Many seniors who have Medicare need more coverage than for their medical expenses than what the basic plan provides for them. If you are one of those seniors, then you should take a look at Medigap plan 2018 coverage.
Medigap is private medical insurance that is created by Medicare but sold by third party insurance companies. It includes ten plans that offer varying degrees of coverage for expenses not already covered by the basic Medicare plan. You have to have that basic Medicare coverage if you want Medigap plan coverage. Medigap plans are designed to provide supplemental coverage, working right alongside Medicare’s regular insurance coverage.
Let’s look now at what 2018 plans will cover for you and how they can help you save money on medical care.
What Medigap Plans Do for You
If you were to sign up for one of the Medigap plans for 2018, what kind of medical expense might it cover for you? Of course, it would depend on which of the plans you chose, but all the Medigap plans take their coverage from the same set of items. We’re going to go over those items so that you have an idea of what an individual plan could cover for you.
First on the list is the Medicare Part A hospice care coinsurance payment. This is something you pay regularly for hospice care. While the Original Medicare plan covers a lot of your hospice care for you, Medigap plans can cover the coinsurance payment that you are required to pay on that service.
This applies to skilled nursing care as well. Original Medicare’s plan will take care of a lot of this expense, but that coinsurance payment can only be covered by a Medigap plan.
Many Medigap plans will also cover you for copayments or coinsurance on Medicare Part A, as well as the same payment for Medicare Part B. This is something you gave to pay every time you visit the hospital or doctor’s office and receive this service.
Likewise, you have to pay a deductible each year for Medicare Part A and one for Medicare Part B. These expenses can be covered by the Medigap plan you pick. Not all of the plans will cover both of these expenses. In fact, the Part B deductible is only covered by a couple of the Medigap plans, but it is significantly less than the Part A deductible.
Medigap plans are also able to cover the cost of Medicare Part B expenses. This isn’t something you are likely to pay often, but if you go for medical care at a facility that only partially accepts Medicare coverage, then you may have extra expenses to pay there, and that can be covered by your Medigap plan.
You can be covered as well for the blood you use throughout the year- as much as three more pints than you get covered for by the basic Medicare plan. On top of that, Medigap plans can also cover the foreign travel costs for emergency medical care outside the United States’ borders. This cover item won’t take care of the entire expense for you, but it can take care of a large portion.
That’s all the Medigap coverage, and many of the plans that are available for 2018 will only cover a few of these. You need to choose the one that fits your needs best, and you’ll only be able to do that by comparing what they are offering to what it is that you need.
How to Get a Medigap Plan
You can only sign up for one Medigap plan at a time and only through private insurance providers. That would be companies like Mutual of Omaha, AARP, United Healthcare and more, but not Medicare. These are sometimes called Medicare Supplement plans, but they are not sold by Medicare. Medicare did design the plans, and it does oversee them to ensure that they always have the right kind of coverage. That means that if you sign up for a Medigap plan, no matter how much you paid for it, you still get the same coverage anywhere it is sold.
For instance, Plan G, which is a high coverage plan, will always have the same coverage, no matter which insurance company is selling it and how much they want to charge for it. This allows you to save money on this plan and get a good deal by going for the cheapest versions of the plan that you want.
In order to apply for a Medigap plan in 2018 plans, though, you need to go to the website of one of the insurance companies that sells the plan or visit them in person and then fill out an application form. This tends to be a quick, short process, and once you have submitted the application, you should get a reply back in a few days as to whether you have been accepted or not. If you are 65-years or older, then there should be no problem receiving approval for the plan for which you applied.
You can even qualify before age 65, if you have a disability or you are suffering from end stage renal disease (kidney failure). Be sure to check with a Medicare agent or other applicable insurance agent to find out if you qualify for Medicare early.
Before you apply for any Medigap plan, you should compare a few of your options try to find you who has the best deal on the plan you want. You can use a price comparison service to do that, and this service is usually free. Just search online for a Medigap price comparison site, and make use of that service to get the best deals.
The Best Medigap Plan for You
So, there are ten Medigap plans in all, and you want to be sure that you purchase the one that’s a good fit for your needs. You’ll have a plan ahead a bit since the plans generally run for an entire year. Once that year is up and the term on your plan has expired, then you can cancel your plan or sign up for something different. It’s up to you, but you need to be aware of how long you are in for and be prepared to have the right kind of coverage for that length of time.
There are a few plans that do better than most of the others. These are the high coverage plans, and they are what most people sign up for when they get a Medigap plan. These are the most popular by far, and that partially because they cover so many medical expenses. If you are interested in getting a lot of additional coverage, then these are the plans for you.
Plan F is one of the most popular, and it covers all the items we listed earlier. Every supplemental item gets covered under Plan F, but that also means that it is the most expensive plan about there. The cost of it will vary from one insurance company to another and from one place to another, but it is always the most expensive so the Medigap plans.
Plan G is actually quite similar. This plan covers just about the same things as Plan F, which means that’s it’s a better deal, since it is cheaper. Most people don’t need to have that single deductible covered that Plan G does not cover for you, but Plan F does. They can usually save money just by paying for that single Part B deductible on their own.
If you are looking for another high coverage plan that doesn’t cover quite as much as costs even less than Plan G (which is expensive in its own right), then you may want to go with Plan N. This one covers most of the supplemental expenses, but it costs less than these other two plans.
You should look carefully at the Medicare Supplement plans and what they cover before you sign up for any of them or before you dismiss them as not being right for you. If you are a senior and you have a few medical expenses you have to pay for out of your own pockets, then it is possible that one of these plans can save you some money. You won’t know that, though, until you look at them and examine them closely to see what they cover. Then you have to compare that to what you actually need. Once you do, you will know which plan to choose.
Be sure to keep your cover updated. The best Medigap plan for 2018 that is a good choice for you may not be the same one that works well in 2020 or in a few years from now. Keep up with your coverage needs and change your plan accordingly to ensure you have the most suitable coverage at all times. The best plan for you is always the one that can save you the most money.