What is Medicare Gap Coverage exactly? While Original Medicare includes Part A and Part B, which give coverage for hospital and medical, respectively, these parts don’t cover every category when it comes to medical coverage. That’s where Medicare Gap Coverage, or Medigap, comes in!
What is Medigap?
Medigap is quite important, and there is a reason why we encourage Medicare beneficiaries to consider getting Medigap coverage. Medicare covers 80% of medical costs once you reach your deductible, and that 20%, depending on the medical procedure(s), can still be quite a lot. Medigap is supplemental insurance provided by private insurance companies that can help cover the remaining 20% you owe. To qualify for Medigap, you must be 65 years or older, have Original Medicare (Part A and B), and must enroll during the Medigap Open Enrollment, which starts the first month you get Part B.
What Kind of Medigap Plans Exist?
There are a variety of Medigap plans, and while many are quite similar, they each have their distinct differences. The current plans offered include Plans A, B, C, D, F, G, K, L, M, and N. A few examples of potential benefits covered by the plans include things like deductibles for Medicare Part A and B, blood benefits, foreign travel, nursing facilities, etc. To see the full list of benefits and what plans cover, please see the chart provided.
As an important note, Plans C and F are no longer available to those who turned 65 years old after January 1, 2020.
Medigap versus Medicare Advantage
The greatest difference between Medigap and Medicare Advantage is that Medigap provides supplements for Original Medicare and Medicare Advantage is a completely different, private-ran kind of coverage. Medigap is very standard and divided into the 10 distinct plans discussed above. Medicare Advantage, however, is an alternative form of Medicare where the plans offered are much more varied and the costs of copayments and deductibles differ from Medigap’s. Generally, Medicare Advantage plans include prescription coverage as well, but this can vary depending on the plan. If you’d like to learn more about Medicare Advantage, you can visit our website here!
Going on a trip soon? Read our article on what Medigap may cover during foreign travels!
Got Medicare Questions?
We hope that this information on what Medigap is useful to you.
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