage will cost you, we suggest you give Signature Medicare Solutions a call. We can help you gather quotes on Medigap coverage in your area.
There are ten different Medigap plans available, one of which is Plan D. This plan isn’t exactly comprehensive, but it offers far more than basic benefits.
If you are considering purchasing Medigap Plan D, here are the facts about this plan…
“Part D” is NOT “Plan D”
You may have seen Medicare Part D as well. It’s important that you understand the difference between Medicare Part D and Medigap Plan D. While Medigap Plan D is a Medicare Supplement Insurance Plan, Medicare Part D is the prescription drug coverage portion of the Medicare program. The two plans are not directly related, although you can hold both forms of coverage at the same time.
Medigap Plan D Coverage
Medigap plan D is a mid-tier Medigap plan. It offers useful benefits but doesn’t cover certain costs like the Part B deductible or Part B excess charges.
Here are the costs that are covered by Medigap Plan D:
- Medicare Part A Coinsurance and Hospital Costs
- Medicare Part B Coinsurance and Copayments
- First 3 Pints of Blood
- Part A Hospice Care Coinsurance and Copayments
- Skilled Nursing Facility Coinsurance
- Medicare Part A Deductibles
- Foreign Travel Emergency (Up to 80%)
Medigap Plan F is the most comprehensive Medigap plan available, as it covers all out-of-pocket costs. This can be very beneficial, especially if you want to make paying for health care as simple as possible.
If you are interested in buying Medigap Plan F, here’s what you need to know…
Medigap Plan F Coverage
Plan F is the most comprehensive Medicare Supplement Insurance plan. It covers both the Part A and Part B deductibles, as well as all copayments and coinsurance. This plan effectively leaves you with nothing to pay out-of-pocket, making it a great option for people who want to simplify their coverage and lower costs.
Plan F is the top-selling plan, though it isn’t available to new Medicare enrollees. In order to purchase Medigap Plan F, you must have been enrolled in Medicare before January 1, 2020. People who enrolled after this period will not be able to purchase Plan F.
If you are eligible to purchase Medigap Plan F, now’s the time to start shopping. You can work with Signature Medicare Solutions to find affordable Plan F coverage in your area– just call us to begin the search!
Plan K will pay a portion of your Part A deductible, as well as your coinsurance and copayments. This is one of the few cost-sharing plans available, so keep reading to learn more about this unique form of Medigap coverage.
Medigap Plan K Coverage
Plan K is a cost-sharing Medigap plan. This means that the plan only covers a portion of the costs that are featured in the benefits list. There is one exception, Plan K will cover all of the Part A coinsurance and hospital costs.
These are the costs that are covered up to 50% by Medigap Plan K:
- Medicare Part B
- Coinsurance and
- Copayments
- First 3 Pints of Blood
- Part A Hospice Care
- Coinsurance and Copayments
- Skilled Nursing Facility Coinsurance
- Medicare Part A Deductible
Unlike many other Medigap plans, Plan K does not cover foreign travel emergencies.
Medigap Plan K Costs
Cost-sharing Medigap plans are built to be more affordable than other plans. With Plan K, you can spend around half as much as you would on a more comprehensive plan, like Plans G and F.
To get accurate pricing information on Plan K, speak with an insurance advisor. The insurance experts at Signature Medicare Solutions are waiting for your call.
Medigap Plan L is a cost-sharing plan that can moderately reduce your out-of-pocket health care costs. These plans are only available to Original Medicare beneficiaries, so they won’t be helpful if you are enrolled in Medicare Advantage.
To learn what Plan L is and what it offers, keep reading…
Medigap Plan L Coverage
Medigap Plan L is a cost-sharing Medigap plan. That means it will pay a portion of the out-of-pocket costs associated with using your Medicare benefits. This plan is similar to Plan K, which is also a cost-sharing plan. Plan L covers 75% of costs while Plan K covers 50%.
Plank L covers 75% of the following out-of-pocket costs:
- Medicare Part B Coinsurance and Copayments
- First 3 Pints of Blood
- Part A Hospice Care Coinsurance and Copayments
- Skilled Nursing Facility Coinsurance
- Medicare Part A Deductible
Part A coinsurance and hospital costs are covered in full up to an additional 365 days after Medicare benefits are expended.
Medigap Plan L Costs
Medigap Plan L is one of the least expensive Medigap plans. It balances effectiveness with affordability, giving plan members the best of both worlds.
If you want to learn exactly how much Plan L costs, reach out to us at Signature Medicare Solutions. We can help you collect quotes on Medigap coverage in your area.
Medigap Plan M is one of the Medicare Supplement Insurance plans available. This plan was introduced by the Medicare Modernization Act of 2010. It exists to offer additional coverage for the gaps left in Medicare, while also remaining affordable.
If you are curious about Medigap Plan M, here’s everything you should know…
Medigap Plan M Coverage
Medigap Plan M offers relatively basic benefits. It has lower premium costs, but the tradeoff is that you must be willing to pay half of your Part A deductible and all of your Part B deductible and excess charges.
Here is what Plan M will pay for:
- Medicare Part A Coinsurance and Hospital Costs
- Medicare Part B Coinsurance and Copayments
- 3 Pints of Blood
- Skilled Nursing Facility Coinsurance
- Foreign Travel Emergency (Up to 80%)
Remember, half of your Part A deductible will also be paid by this plan.
Medigap Plan M Costs
Medigap Plan M is meant to be a mid-range plan. The premium costs are lower because you have to pay 50% of your Part A deductible. If this sounds fair to you, then this is a good plan to purchase. Though, we can’t specifically state how much Plan M coverage costs because prices vary from location to location.
If you want accurate pricing information, please reach out to Signature Medicare Solutions. We can help you collect quotes on qualifying Medigap plans in your area.
Plan N is one Medigap plan that offers unique benefits, compared to the other 9 plans. It’s also one of the newer plans that were introduced in 2010. The idea behind this plan is that members can pay lower premiums in exchange for paying their Part B deductible, excess charges, and some copayments.
If you want to learn more about Medigap Plan N, here is some information that may be helpful…
Medigap Plan N Coverage
Medigap Plan N is one of the most popular Medigap plans. It is nearly comprehensive, though participants do have to pay copayments for office visits and E.R. visits. Apart from that, here is what is covered by Medigap Plan N:
- Part A Coinsurance and Hospital Costs
- Part B Coinsurance and Copayments
- 3 Pints of Blood
- Part A Hospice Care Coinsurance and Copayments
- Skilled Nursing Facility Care
- Part A Deductible
- Foreign Travel Emergencies
You pay as much as $20 for office visits, and up to $50 for E.R. visits with Plan N. If you are admitted to the hospital, these fees are waived. You will pay your own excess charges as well as the Part B deductible.
Medigap Plan N Costs
Medigap Plan N is moderately expensive compared to other plans. Though, the office and E.R. fees help lower the premium cost.
If you want to find out exactly how much Plan N coverage will cost for you, speak with one of the insurance professionals at Signature Medicare Solutions. We can help you collect quotes for Plan N coverage in your area.
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