Let’s Fill In The Gaps
What exactly is Medigap coverage? Medigap is Medicare Supplement Insurance that we say helps “fill in the gaps” in Original Medicare. It’s sold by private companies and pays for close to all of the costs for covered health services and supplies. Medigap plans can help pay for remaining health care costs like copayments, coinsurance, and deductibles.
Some Medigap plans cover services that Original Medicare doesn’t like medical care when you travel outside of the U.S. If you have Original Medicare and you purchase a Medigap policy, Medicare will pay its share of the Medicare-Approved Amount for covered health care costs and then your Medigap insurance company pays its share.
Know Before You Go (and purchase a Medigap policy)
There are a few things to keep in mind when purchasing a Medigap policy:
- You must have Original Medicare (Part A & B).
- You are responsible for paying the private insurance company a monthly premium for your Medigap policy, which is in addition to the monthly part B premium you pay to Medicare.
- A Medigap policy covers only one person. If you and your spouse both want Medigap coverage, you’ll each have to buy separate policies.
- Any standardized Medigap policy is guaranteed renewable, regardless of health condition.
What Medigap Does Not Cover:
- Retail Prescription Drugs
- Dental Exams
- Vision Exams
- Hearing Aids & Exams
- Long-term/custodial care
When Are Medigap Plans Right For You?
A Medigap plan might be right for you if:
- You don’t mind paying a higher monthly premium but paying less—or nothing—when you get medical care.
- You reside outside of Florida for more than a month each year and want to seek routine health services when you’re away.
- You don’t want to worry about staying in-network for your services to be covered, because Medigap plans don’t use networks.
- You don’t mind having a stand-alone Part D prescription drug plan.
What “Gaps” Do Medigap Plans Fill?
Great question! Some of the gaps that Medigap plans can cover for you are:
- Hospital deductibles, copays and an extra 365 days in the hospital.
- The first 3 pints of blood as necessary in a transfusion.
- Outpatient deductibles, coinsurance, and excess charges.
- Skilled nursing coinsurance.
- Foreign travel emergency care.
Medigap Plans FHI Works With
You may have already noticed, but there are a LOT of Medigap policies to choose from. For simplicity purposes, we work with Plans F, G, & N. Let’s explore more of what each plan offers:
Medigap Plan F
- Covers all the gaps in Medicare, including deductibles and copays
- Switching your F carrier means you will have to answer health questions (underwriting)
- The rate you pay for the same benefits can differ from Insurance Company to company, based on zip code, age, smoking, gender, and household discounts
- There is also a special version of this plan called a High Deductible Plan F. This plan often includes very, very low monthly premiums coupled with protection from high out of pocket costs, by an Annual Maximum Out of Pocket, which is set annually by the Internal Revenue Service. With this plan, you can often save a thousand or more dollars a year in those years where you do not require many expensive medical procedures while preserving your ability to see ANY doctor, ANYWHERE, as long as they accept Medicare.
Medicare Plan G
For those eligible for Medicare after January 1, 2020 plan G is likely the best Medicare Supplement available to you.
Plan G covers ALL the holes in Part A and all of Part B with the exception of the annual deductible($233 for 2022). This includes skilled nursing, daily hospital copays, Excess Charges and even provides a Foreign Travel Emergency!
Medicare Plan N
PLAN N is used primarily for price savings!
It is considered statistically the most stable on prices across the board. However, there are some differences in Plan N that need to be understood:
The biggest thing with Plan N is it does not cover Excess charges. Excess charges are fees above the Medicare-approved payment schedule. A doctor has the option to charge up to 15% ABOVE the Medicare-approved payment schedule. These excess charges are passed on to the patient and billed directly to you after the fact.
Currently these states prohibit excess charges: Connecticut, Massachusetts, Minnesota, New York, Ohio, Pennsylvania, Rhode Island and Vermont.
- Plan covers 100% of the hospitalizations associated with Medicare Part A and covers the 20% completely. Similar to Plan G it does not cover the Part B deductible.
- Copay for a primary care/specialist of up to $20.
- Emergency Room copay of $50.
Ready To Explore Medigap Plans?
Do you think a Medigap plan is right for you? If you’re not sure, give us a call! Our expert agents are always ready to offer knowledge about Florida Medicare, Medicare Advantage, and Medigap. Contacting us is easy and you’ll have options within minutes. Simply click here to contact a member of Florida Healthcare Insurance, give us a call at (954) 282-6891, or email Evan Tunis at firstname.lastname@example.org.