Medicare Supplemental Options: Enhancing Your Coverage
Medicare supplemental insurance, also known as Medigap, is designed to help cover the out-of-pocket costs that Original Medicare (Part A and Part B) does not pay. These costs may include copayments, coinsurance, and deductibles, which can add up over time. Medigap plans are offered by private insurance companies but are standardized and regulated by the federal government. There are 10 standardized Medigap plans (labeled A, B, C, D, F, G, K, L, M, and N), each offering a different combination of benefits. For example, Plan F offers the most comprehensive coverage but is only available to those eligible for Medicare before January 1, 2020. Plan G is a popular option for new enrollees, providing extensive coverage except for the Part B deductible. Medigap policies do not cover prescription drugs, so individuals often pair them with a Medicare Part D plan for medication coverage. Unlike Medicare Advantage plans, Medigap policies allow you to see any doctor or specialist nationwide that accepts Medicare. Choosing the right Medigap plan depends on factors such as budget, healthcare needs, and future medical expenses.
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