Choosing a Medicare Supplement plan can be confusing. With standardized Medigap plans ranging from A through N, each offering different levels of coverage, it’s important to understand your options before selecting a policy.
Avoiding a few common mistakes can make the decision easier.
1. Assuming Every Medigap Plan Offers the Same Coverage
Medicare Supplement plans don’t all provide identical benefits. While all plans cover certain Part A hospital costs, other benefits vary by plan.
For example, skilled nursing facility coinsurance is covered under Plans C, D, F, G, M, and N, while Plans A and B don’t provide this coverage.
Takeaway: Compare the benefits of each plan instead of assuming all Medigap policies work the same way.
2. Overlooking Deductible Coverage
Deductible coverage can differ significantly between Medigap plans.
The Medicare Part A deductible is fully covered by most Medigap plans, while Plans A, K, and L don’t provide this coverage. For the Medicare Part B deductible, full coverage is available under Plans C and F.
Takeaway: Check which deductibles your preferred plan covers before making a decision.
3. Forgetting About Part B Costs
Another mistake is overlooking Medicare Part B coinsurance and copayments.
Most Medigap plans cover 100% of Part B coinsurance or copayments, but Plans K and L are exceptions.
Takeaway: Review Part B coverage carefully when comparing plans.
4. Choosing a Plan Without Considering Your Travel Needs
If you travel outside the United States, foreign travel emergency coverage may be important.
Foreign travel emergency coverage is available under Medigap plans other than Plans A, B, K, and L.
Takeaway: If international travel is part of your plans, check whether your Medigap policy includes this benefit.
5. Forgetting That Your Spouse Needs a Separate Policy
A Medicare Supplement policy covers one person. If both you and your spouse want Medigap coverage, each person must purchase a separate policy.
Takeaway: Consider each person’s coverage needs separately when planning your Medicare expenses.
6. Not Understanding Out-of-Pocket Protection
Plans K and L provide out-of-pocket limit protection, and these limits can change annually.
Takeaway: If this type of protection is important to you, include it when comparing Medigap plans.
Make Your Medicare Supplement Choice Carefully
The right Medicare Supplement plan depends on the coverage and benefits that matter most to you. Taking the time to compare plans can help you better understand what you’re getting and where your costs may be covered.
For more than 20 years, Hitcho Insurance Agency has helped individuals and families explore their insurance options. Our agents offer free consultations to understand your goals and help you review your Medicare Supplement options.
