Medicare Supplement plans, which are often called Medigap, help to cover the cost of Original Medicare. Six of the ten plans have coverage for emergency care during foreign travel. Medigap is best for those on a fixed income, those who can estimate their healthcare needs, or those who travel frequently.
Medigap Plans
Medicare Supplement plans are for those enrolled in Medicare who are looking for help in paying the expenses of Part A and Part B, such as deductibles, copayments, and coinsurance. There are ten available plans, lettered A, B, C, D, F, G, K, L, M, and N. Each plan covers a portion or all of the following:
- Part A coinsurance and hospital costs,
- Part B copayments and coinsurance,
- your first three pints of blood,
- Part A hospice,
- care in a skilled nursing facility,
- Part A deductible,
- Part B deductible,
- Part B excess charges, and
- foreign travel emergency care.
Travel
Medicare rarely covers services outside of the United States, Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, and the Northern Mariana Islands.
Medigap plans C, D, F, G, M, and N will cover 80 percent of medically necessary care outside of the United States after you meet a $250 deductible.
Common Medigap Plans
Plans F, G, K, and N are common Medigap plans. Plan F covers all the gaps by covering every item in the list, with 80 percent coverage for foreign travel emergency care. Plan G is very similar to Plan F, except that it does not cover the Part B deductible. You would need to pay the Part B deductible of $198 before coverage kicked in. Plan F is no longer available to new applicants, nor is Plan C. Both Plan F and Plan G have high monthly premiums due to their extensive coverage.
Plan K is a less expensive option and covers less: 50% coverage for Medicare Part B coinsurance, blood, Part A hospice, skilled nursing, and the Part A deductible. If you need skilled nursing care, it may be more costly with only 50% covered under this plan. The monthly premium for this plan is closer to $100 than the $400+ for Plans G and K. Plan N is an alternative to Plan G at a lower price. It does not cover the Part B deductible or excess charges, but it has fairly comprehensive coverage.
Why Medigap?
For those with few healthcare concerns, supplement plans with low monthly premiums can be an effective way of saving on your Medicare expenses. Those who travel regularly should also consider one of the six plans covering foreign emergency medical expenses. In some states, the high-deductible Plan F and high-deductible Plan G can be cost-effective with their low monthly premiums and high amounts of coverage should it be needed: this is recommended if you can afford the $2,340 deductible.
Want to find out if a Medicare Supplement Plan is right for you? Give Hitcho Insurance a call today!
